Senate Dems Propose Corporate Minimum Tax Expected to Reach 200 Companies

From News Max.com (Oct.26, 2021):

Leading Democrat senators unveiled legislation Tuesday to impose a 15% minimum tax on the most profitable U.S. corporations, saying the levy would help finance President Joe Biden's social policy and climate change plans.

The proposal, part of a two-pronged legislative strategy to curtail tax avoidance by corporations and the wealthy, was put forward by Sen. Elizabeth Warren, D-Mass., and Senate Finance Committee Chairman Ron Wyden, D-Ore., along with Sen. Angus King, I-Maine, who caucuses with the Democrats.

The corporate minimum tax targets public and privately owned companies that post more than $1 billion in annual profits over a three-year period.

The lawmakers said it would dovetail with the global corporate minimum tax agreed by 136 countries, which is aimed at corporations that pay little or no tax by gaming the international tax system.

"What we have put together is built around the proposition that corporations ought to pay their fair share and profitable corporations should never pay zero tax," Wyden told reporters.

The corporate tax would apply to around 200 companies and raise hundreds of billions of dollars over a decade, the lawmakers said.

Wyden said he will also unveil a new "billionaires tax" that would impose a levy on individuals with unrealized assets worth more than $1 billion and a three consecutive years of annual income of $100 million. [read more]

All that is going to happen, if this bill passes, is the corporations are just going to pass the tax on to the consumers. With high inflation that is bad news.