A shocking new report reveals that at least 55 of the country’s largest corporations paid no federal corporate income taxes last year as they raked in billions of dollars in profits, and used loopholes created by Republicans’ 2017 tax giveaway. Already Mitch McConnell and Republicans are circling the wagons to protect their corporate giveaway instead of investing in infrastructure.
President Biden’s American Jobs Plan is financed specifically by closing loopholes that allow these multi-billion dollar corporations to skate by without paying a single cent in federal income taxes.
Institute on Taxation and Economic Policy: “At least 55 of the largest corporations in America paid no federal corporate income taxes in their most recent fiscal year despite enjoying substantial pretax profits in the United States. This continues a decades-long trend of corporate tax avoidance by the biggest U.S. corporations, and it appears to be the product of long-standing tax breaks preserved or expanded by the 2017 Tax Cuts and Jobs Act (TCJA).”
New York Times: “Just as the Biden administration is pushing to raise taxes on corporations, a new study finds that at least 55 of America’s largest paid no taxes last year on billions of dollars in profits. The sweeping tax bill passed in 2017 by a Republican Congress and signed into law by President Donald J. Trump reduced the corporate tax rate to 21 percent from 35 percent. But dozens of Fortune 500 companies were able to further shrink their tax bill — sometimes to zero — thanks to a range of legal deductions and exemptions that have become staples of the tax code, according to the analysis.”
New York Times: “The Biden administration announced this week that it planned to increase the corporate tax rate to 28 percent, and establish a kind of minimum tax that would limit the number of zero-payers. The White House estimated that the revisions would raise $2 trillion over 15 years, which will be used to fund the president’s ambitious infrastructure plan.”
Not only would Biden’s infrastructure plan raise billions from tax-avoiding corporations, it’ll create millions of new, good paying jobs.
Georgetown Center on Education and the Workforce: “A $2 trillion jobs plan (of which $1.5 trillion will go to infrastructure) from the Biden-Harris administration would be good medicine to nurse the economic wounds inflicted by the COVID-19 pandemic. The infrastructure plan would create or save 15 million jobs over 10 years and would increase the share of infrastructure jobs from 11% to 14% of all jobs in this country, temporarily reviving the blue-collar economy.”
Reuters: “President Joe Biden’s massive infrastructure plan would create millions of jobs, undoing some of the economic damage inflicted by the coronavirus pandemic, economists said, with lower middle-income workers and minorities possibly benefiting the most.”
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