Senate Finance Committee Chair Ron Wyden (D-Ore.), Sen. Angus King (I-Maine), and Sen. Elizabeth Warren(D-MA.) just introduced the Corporate Profits Minimum Tax which would raise billions and would prevent wealthy corporations from paying nothing in taxes.
According to Common Dreams, this is a way of generating revenue to fund social supports in the Build Back Better Act which will allow for investments in child care, paid leave, and other provisions to help working people while helping to reduce wealth inequality.
This proposal would ensure companies that report over $1 billion in profits to shareholders pay at least a 15% tax rate on those gigantic profits, writes Warren.
“The most profitable corporations in the country are often the worst offenders when it comes to paying their fair share. Year after year they report record profits to shareholders and pay little to no taxes. Our proposal would tackle the most egregious corporate tax dodging by ensuring the biggest companies pay a minimum tax,” says Wyden.
“While these companies report billions in profits, they often pay no income tax to the IRS and leave hardworking families holding the bag. Giant corporations have been exploiting tax loopholes for too long, and it’s about time they pay their fair share to help run this country, just like everyone else. The Corporate Profits Minimum Tax would end corporate double-dealing…so that we can raise essential revenue needed to invest in families and our economy,” says Warren.
🚨Big news🚨— Patriotic Millionaires (@PatrioticMills) October 27, 2021
It’s absolutely ridiculous that we allow profitable corporations to get away with paying $0 in taxes. A 15% corporate minimum tax means no corporations can get away with paying nothing.#TaxTheRich means corporations too. https://t.co/6AURJpGrQj
The fact sheet states that the value of business credits such as those for research and development and clean energy would be preserved, and businesses would be able to take foreign tax credits, reports The Hill.