US Treasury issues new proposals for 15% minimum corporate tax
The Peninsula
Washington: The US Treasury Department unveiled new proposals Thursday to implement a rule requiring some of America s largest corporations to pay a m...
Washington: The US Treasury Department unveiled new proposals Thursday to implement a rule requiring some of America's largest corporations to pay a minimum corporate tax rate of 15 percent.
The proposed rules are designed to execute the Corporate Alternative Minimum Tax (CAMT), which formed part of the Inflation Reduction Act, one of President Joe Biden's signature pieces of legislation.
It applies to corporations averaging more than $1 billion in profits that currently pay less than 15 percent in corporate taxes on their adjusted profits each year, the Treasury Department said in a statement.
Thursday's notice of proposed rulemaking "would implement the statutory requirement that the biggest corporations pay a minimum 15% tax on profits reported to shareholders," according to the Treasury.
"Some of the most profitable corporations in the country report record profits to shareholders while using complex tax strategies to pay little to no taxes, often paying lower tax rates than nurses, firefighters, police officers and teachers," said deputy Treasury secretary Wally Adeyemo.
