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)
Paul Wiseman, The Associated Press
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.
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.
Biden s corporate tax plan takes aim at income inequality thetelegraph.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thetelegraph.com Daily Mail and Mail on Sunday newspapers.