Barra joined several other CEOs and labor leaders who met virtually with Biden on Thursday and endorsed the Inflation Reduction Act that would fund clean-energy investments by closing corporate-tax loopholes and making big corporations pay more.
The tax portion is less welcome for big corporations, which explains why the Business Roundtable has vocally opposed the bill. GM and Ford are among companies that pay little in federal tax and could end up paying more. GM reported a tax expense of $20 million on almost $10 billion of income last year, and paid less than $100 million in years prior. Ford paid $102 million on almost $18 billion of income in 2021.
As the bill stands, though, the 15% minimum tax isn’t actually a minimum. Companies can still pay below that because they would be allowed credits for research-and-development spending, defined benefit pension plans, past operating losses and foreign tax credits, according to Garrett Watson, senior policy analyst at the Tax Foundation, a Washington think tank. Corporate taxes likely will go up for many companies, he said, just not as much as the plan’s headline might suggest.
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