The Washington Post on Nostr: Biden administration releases plans for new minimum tax on large companies ========== ...
Biden administration releases plans for new minimum tax on large companies
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The Biden administration released draft rules for a new minimum tax targeting about 100 large, profitable companies that currently pay little to no federal taxes; the proposal is part of a broader tax law reexamination set for 2025; the corporate minimum tax, established at 15% for companies reporting over $1 billion in income, is expected to generate $250 billion over the next decade; companies like Amazon, AT&T, and Berkshire Hathaway may be affected; the tax took effect in 2023, but many companies have yet to file returns; the Treasury Department will seek public comment on the proposal; criticism from major lobbying groups has emerged, with concerns about tax code complexity and potential job impacts; the outcome of the 2024 election will significantly influence the future of U.S. tax policy.
#Biden #Tax #CorporateTax #InflationReductionAct #2024Election #TreasuryDepartment #MinimumTax #Business #Lobbying #EconomicPolicy
https://www.washingtonpost.com/business/2024/09/12/corporate-minimum-tax-biden-administration/
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The Biden administration released draft rules for a new minimum tax targeting about 100 large, profitable companies that currently pay little to no federal taxes; the proposal is part of a broader tax law reexamination set for 2025; the corporate minimum tax, established at 15% for companies reporting over $1 billion in income, is expected to generate $250 billion over the next decade; companies like Amazon, AT&T, and Berkshire Hathaway may be affected; the tax took effect in 2023, but many companies have yet to file returns; the Treasury Department will seek public comment on the proposal; criticism from major lobbying groups has emerged, with concerns about tax code complexity and potential job impacts; the outcome of the 2024 election will significantly influence the future of U.S. tax policy.
#Biden #Tax #CorporateTax #InflationReductionAct #2024Election #TreasuryDepartment #MinimumTax #Business #Lobbying #EconomicPolicy
https://www.washingtonpost.com/business/2024/09/12/corporate-minimum-tax-biden-administration/