“It’s not enough just to undo the damage of the Trump tax law—our tax code wasn’t fair before that,” said the Chairman of the Budget Committee Washington, D.C.— U.S. Senator Sheldon Whitehouse (D-RI), Chairman of the U.S. Senate Budget Committee, delivered the following opening statement at today’s hearing, titled “Making Wall Street Pay Its Fair Share: … Read more
President Biden proposed to reverse the 2017 Trump tax cuts for the wealthiest Americans by raising the corporate tax rate, denying tax breaks for corporations whose CEOs earn more than million in annual compensation, and requiring billionaires to pay at least 25 percent of their income in taxes. California faces a billion budget deficit and has a regressive tax system, with the lowest income earners paying the largest share of taxes. State and local governments can take action to ensure the ultra-wealthy and large corporations pay their fair share by ending tax breaks, increasing the corporate tax rate, and implementing a wealth tax on extreme wealth. Governor Newsom opposes the wealth tax, but public pressure is building with a majority of California voters supporting the idea.
President Biden proposed to reverse the 2017 Trump tax cuts for the wealthiest Americans by raising the corporate tax rate, denying tax breaks for corporations whose CEOs earn more than million in annual compensation, and requiring billionaires to pay at least 25 percent of their income in taxes.
President Joe Biden proposed to reverse the 2017 Trump tax cuts for the wealthiest Americans by raising the corporate tax rate, denying tax breaks for corporations whose CEOs earn more than million in annual compensation, and requiring billionaires to pay at least 25% of their income in taxes.
The fact described in the text is that President Biden has promised to raise the rate on a new minimum tax his administration has levied on big companies in order for every big corporation to pay their fair share.
Fact: Many major U.S. companies are paying their top executives more than they’re paying in federal income taxes.