Warren Pushes New Minimum Corporate Tax
In the latest version of the still-developing Build Back Better bill, Democrats are proposing a 15% minimum income tax on large businesses, part of an effort to offset the plan’s $1.85 trillion cost by increasing tax revenues from the wealthy and corporations. According to a report released Thursday by Sen. Elizabeth Warren (D-MA), such a tax would force at least 70 major U.S. companies that paid less than 15% in income tax in 2020 to pay quite a bit more, generating an estimated $22 billion in federal revenues in just one year.
“America’s largest corporations have rigged the tax code in their favor, employing armies of lobbyists and accountants to write and abuse the rules so they can avoid paying their fair share of taxes,” the report charges.
In one example cited in the report, DISH Network reported $2.6 billion in profits in 2020 and paid its chairman almost $95 million but paid no federal income taxes – and got a $231 million tax refund to boot. In another example, defense contractor Northrop Grumman made $3.7 billion, but paid an effective tax rate of just 6.7%, far below the standard tax rate of 21%
“These are not isolated examples,” the report says. “Year after year, far too many giant corporations report billions in profits to their shareholders and then tell the U.S. government that they owe nothing come tax time.”
https://www.msn.com/en-us/money/markets/warren-pushes-new-minimum-corporate-tax/ar-AAQSnCk
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