Lawmakers call for strong implementation of corporate minimum tax


A group of lawmakers recently sent correspondence to Treasury Secretary Janet Yellen supporting the agency’s vigorous implementation of the 15% minimum corporate tax (CMT).

© Shutterstock

The senses. Americans Elizabeth Warren (D-MA), Angus King (I-ME) and Michael Bennet (D-CO) joined U.S. Representative Donald S. Beyer (D-VA) in signing the letter to companies regarding the the reduction in inflation by 2022.

“After nearly three decades of corporate tax cuts, this landmark legislation will prevent the largest and most profitable corporations from paying less tax than small businesses and middle-class families, while helping to reduce the deficit, reduce energy and health care costs, and fight inflation,” the lawmakers wrote. “We look forward to continuing to work with you in implementing the tax minimum on corporations to limit the ability of corporations that report profits of $1 billion or more to their shareholders to minimize or eliminate their federal income tax For years, many of the largest U.S. corporations large and profitable ones paid far less than the statutory federal tax rate, if at all.

Lawmakers cited in the correspondence In the first three years following the 2017 corporate tax cuts, FedEx, Salesforce and 37 other S&P 500 or Fortune 500 companies paid $0 in federal income tax.

“As congressional leaders who championed passage of the minimum corporate tax as part of the Cut Inflation Act, we look forward to continuing our partnership with the administration as it implements implementation of the tax,” the lawmakers concluded. “Strong implementation requires standing firm against demands to dilute regulation in ways that undermine the clear intent of the law.”


Comments are closed.