NBC News: Biden’s plan to overhaul tax code would close offshore tax loopholes

According to a recent report by the Institute on Taxation and Economic Policy, at least 55 of America’s biggest companies paid nothing in federal taxes for 2020, despite earning a collective $40.5 billion in pretax income. To address these kinds of discrepancies, the president’s plan would impose a minimum tax of 15 percent on firms with income of more than $2 billion and what the Treasury called “large discrepancies between income reported to shareholders and that reported to the IRS.” This minimum tax would affect, the agency estimated, fewer than four dozen companies. Read more