President Joe Biden said Wednesday evening that some of the largest companies in the United States do not pay taxes, which inspired the Left’s latest research on taxation and economic policy.
Biden, in his first address to a joint sitting of Congress, did not name the group, but extracted the data directly from the group’s report in early April, calling on large corporations to pay “their fair share.”
“A recent study shows that 55 of the nation’s largest companies did not pay federal income tax last year. Profits of more than $ 40 billion are not subject to federal tax,” the president said. We will reform corporate taxes. “
The president added that these additional taxes would “help pay for public investments that benefit their businesses”.
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Steve Wamhoff, the company’s director of federal tax policy and co – editor, said he was surprised to see the president cite his research with Matthew Gardner, a senior researcher at the company. ‘ITEP.
The ITEP report is based on a review of the country’s largest public sector companies’ annual financial records for the most recent financial year.
Wamhoff noted that during Biden’s campaign last year, Biden referred to the findings of his non – profit group that large corporations do not pay federal taxes.
“We need to fix the system”
“This explains why we need to fix the tax system,” Wamhoff said in an interview with USA Today. “It was a little surprising to be involved in a matter mentioned by the President of the United States. It’s wonderful to see this issue attract attention.”
U.S. Senator Bernie Sanders, who worked at I-Vermont, said Womhoff said his group or affiliate had issued similar statements that companies had paid little or nothing in federal taxes prior to the Reagan administration. But he thinks the majority of the public is interested in raising corporate taxes to pay for additional public services.
Cost reduction, not tax increase
But Americans for tax reform, which encourages limited government and lower taxes, pointed out in the referendum that voters should pay for infrastructure with spending cuts – not tax increases. The team did not respond to a phone message.
Wamhoff, meanwhile, said the president’s message was gaining traction in Congress. House Speaker Nancy Pelosi, D-Calif., Spoke as part of a committee meeting Thursday morning with staff on tax policy.
While the Democrats have a razor-thin majority in the presidency, the Senate is built at 50-50, with a few moderate Democrats such as West Virginia’s Joe Munchin and Arizona’s Kirsten Cinema not fully accepting the president’s plan.
The company says its findings for tax payments for 2020 follow the “decades-long trend of corporate tax evasion by the largest companies in the United States.” During the Trump administration, the 2017 tax cuts and the bipartisan CARES law in response to epidemic protected or extended legal tax breaks.
The Chicago-based Archer Daniels Midland had $ 438 million in pre-tax revenue (profit or pre-tax profit) last year and received a $ 164 million federal rebate, the report said. The company did not immediately respond to a request for comment.
The group says the top 10 U.S. companies that trade publicly in terms of pre-tax income do not pay federal income tax or receive last year’s tax deduction:
Electric American electric power
Ed Integrated Edison
The full list can be found at itep.org
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