Populist conservative U.S. Sen. J. D. Vance of Ohio and progressive Sen. Sheldon Whitehouse of Rhode Island last month introduced a bill that would end tax-free mergers and taxpayer subsidies for acquisitions that consolidate corporate power.Under their\u00a0Stop Subsidizing Giant Mergers Act, shareholders who receive stock through mergers and acquisitions would owe capital-gains taxes immediately, instead of being able to defer taxation until they sell the new shares. It would apply to deals involving firms with annual gross receipts of more than $500 million over a three-year span.
\n\u201cMassive corporate mergers rarely produce their promised benefits,\u201d Vance\u00a0said, \u201cbut often leave American workers and families behind. It\u2019s past time to close the unfair loopholes that allow these deals to escape tax liability.\u201d
\n\u201cOur bipartisan bill will end a massive tax giveaway for giant corporate mergers and get our government out of the business of subsidizing corporate consolidation,\u201d Whitehouse\u00a0said.<\/p>\n
This article first appeared in the Giving Review on April 1, 2024. <\/em> Sen. J. D. Vance and Sen. Sheldon Whitehouse introduced a bill called the Stop Subsidizing Giant Mergers Act, which would end tax-free mergers and taxpayer subsidies for acquisitions that consolidate corporate power. The bill would require shareholders who receive stock through mergers and acquisitions to owe capital-gains taxes immediately, apply to deals involving firms with annual gross receipts of more than 0 million over a three-year span, and aim to close unfair loopholes that allow these deals to escape tax liability.<\/p>\n","protected":false},"author":6,"featured_media":7935,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[5936,3492,6149,186,6147,3210,5596,415,4920,1004,4927,3798,1832,1065,6148,4738,1183],"class_list":["post-7934","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-article","tag-bill","tag-bipartisan-bill","tag-business","tag-corporate-mergers","tag-escape","tag-families","tag-government","tag-loopholes","tag-power","tag-progressive","tag-shares","tag-subsidies","tag-tax","tag-tax-subsidies","tag-taxation","tag-taxes"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\n
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