Progressive Democrats have been grousing for what seems like eons about the fact that some of the nation’s wealthiest corporations avoid paying their fair share...
Nike is one of the 55 corporations that paid no federal corporate taxes on their 2020 profits, according to the Institute on Taxation and Economic Policy.rogressive Democrats have been grousing for what seems like eons about the fact that some of the nation’s wealthiest corporations avoid paying their fair share in taxes. This weekend, the Senate inched a step closer to a fix when it approved a historicthat would be paid for almost entirely by new tax increases on large corporations.
The proposed 15% tax rate is below the current threshold of 21% instituted by former President Donald Trump in 2019, but tax credits and loopholes have allowed some of the largest corporations to pay well below both amounts in recent years, making the 15% floor requirement a more attractive approach for proponents of the bill.At least 55 of the largest U.S. corporations paid no federal corporate taxes on their 2020 profits, according to the.
The Inflation Reduction Act, which is headed for a vote in the House this week, would change that, forcing billion-dollar corporations to pay at least 15% of their earnings to help fund new climate and healthcare programs. Sen. Joe Manchin, a Democrat from West Virginia who sank parts of the spending bill nearly eight months ago, told Fox News last week that taxes will not be raised for regular Americans.
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