Thread by @MorePerfectUS

President Biden announced plans to raise taxes on billionaires and big corporations:

⬆️ Corporate tax rate from 21% to 28%
⬆️ Capital gains tax on millionaires
⬆️ IRS enforcement of wealthy tax cheats
📉End offshore tax havens for big businesses

The taxes on the wealthy & corporations could generate up to $3.5T to invest in:

-Rebuild U.S. infrastructure
-19 million new jobs
-Preschool for all 3 & 4 year olds
-Free community college for all
-Paid medical & family leave for all
-Affordable child care for all

First, Biden’s plan would repeal half of Trump’s corporate tax cut and increase taxes on big corporations from 21% to 28%.

Companies like Amazon, Boeing, Pfizer, Netflix pay close to nothing in federal taxes. This increase would take us into line with other countries.

Second, Biden’s plan will generate $113B by increasing the capital gains tax on people making more than $1 million a year from investments.

The tax would only hit the wealthiest 540,000 tax-payers.

People who work shouldn't be taxed more than people who live off investments.

Third, Biden’s plan will ensure wealthy tax cheats are forced to pay their fair share by beefing up IRS enforcement on the rich.

Research shows the richest 1% may under-report more than 20% of their actual income.

Increased IRS enforcement could generate $700B over 10 years.

Experts say trillions of dollars are stored by the wealthy and corporations in offshore tax havens.

The Biden plan creates a global minimum tax for corporations of 21% which will discourage offshoring of profits and jobs.