Last year, 55 of America’s biggest corporations paid no federal income taxes and the wealth of just 650 billionaires rose by 50%, while millions of working Americans suffered. The Biden jobs plan will build an economy that rewards work, not just wealth. It ensures the wealthy and big corporations pay their fair share of taxes, and it does not raise taxes on anyone making under $400,000 a year. And it supports investments in affordable healthcare, infrastructure, eldercare, childcare, clean energy, and education, to create millions of jobs and build an economy that works for all of us.
- Biden’s plan does NOT raise taxes on anyone making less than $400,000.
- 55 Fortune 500 corporations paid no taxes last year despite making over $40 billion in profits.
- The richest 1% cheat on their taxes more often than regular people, and they evade $175 billion in taxes every year.
- Millionaires living off their income from stocks can pay a lower tax rate than teachers and nurses pay on their wages.
- 650 U.S. billionaires saw their total wealth increase by 55%, or $1.6 trillion, during the first 13 months of the pandemic.