Forbes: Why Biden’s Right and Higher Corporate Tax Rates Won’t Chase Off Companies
media mentionBy the end of 2020, the effective tax rate was 14.1%. As Biden noted, 55 major corporations—including Nike, FedEx, Salesforce, and Archer Daniels Midland, and HP—paid no federal income tax in 2020, according to the left-leaning Institute on Taxation and Economic Policy.
There are those who would immediately say that it’s all due to losses. But not all losses are the same. Some are actual (you might wonder why a company like Uber can continue to lose billions a year and yet stay in business). Many, though, are an issue of accounting and not actual cash down the tubes.