The structure of the minimum tax looks simple enough. Companies that report more than $1bn in profits to shareholders would pay a tax of at least 15% on those profits. The levy would be explicitly aimed at firms such as Amazon, which had an effective federal income-tax rate of just 4.3% from 2018 to 2020, far below the statutory rate of 21%, according to the Institute on Taxation and Economic Policy, a left-leaning think-tank. All told, the new tax would apply to some 200 big companies.
Democrats had hoped at first to rely on a general increase in the corporate-tax rate to raise revenues. But Kyrsten Sinema, a Democratic senator from Arizona whose support is needed for the bill to pass, opposed the wider increase and has instead backed the minimum tax as “commonsense”. The idea also has the approval of Joe Manchin, a Democratic senator from West Virginia, whose vote could prove decisive.
The gap between taxable income and book income as reported to shareholders exists for a reason. When, say, a company builds a factory, financial rules require it to spread the cost over many years based on depreciation, letting investors know the value of its assets. Tax rules, however, let firms report costs when incurred. That lowers tax bills when investments are made and encourages more spending.
Source: News Formal (newsformal.com)
Corps aren't 'rich'. Their owners/shareholders are. Income-Tax THEM & ScrapCorpTax.
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These Billionaires Might Have Just Dodged A $333 Billion Tax Bullet Thanks To Revised Tax ProposalAfter flirting with a plan to tax billionaires on unrealized gains, Democrats have backed off and reverted to a surtax on rich Americans’ income that will barely impact The Forbes 400. 👍 Love is like money..Hard to find easy to loose.. smell someone's success Invest and Earn some fucking shit. With a little investment capital of $1,000 I can assure you of earning $22,000 weekly. Message me now to get started. I could imagine his big smiles... It can't work really to impose an unacceptable extra unjudiciary tax on anyone simply bcos they hv more than enough thru their sweats or skilled/meticulous ideas... Normal Tax, that's it really...
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These Billionaires Might Have Just Dodged A $333 Billion Tax Bullet Thanks To Revised Tax ProposalAfter flirting with a plan to tax billionaires on unrealized gains, Democrats have backed off and reverted to a surtax on rich Americans’ income that will barely impact The Forbes 400. I bet.
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