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President Biden’s State of the Union address and a new White House fact sheet touched on a wide range of tax policy issues. See below for a statement on the President’s tax agenda and useful resources about many of the White House proposals.STATEMENT FROM ITEP EXECUTIVE DIRECTOR AMY HANAUER“When it comes to tax fairness, President Biden has a clear and compelling vision.
ITEP’s recent report found that many profitable American corporations are paying much less than the 21% corporate tax rate due to loopholes. The 342 companies included in our study paid an average effective income tax rate of just 14.1% from 2018-2022, almost a third less than the statutory rate. That translates to $275 billion in tax subsidies for these companies.
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