From Americans for Tax Fairness (https://americansfortaxfairness.org/):
The Corporate Profits Minimum Tax would ensure companies that report over $1 billion in profits to shareholders pay at least a 15% tax rate on those gigantic profits. Based on estimates for similar proposals, the Corporate Profits Minimum Tax would generate hundreds of billions in revenue over ten years. Establishing the Corporate Profits Minimum Tax would not only put an end to profitable corporations getting away with paying zero (or less) in taxes; it would also generate revenue needed to invest in child care, clean jobs, and more – investments that make American companies more competitive and our economy more resilient.
Specifically, the Corporate Profits Minimum Tax would:
- Apply to roughly 200 companies that report over $1 billion in profits;
- Create a 15% minimum tax on the profits that these giant companies report to their shareholders;
- Preserve the value of business credits – including R&D, clean energy, and housing tax credits – and include some flexibilities for companies to carry forward losses, utilize foreign tax credits, and claim a minimum tax credit against regular tax in future years;
- Raise hundreds of billions in revenue over 10 years.
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