Corporate Fat Cats Get Tax Hike In Democratic Bill

Corporate fat cats raking in billions would get a tax hike from the inflation reduction bill proposed by Senate Democrats.

“Manufacturers and other companies making capital investments could pay the bulk of the new corporate minimum tax in Senate Democrats’ fast-moving fiscal legislation, according to an analysis of the plan.

The 15% minimum tax would take effect next year and apply to U.S.-based companies that report financial-statement profits averaging at least $1 billion over three years, according to legislation released this week that mirrors a House-passed bill from last year.

The proposal, if it becomes law, would raise companies’ tax bills until they hit that minimum rate. It would affect some companies that generate income in low-taxed foreign jurisdictions or use aggressive tax planning to drive their global tax rates far below the 21% U.S. corporate tax rate.” [READ MORE]