Voters Overwhelmingly Support Build Back Better’s Corporate Minimum Tax
By Lew Blank and Jason Katz-Brown
Every year, our tax code allows large corporations to exploit loopholes, deductions, and exemptions to pay little or nothing in taxes. For example, over the past three years, Amazon has effectively paid a 4.3 percent tax rate on its $45 billion in profits — just a fraction of the U.S. corporate tax rate of 21 percent.
Democrats have an unparalleled opportunity with Build Back Better to address this issue, rein in the power of large corporations, and empower the working and middle class. One of the key pay-fors in the plan is a corporate minimum tax, which would require all corporations making over $1 billion for three consecutive years to pay a minimum 15 percent tax on their profits. This tax would make our economic system significantly more fair while also raising revenue for the crucial investments in Biden’s plan.
Our polling finds that voters from both parties want to see this tax enacted. In a new survey conducted from October 27 to 29, we find that a +52-point margin of voters support Biden’s corporate minimum tax proposal. This includes a +79-point margin of Democrats, a +52-point margin of Independents, and a +26-point margin of Republicans.
To make corporations pay their fair share and improve the popularity of the bill, Democrats must ensure that the corporate minimum tax is included in the final Build Back Better Act.
Lew Blank (@LewBlank) is a senior writer at Data for Progress.
Jason Katz-Brown (@jasonkatzbrown) is the CTO of Data for Progress.