Business

Biden eases taxation for profitable businesses that pay very little

Washington — President Biden Propose a minimum tax of 15% to profitable companies Far fewer companies are affected The version he campaigned for, According to details, the Treasury announced Wednesday.

This tax, which targets companies that report large profits to investors but pay low taxes, applies only to companies with incomes in excess of $ 2 billion from the $ 100 million base used during the campaign. Will be done. Recognizing that the campaign trail version could undermine the president’s preference to encourage companies to invest, the Biden program allows taxable companies to deduct taxes on research, renewable energy and low-income housing. Those areas that will also be able to benefit.

As a result, only 180 companies will meet income standards and only 45 will pay taxes. The rest of the administration’s plans will be implemented.. According to S & P Global Market Intelligence, approximately 1,100 listed companies in the United States meet the $ 100 million threshold. Many of them face significantly higher tax bills from the rest of Biden’s agenda and raise tax rates on domestic and international income.

The 15% minimum tax amount is “a targeted approach to ensure that the most aggressive tax avoiders are liable for meaningful tax obligations,” said the Treasury. Said in a new report..

The Treasury report reports on the Democratic administration’s broader corporate tax agenda, raising more than $ 2 trillion in 15 years for eight years of spending on roads, bridges, transportation, broadband and other infrastructure projects. Outlines the discussion of.

Biden eases taxation for profitable businesses that pay very little

Source link Biden eases taxation for profitable businesses that pay very little

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