corporate taxes

In his campaign for re-election, President Biden has said that raising taxes on the wealthy and on big corporations is at the heart of his agenda. But under his watch, overall net taxes have decreased.

Jim Tankersley, who covers economic policy for The Times, explains.

Guest: Jim Tankersley, who covers economic policy at the White House for The New York Times.

Background reading: 

• An analysis prepared for The New York Times estimates that the tax changes President Biden has ushered into law will amount to a net cut of about $600 billion over four years.
• “Does anybody here think the tax code’s fair?” For Mr. Biden, tax policy has been at the center of his efforts to make the economy more equitable.

For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.

In a surprise turn of events, Sen. Joe Manchin released a statement saying he’s on board with the Inflation Reduction Act, a renamed version of the Build Back Better bill, shocking Washington, D.C. and Mitch McConnell. 

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There are lots of reasons to tax corporations: as a check on their power, to help pay for infrastructure, as a wealth tax. But the biggest reason economists cite for why they've stuck around is that everyday people think companies should have to pay them too.

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The I.R.S. says that Bristol Myers Squibb, America’s second-largest drug company, has engaged a tax-shelter setup that has deprived the United States of $1.4 billion in tax revenue.

The Biden administration is looking to put an end to such practices to pay for its policy ambitions, including infrastructure like improving roads and bridges and revitalizing cities.

We look at the structure of these tax arrangements and explore how, and whether, it’s possible to clamp down on them. 

Guest: Jesse Drucker, an investigative reporter on the Business desk for The New York Times.

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Background reading: 

• The I.R.S. says that Bristol Myers Squibb used an “abusive” offshore setup to avoid $1.4 billion in federal taxes.
• In a speech to the Chicago Council on Global Affairs, Treasury Secretary Janet Yellen made the case for a global minimum corporate tax rate, kicking off the Biden administration’s effort to help raise revenue in the United States. 

For more information on today’s episode, visit 

nytimes.com/thedaily

. Transcripts of each episode will be made available by the next workday.

President Biden is pushing the boundaries of how most Americans think of infrastructure.

In a speech on Wednesday, he laid out his vision for revitalizing the nation’s infrastructure in broad, sweeping terms: evoking racial equality, climate change and support for the middle class.

His multitrillion-dollar plan aims not only to repair roads and bridges, but also to bolster the nation’s competitiveness in things like 5G, semiconductors and human infrastructure.

Today, we take a detailed look at what his plans entail and the congressional path he will have to navigate to get it passed.

Guest: Jim Tankersley, a White House correspondent for The New York Times.

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Background reading: 

• President Biden began selling his infrastructure proposal on Wednesday, saying that it will fix 20,000 miles of roads and 10,000 bridges while also addressing climate change and racial inequities and raising corporate taxes.
• Here is how his $2 trillion in proposed spending on infrastructure breaks down.

For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.