20 เมษายน 2567 [1]

Democrats release details of corporate minimum tax proposal

Ylan Mui joins Closing Bell to report the new plan for the corporate minimum tax. For access to live and exclusive video from CNBC subscribe to CNBC PRO: [ 🔗 Click ‼️ ] New details of a Democratic plan to enact a 15% minimum corporate tax on declared income of large corporations were released Tuesday by three senators, Elizabeth Warren, D-Mass., Angus King, I-Maine, and Senate Finance Committee Chair Ron Wyden, D-Ore. The senators will propose the tax be included as a source of revenue to help fund the massive “Build Back Better” bill that Democrats are currently negotiating. Shortly after the plan was released a key senator in those negotiations, Arizona Democrat Kyrsten Sinema, announced that she would support the corporate minimum tax, giving the proposal a major boost. According to a release from the senators, the corporate minimum tax would: Apply only to companies that publicly report more than $1 billion in profits annually for a three year time period. Create an across-the-board 15% minimum tax on those profits. Preserve “the value of business credits – including Ru0026D, 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.” The tax proposal gained new focus this week after Sinema announced that she would not support raising the current corporate tax rate, which had been Democrats’ original plan to raise revenue for their social spending plan. The tax would likely apply to about 200 American corporations, the senators said. The Democrats did not say which business credits within the tax code would be preserved. The details of those credits would likely make a huge difference to the corporations that face the prospect of owing the tax. According to legislative language released by Warren’s office, the Treasury Department would be tasked with determining which corporations . :::: Visit my YouTube channel @ CNBC Television ( [ 🔗 Click ‼️ ] )

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