Before his largest audience as president thus far, President Biden reiterated calls for a minimum tax on corporations during his first State of the Union address. Pointing to a recent study that found several of the largest companies in the U.S. paid no taxes last year, Biden said the move would raise billions of dollars in tax revenue and grow the economy while lowering costs for American families.
“Last year, 55 of the Fortune 500 companies earned $40 billion in profit and paid zero in federal taxes,” Biden said. “Look, it’s not fair. That’s why I proposed a 15 percent minimum tax rate for…