Corporate minimum tax proposal unveiled by key Senate Democrats as Biden social bill comes

Corporate minimum tax proposal unveiled by key Senate Democrats as Biden social bill comes together

WASHINGTON – The new Democratic plan to reduce the 15% tax proposal on business tax was announced Tuesday by three senators, Elizabeth Warren, D-Mass., and Angus King, Maine. , and Chairman of the Finance Committee, Ron Wyden. , D-Eco.

Senators will recommend incorporating the tax proposal as a budget to help support a larger budget in the “Reconstruction” program discussed by Democrats.

Shortly after exposing the plan to a key senator in the negotiations, Arizona Democrat Kyrsten Cinema indicated that he would support lowering corporate taxes, and strengthening them.

Depending on the release of the senate, the business tax may:

• Hiring $ 1 billion in three years.

• Make less than 15% tax on such profits.

• Maintaining “business credit value – including research, power and credit -” and adding other companies to account for losses, using external credit, which requires a reduction in tax debt in respect of higher taxes in the coming years.

The tax plan was unveiled this week when Cinema announced it would not support a sales tax proposal, the first of its kind for Democrats.

The Senator says the tax could be applied to about 200 U.S. businesses.

Democrats have not yet said what business information in the tax proposal law will be maintained. Information about these loans can make a big difference to taxpayers.

Based on the official statement issued by Warren’s office, Treasure will determine which companies pay taxes and duties.

“Wealthy companies in the world often engage in fraudulent transactions. Every year they report profits to consumers and pay lower taxes. Our application will address the worst tax proposal situation. Companies have. By making large companies pay lower taxes,” Wyden said in a statement.

They spoke directly to Amazon, which they say has made $ 45 billion over the past three years, but says “4.4% service tax – less than 21% business tax …”

The request has not yet been approved by the House of Representatives and the Senate. But Warren said he and his colleagues were “working” with the Senate Finance Committee, White House, and Treasury to draft this review, which includes the Reconstruct Better bill.

The current request is similar to a petition filed by President Joe Biden earlier this year as part of the White House tax law “Made In America”.

In March, managers imposed a 15% lower tax on financial institutions that spend their money on donors, called “book” funds.

The White House has previously stated that such a plan “only large companies can benefit” and will see that large companies “will not use the tax site to survive without pay.” of elections.

Biden’s request differs from the Senate’s request in many ways. One of Biden’s policies was set at $ 200 billion, not a billion dollars. So the Senate will ask for more companies.

The Biden plan also does not have a three-year tax law on companies earning $ 1 billion or more for three consecutive years.

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