Senate Democrats unveil corporate tax for Biden agenda
Oct 26 (Reuters) - Leading Democratic senators unveiled legislation on Tuesday to impose a 15% minimum tax on the most profitable U.S. corporations, saying the levy would help finance President Joe Biden's social policy and climate change plans.
The proposal, part of a two-pronged legislative strategy to curtail tax avoidance by corporations and the wealthy, was put forward by Senator Elizabeth Warren and Senate Finance Committee Chairman Ron Wyden, both Democrats, along with Senator Angus King, an independent who caucuses with the Democrats.
The corporate minimum tax targets public and privately owned companies that post more than $1 billion in annual profits over a three-year period.
The lawmakers said it would dovetail with the global corporate minimum tax agreed by 136 countries, which is aimed at corporations that pay little or no tax by gaming the international tax system.
https://www.reuters.com/world/us/details-emerge-corporate-minimum-tax-plan-us-senate-democrats-cnbc-2021-10-26/?taid=6178ca1a0fbc4500016ce90e&utm_campaign=trueAnthem:+Trending+Content&utm_medium=trueAnthem&utm_source=twitter