DAVID - It's time for a massive investment in our communities and in an equitable pandemic recovery. But every time Democrats propose investments to create jobs, rebuild infrastructure, secure a green energy future, make housing more affordable and more―like President Biden just did in his American Jobs Plan―Republicans (and some moderate Democrats) ask, "how are you going to pay for it?" Biden's historic $2.3 trillion American Jobs Plan will create 2.7 million more jobs, rebuild our communities and begin to create an economy that works for all of us.
To make these investments, President Biden's Made in America Tax Plan would raise $2.5 trillion by making America's corporations begin to pay their fair share. Biden's Made in America Tax Plan raises $2.5 trillion by increasing 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. In order to create an equitable recovery from this pandemic and build an economy that works for all of us, it's time for corporations to pay their fair share in taxes.
Consider these corporate tax horror stories: • In 2020, 55 major U.S. corporations paid ZERO dollars in federal income taxes, even though they collectively enjoyed almost $40.5 billion in pre-tax profits. • In 2018 over 1,500 U.S.-based multinational corporations paid an average U.S. tax rate of just 7.8% (even though the corporate tax rate is 21%)―a rate much lower than most middle-class families pay. • American corporations dodge an estimated $60 billion a year in U.S. taxes by shifting profits and production offshore. Thank you for fighting for a tax system and economy that works for everyone, not just the wealthy few. Bob Fertik
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