Fox Business: Biden to Unveil Tax Proposal Targeting Corporations, Wealthy
media mentionUnder Biden’s plan, companies like Amazon, Netflix, General Motors, JetBlue and IBM, which reported net income of more than $100 million in the U.S. but paid zero or negative federal income taxes, would be hit with a 10 percent minimum levy on book income. The minimum tax, which Biden’s campaign expects to impact 300 companies, would give credit for foreign taxes paid.
In 2018, 60 companies paid no federal income tax on $79 billion in U.S. pretax income, according to a report from the Institute on Taxation and Economic Policy, a nonpartisan think tank. Instead of paying $16.4 billion in taxes at the 21 percent corporate rate, the companies received a corporate tax rebate of $4.3 billion.