• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

As U.S. Treasury intervened in the bond market, the Netherlands rushed 86 tons of gold out of America because of ‘geopolitical unrest’

2

Current price of silver as of Thursday, September 3, 2026

3

'Critical employees will begin to retire': Trump’s new pay plan will deny most federal roles a raise, and it has workers warning of a retention crunch

1

As U.S. Treasury intervened in the bond market, the Netherlands rushed 86 tons of gold out of America because of ‘geopolitical unrest’

2

Current price of silver as of Thursday, September 3, 2026

3

'Critical employees will begin to retire': Trump’s new pay plan will deny most federal roles a raise, and it has workers warning of a retention crunch
Finance

Joe Biden wants to end the era of big companies paying nothing in taxes

Rey Mashayekhi
By
Rey Mashayekhi
Rey Mashayekhi
Down Arrow Button Icon
Rey Mashayekhi
By
Rey Mashayekhi
Rey Mashayekhi
Down Arrow Button Icon
July 29, 2020, 12:52 PM ET
Google source logo
Add Fortune on Google for similar content.

The tax wonks have taken a look at Joe Biden’s corporate tax plan—and it appears Corporate America could be in for a rude awakening.

The Democratic presidential nominee is proposing changes to the corporate tax code that would prevent some of America’s largest corporations from using legal loopholes to reduce their federal income tax liabilities to near-zero.

In addition to raising the corporate tax rate to 28%, from 21% currently, Biden’s plan would set a minimum tax of 15% on companies’ “book income,” or profits reported to investors, the Wall Street Journal reported Tuesday. It would also double the existing tax rate on foreign profits reported by U.S. firms, from 10.5% to 21%, according to an analysis by the Tax Policy Center.

The moves would effectively reverse the Trump administration’s significant overhaul of U.S. corporate tax laws, via the Tax Cuts and Jobs Act of 2017. Coupled with income and payroll tax increases on high-income individuals, plus other proposals, the Biden plan would increase federal revenues by $4 trillion through 2030, according to the Tax Policy Center.

It would also likely spell an end to an era that has seen hugely profitable corporate behemoths like Amazon use the tax code to their advantage—and in the process lower their federal income tax bill to a relatively minimal amount.

Amazon, for its part, has previously shot back at the Biden campaign’s attacks on its tax practices. And there are no shortage of critics who claim that corporate tax policies like those proposed by the Biden campaign discourage companies from using tax breaks meant to incentivize investments that create jobs and bolster the U.S. economy.

How do CEOs of America’s largest companies feel? According to data from the Center for Responsive Politics, most of the biggest political donors who lead S&P 500 firms ramped up their donations to GOP fundraising groups during the second quarter.

About the Author
Rey Mashayekhi
By Rey Mashayekhi
LinkedIn iconTwitter icon
See full bioRight Arrow Button Icon
Google source logo
Add Fortune on Google for similar content.

Latest in Finance


Most Popular

Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • TikTok icon
  • YouTube icon

    Latest in Finance


    Most Popular

    © 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
    FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.