April 8, 2021

Business Insider: Biden says he wants a 28% corporate tax rate because he’s ‘sick and tired of ordinary people being fleeced’

media mention

The president blasted companies paying little or no federal taxes, without naming them. He cited a recent report from the left-leaning Institute on Taxation and Economic Policy that found that 55 US multinational corporations paid $0 in income taxes last year. That roster included household names like FedEx, Nike, and HP.

“It’s just not fair. It’s not fair to the rest of the American taxpayers. We’re going to try to put an end to this. Not fleece them — 28%,” he said. “If you’re a mom, a dad, a cop, firefighter, police officer, etc., you’re paying close to that in your income tax.”

While he signaled that he was open to negotiating a 28% corporate tax rate — an increase from 21% now — he stressed the need to pay for his massive $2 trillion jobs plan.

“I’m wide open, but we’ve got to pay for this,” he said, adding, “I’m willing to negotiate that.” Read more