Reuters: Biden Pledge to Tax Wealthy, Companies Revived with Manchin-Led Bill

Biden said during a speech on Thursday that the deal would “for the first time in a long time begin to restore fairness to the tax code – begin to restore fairness by making the largest corporations in America pay their fair share without any new taxes on people making under $400,000 a year.”

The bill would impose a 15% minimum tax on corporations with profits over $1 billion, raising $313 billion over a decade, they wrote. Companies could claim net operating losses and tax credits against the 15%.

The U.S. corporate tax rate dropped to 21% from 35% after a 2017 tax cut pushed by then-President Donald Trump and his fellow Republicans, but many companies pay much less than that, and some of the largest pay no federal taxes, research groups including the Institute on Taxation and Economic Policy have found. Read more.

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