A shocking new report reveals that at least 55 of the nation’s largest companies paid no corporate tax last year as they generated billions in profits and took advantage of loopholes left by the 2017 Republicans’ tax giveaway. Already now, Mitch McConnell and the Republicans are circling the cars to protect their corporate giveaway rather than investing in infrastructure.
President Biden’s American employment plan is specifically funded by closing the loopholes that allow these billion dollar companies to bypass federal income taxes without paying a single dime.
Institute for Taxes and Economic Policy: “At least 55 of the largest companies in America paid no federal corporate income tax in the past fiscal year despite generating significant pre-tax profits in the United States. This continues a decade-long trend towards corporate tax avoidance by the largest U.S. corporations, and appears to be the result of long-standing tax breaks maintained or expanded by the Tax Cut and Jobs Act (TCJA) 2017. “
New York Times: “Just as the Biden government is pushing to raise corporate taxes, a new study found that at least 55 of the largest Americans didn’t pay taxes on billions in profits in the past year. The comprehensive tax bill, passed by Republican Congress in 2017 and signed by President Donald J. Trump, lowered the corporate tax rate from 35 percent to 21 percent. But dozens of Fortune 500 companies have been able to further reduce their tax burden – sometimes to zero, thanks to a series of legal deductions and exemptions that analysis has found to have become an integral part of tax law. “
New York Times: “The Biden government announced this week that it plans to raise the corporate tax rate to 28 percent and set some kind of minimum tax that will limit the number of zero payers. The White House estimated the revisions would raise $ 2 trillion over 15 years, which will be used to fund the president’s ambitious infrastructure plan. “
Biden’s infrastructure plan would not only bring in billions of tax-avoiding companies, it would also create millions of new, well-paid jobs.
Georgetown Center for Education and Labor: “A $ 2 trillion employment plan (of which $ 1.5 trillion will be used for infrastructure) by the Biden Harris administration would be good medicine to heal the economic wounds caused by the COVID-19 pandemic. The infrastructure plan would create or save 15 million jobs over a 10-year period and increase infrastructure jobs from 11% to 14% of all jobs in this country, temporarily reviving the economy. “
ReutersPresident Joe Biden’s massive infrastructure plan would create millions of jobs and reverse some of the economic damage caused by the coronavirus pandemic, economists said, with workers and lower-middle-income minorities potentially benefiting most from it . “