February 6, 2023

The White House: Fact Sheet: The Biden Economic Plan Is Working

ITEP Work in Action

President Biden has long believed that we must build the economy from the bottom up and middle out, not the top down.

 In 2020, 55 of the largest corporations that were profitable paid $0 in federal income tax. To end that unfairness in the tax code, President Biden signed into law a 15 percent minimum tax on the profits that large corporations—those with over $1 billion in profits—report to shareholders. This book minimum tax means that it will be harder for companies that say they’re earning a billion in profits to pay tax rates in the single digits on those profits. It also levels the playing field for companies—including small businesses—that are already paying their fair share.

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