President Joe Biden confirmed that the number of federal tax evaders last year amounted to at least 50 companies, noting that these companies did not pay a single penny in income taxes during the past year,” as he put it.
Biden stressed that this situation will not last long and will change in the near future, vowing to pursue the evaders. Biden wrote, in a tweet on the official page of the “Twitter” website. “There are at least 55 companies that have not paid a penny of federal income tax in the past year,” he said, adding that “this will change according to the reform agenda I am preparing.”
According to Investopedia, the federal income tax is one of the most important sources of government funding in the country, and is collected from individuals, companies and various legal entities.
The Internal Revenue Service, affiliated with the Treasury Department, is the agency responsible for collecting federal income taxes, which President Joe Biden spoke about.
It is noteworthy that the tax issue is one of the most prominent contentious issues between Biden and his predecessor, former President Donald Trump, as Biden adopts an economic policy based on making the wealthy pay their fair shares of taxes, and focuses on supporting the middle classes. On the other hand, Trump focused on granting large companies tax exemptions, under the pretext of stimulating investment.
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