November 19, 2021

The Washington Post: Who would pay more and less in taxes under the House bill

media mention

The millionaire’s surtax aims to raise taxes on wealthy Americans without touching rates. The alternative minimum tax for corporations aspires to accomplish a similar aim by raising money from profitable corporations without crossing Sinema’s line on rates. In short, it imposes a 15 percent minimum on firms that make more than $1 billion in “book” income, which is money they report to shareholders.

Motivating Democrats is a vast body of research showing that some of the country’s most recognizable brands pay nothing in federal income taxes. The Institute on Taxation and Economic Policy, a progressive think tank, earlier this year found that 55 corporations with more than $40 billion in profits paid $0 and, in some cases, earned federal rebates in the process. Read more