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Democrats reintroduce corporate tax transparency bill
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by: Eric Galatas, Nebraska News Connection - May. 11, 2021
State News
President Joe Biden’s proposal to eliminate the lower-income tax rate on capital gains and stock dividends for America’s millionaires would affect less than one half of 1% of taxpayers, according to a new analysis by the Institute on Taxation and Economic Policy.
Amy Hanauer, executive director of the Institute, said the tax, meant to help pay for child care and other assistance for low-income workers, would impact an even smaller share of Nebraskans.
“I think what President Biden is betting on is that the wealthiest 0.2% of Nebraskans can afford to pay a little bit more so that everyone in Nebraska can have a better future for their kids, better access to child care, pre-K, college,” Hanauer asserted.
Bidens Millionaire Tax Hike Would Tap Less than 1 of Nebraskans / Public News Service
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Longtime tax target Amazon now leads charge for reform Today 03:55 am JST Today | 07:04 am JST WASHINGTON
A longtime lightning rod for critics of corporate tax avoidance, Amazon now wants to lead the way on reform.
Amazon chief executive Jeff Bezos this week endorsed a higher corporate tax to help fund infrastructure as part of a balanced solution that maintains or enhances US competitiveness.
The move by Amazon comes after years of criticism by activists who claim it pays little or no corporate taxes.
According to the Institute on Taxation and Economic Policy, an advocacy group, Amazon had an effective 9.4 percent federal income tax rate last year on profits of $20 billion after two years of paying no taxes.