Thread by @WhiteHouse

THREAD: For today’s Wednesday Deep Dive, we’re breaking down President Biden’s Made in America Tax Plan. The plan will help ensure corporations pay their fair share in taxes and encourage job creation at home.

The 2017 tax law made an unfair system worse. A recent study found that 55 Fortune 500 companies paid $0 in federal corporate taxes on U.S. income in 2020.

The Made in America Tax Plan will reform the way the tax code treats the largest corporations.

The President’s tax plan will ensure that corporations pay their fair share by increasing the corporate tax rate to 28% – a lower tax rate than at any point since World War II other than the years after 2017.

This will fund investments to create good-paying, union jobs.

Right now, the tax code rewards U.S. multinational corporations shifting profits and jobs overseas with tax exemptions and discounts.

The Made in America Tax Plan will end the race to the bottom on corporate taxation and encourage job creation in the U.S. It will adopt a strong minimum tax on U.S. corporations and push other countries to do so, deny deductions for offshoring, and give a credit for onshoring.

The current tax code includes billions of dollars in subsidies, loopholes, and special foreign tax credits for the fossil fuel industry.

President Biden's tax plan will eliminate these special preferences and make sure polluting industries pay for environmental clean up.

Through the measures above, and an increase in IRS enforcement, the Made in America Tax Plan will make it much harder for the largest corporations to avoid or evade paying their fair share in taxes.

Read more about the President's tax plan here: home.treasury.gov/system/files/1….