U.S. Treasury Proposes 15% Minimum Tax for Large Corporations

The U.S. Treasury has proposed a new rule requiring large corporations to pay a minimum tax of 15% on their profits, which is expected to raise $250 billion over the next decade. This tax targets around 100 companies with annual profits exceeding $1 billion and is part of the 2022 Inflation Reduction Act.
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9/12/2024

ScoreValue
Scale

6

Novelty

6

Positivity

5

Reliability

9

Actionability

6

Society

7

Journalism

4

Highlights

  • The U.S. Treasury proposed a new corporate alternative minimum tax requiring large companies to pay at least 15% of their profits.
  • The tax is expected to generate $250 billion in revenue over the next decade.
  • The tax applies to approximately 100 corporations with annual profits of at least $1 billion.
  • The proposed rules are part of the 2022 Inflation Reduction Act.
  • The public comment period for the proposed rules will be open until December 12, 2024.

Perspectives

  • Some experts believe that the new corporate minimum tax may still allow large companies to exploit loopholes, resulting in many paying less than the intended 15% rate, complicating the tax system further.
  • The proposed tax is expected to ignite significant political debate, especially as the 2024 elections approach, with differing views on corporate taxation between Democrats and Republicans.