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HILL TAX BRIEFING: Optics Play Into Big Tech’s Tax Hike Support

May 17, 2021, 10:14 AM

With President Joe Biden seeking a higher corporate tax rate, a group of Silicon Valley companies has taken a somewhat surprising stance: Publicly voicing support for it.

The decision to back a 28% corporate rate is tied to several factors, tax researchers said—companies such as Uber and Google rarely pay anything close to the top statutory rate, thanks to benefits baked into the tax code. And the optics of supporting the increase could give the companies cover when fighting other proposals from the White House, such as a tax on income reported on financial statements and a minimum tax ...

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