Corporate Alternative Minimum Tax

The next time Congress is serious about making the wealthiest pay their fair share in federal taxes, they will need to make three key changes to the federal corporate income tax so that it applies effectively to all the businesses that generate their income.

Both companies acknowledge that they will save billions because of the Trump administration's weakening of the Corporate Alternative Minimum Tax (CAMT). Meta and Qualcomm are just two of the corporations that will benefit from this corporate tax cut provided unilaterally by the Trump's Treasury Department.

Cheniere Energy's latest annual financial report shows the company reaped a cool $380 million in tax cuts from a single regulatory change made by the Trump administration last fall.

The Treasury Department is unilaterally cutting corporate taxes with regulations that ignore the statute they claim to implement, disregarding the separation of powers between the branches of government that has defined how America works for more than two centuries.

This unilateral corporate tax cut from the Trump administration will cost $10 billion over a decade unless it is reversed.

While this guidance is sorely needed to clean up the mess created by a hasty Congress, these notices stand in sharp contrast to the deregulatory, anti-tax approach that the Treasury Department has taken.

The U.S. needs a tax code that is more progressive and that raises more revenue than the one we have now. An important way to achieve this is to reform the taxation of business profits. These four key policy reforms would greatly strengthen the corporate tax system: Eliminating or restricting special breaks and loopholes that […]

American corporations use accounting gimmicks to make profits appear to be earned in tax havens. This widespread problem could be fixed by Congress enacting legislation to implement a minimum tax on corporations that meets the standards of the global minimum tax that other countries have begun to implement.

Trump's Treasury is overstepping far beyond its constitutional role by giving unlegislated tax cuts to the wealthy.