In 2021, DARES will focus on advancing the Biden Administration’s priorities for Relief and Recovery that will:

Reform corporate taxes to close loopholes and end incentives for offshoring jobs

  • Raise the corporate tax rate to 28%, which would generate $727 billion for the economy in estimated revenue.
  • Set a minimum tax rate of 21% on corporate offshore profits, applied on a country-by-country basis, which would generate $442 billion. Domestic and offshore tax rates should be equal — at least 28% — to discourage outsourcing and profit shifting.
  • 15% minimum tax on profits corporations report to their investors, to stop firms using manipulated “taxable income” to pay little or nothing ($109 billion).
  • End special tax breaks for fossil fuel production ($25 billion).
  • Make it tougher for U.S. corporations to dodge U.S. taxes by adopting a phony foreign address (inverting) ($22 billion).
  • Raise additional revenue by eliminating the Foreign Derived Intangible Income (FDII) deduction, which gives corporations a tax break for shifting intellectual property assets offshore, and ramping up tax enforcement on corporations.

Ensure top earners pay their fair share in individual taxes

  • Eliminate tax cheating by the wealthy and corporations.
  • Tax income from wealth like income from work also helps prevent loopholes.
  • For people making more than $1 million a year, or the richest 0.3% of taxpayers, eliminate the nearly half-off tax discount they currently get when they sell assets at a profit. 
  • Tax the wealthy on the accumulated gains of assets they inherit—gains that now go completely untaxed—unless the assets are donated to charity. 
  • Close a loophole that lets owners of certain businesses avoid self-employment taxes that pay for health care. Revenue raised: $360 Billion (Congressional Budget Office estimate)
  • Prohibit Excess Business Losses. Revenue raised: Roughly $100 Billion (Joint Committee on Taxation).
  • Close the Like-Kind Exchange real estate loophole:

Extend key tax credits (EITC, CTC) for working families

  • Biden is asking for recent change to these important programs to be made permanent to:
    • Maintain the value of the Child Tax Credit to $3,000 for children ages 6 through 17, and $3,600 for children under age 6.
    • Ensure families get a tax credit for as much as 50% of their spending on qualified child care for children under age 13, up to a total of $4,000 for one child, or $8,000 for two or more children. The recent law also made the credit fully refundable.
    • Extend the increases to the earned income tax credit, or EITC, including roughly tripling the maximum amount for workers who do not have children — for beyond 2021.

Each of these priorities enjoys widespread support among everyday Americans across the political spectrum. It is essential to our long term stability that common sense ideas like this are implemented in the next phase of relief and recovery.


We invite all like-minded individuals and donor networks to participate in the DARES project.