John,
President Biden might be close to striking a bipartisan infrastructure deal. But, now, the Washington Post is reporting that such a deal would remove Biden’s campaign promise of a corporate tax rate increase to 28%.
Last year, 55 large U.S. corporations paid $0 in federal income tax on more than $40 billion in profits.[1] President Biden’s proposed corporate tax plan would raise $2 trillion in new revenue to invest in our future―$900 billion of that comes from raising the corporate tax rate to 28%.
Donate now to make sure that if corporate tax reform is removed from the infrastructure plan, it MUST be included in the larger tax and investment plan that Democrats hope to pass through reconciliation.
It’s time for corporations to start paying their fair share and we’re letting Congress and President Biden know that’s what we’re fighting for.
Sarah Christopherson
Legislative and Policy Director
Americans for Tax Fairness
[1] “55 Corporations Paid $0 in Federal Taxes on 2020 Profits,” ITEP, April 2, 2021
-- Frank’s Email --
John,
Today, President Biden will meet with the Republican leading the infrastructure negotiations―Senator Shelley Moore Capito. But, even before the meeting, Biden has signaled that he’s willing to remove his original demand for a corporate tax rate increase to 28%―from Trump’s very low 21% rate:
If the president is able to strike a bipartisan deal on infrastructure, this will mean that corporate tax increases―which are a key Biden campaign promise but a non-starter for Republicans―must be done as part of the larger tax and investment plan, which Democrats are hoping to pass through budget reconciliation. That allows them to pass legislation with just 51 votes, not the 60-vote supermajority normally required in the Senate.
Making sure corporations start paying their fair share is critical to creating an economy and tax system that works for everyone. Donate today to tell President Biden that he needs to stick to his campaign pledge that he will require corporations to pay a 28% tax rate so we can raise $900 billion to invest in our future.
Last year, 55 large U.S. corporations paid $0 in federal income tax on more than $40 billion in profits.[1]
President Biden has proposed raising the corporate tax rate from 21% to 28%, closing loopholes that have incentivized multinational corporations to outsource jobs and shift profits to offshore tax havens, placing a 15% minimum tax on corporations so they can’t get away with paying $0 in taxes, ending fossil fuel tax subsidies and more.
This package will raise $2 trillion at a time when the U.S. needs a massive investment in jobs, infrastructure and critical services for working families.
Corporations rely on everything from public education to train their workers to roads and bridges to deliver their goods and services. It’s time they start paying their fair share!
Donate to Americans for Tax Fairness to fight for corporate tax reform that makes corporations contribute like working families already do.
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Thank you for all that you do to fight for a future that includes all of us.
Frank Clemente
Executive Director
Americans for Tax Fairness
[1] “55 Corporations Paid $0 in Federal Taxes on 2020 Profits,” ITEP, April 2, 2021
