Biden takes aim at corporate taxes
Pushing at least 21% rate on foreign earnings
PAUL WISEMAN | Associated Press
WASHINGTON – From John Kennedy to Donald Trump, American presidents have taken aim at corporate America s tax-avoidance schemes before – and mostly missed.
Now President Joe Biden is training the government s sights again on the loopholes, shelters and international havens that have long allowed multinational companies to dodge taxes in ways that ordinary households cannot.
The idea is to help pay for Biden s trillions in proposed spending, and to shift more of the federal tax load onto companies and narrow America s vast income inequality.
In the early to mid-1950s, corporations accounted for 30% of federal tax collections. Last year, their share barely topped 7%.
WASHINGTON From John Kennedy to Ronald Reagan to Donald Trump, American presidents have taken aim at corporate America’s tax-avoidance schemes before and mostly missed.
Now, President Joe Biden is training the government’s sights again on the loopholes, shelters and international havens that have long allowed multinational companies to dodge taxes in ways that ordinary households cannot.
The idea is twofold: First, to help pay for Biden’s trillions in proposed spending for everything from roads and bridges and green energy to internet access, job training, preschool and sick leave. And second, to shift more of the federal tax load onto companies and narrow America’s vast income inequality. Affluent investors reap the biggest windfalls when after-tax corporate profits accelerate.
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Biden s corporate tax plan looks to close the loopholes
President Joe Biden addresses a joint session of Congress, Wednesday, April 28, 2021, in the House Chamber at the U.S. Capitol in Washington. (Melina Mara/The Washington Post via AP, Pool)
President Joe Biden addresses a joint session of Congress, Wednesday, April 28, 2021, in the House Chamber at the U.S. Capitol in Washington, as Vice President Kamala Harris, left, and House Speaker Nancy Pelosi of California applaud. (Melina Mara/The Washington Post via AP, Pool)
The Associated Press
ap photo
President Joe Biden addresses a joint session of Congress, Wednesday in the House Chamber at the U.S. Capitol in Washington, as Vice President Kamala Harris, left, and House Speaker Nancy Pelosi of Calif., applaud.
WASHINGTON From John Kennedy to Ronald Reagan to Donald Trump, American presidents have taken aim at corporate America’s tax-avoidance schemes before and mostly missed.
Now, President Joe Biden is training the government’s sights again on the loopholes, shelters and international havens that have long allowed multinational companies to dodge taxes in ways that ordinary households cannot.
The idea is twofold: First, to help pay for Biden’s trillions in proposed spending for everything from roads and bridges and green energy to internet access, job training, preschool and sick leave. And second, to shift more of the federal tax load onto companies and narrow America’s vast income inequality. Affluent investors reap the biggest
WASHINGTON (AP) From John Kennedy to Ronald Reagan to Donald Trump, American presidents have taken aim at corporate America’s tax-avoidance schemes before and mostly missed.
Now, President Joe Biden is training the government’s sights again on the loopholes, shelters and international havens that have long allowed multinational companies to dodge taxes in ways that ordinary households cannot.
The idea is twofold: First, to help pay for Biden’s trillions in proposed spending for everything from roads and bridges and green energy to internet access, job training, preschool and sick leave. And second, to shift more of the federal tax load onto companies and narrow America’s vast income inequality. Affluent investors reap the biggest windfalls when after-tax corporate profits accelerate.