'Making companies pay at least 15% in taxes on the profits they report to shareholders sounds like a good idea because it is,' writes Reuven Avi-Yonah for CNN Business Perspectives
Reuven Avi-Yonah is the Irwin I. Cohn Professor of Law and director of the International Tax LL.M. Program at the University of Michigan, specializing in corporate and international taxation. He has served as a consultant to the U.S. Department of the Treasury and the Organisation for Economic Co-operation and Development on tax competition. The opinions expressed in this commentary are his own.
.leftside-floating-image { width:100%; display:block; margin:0 auto 1.5rem; } @media screen and { .leftside-floating-image { float:left; width:50%; max-width: 200px; display:block; margin:0 1.5rem 1rem 0; } } Corporate America has perfected the art of dodging the taxes that everyone else pays.
But a key component of the Build Back Better Act, which just passed the House, would end all of that. The proposal would prevent the largest and most profitable corporations from paying little or no income tax by establishing a minimum tax of 15% of the income they report to shareholders if they make more than $1 billion in profits. Known as the corporate profits minimum tax, it will pay for a large portion of the Build Back Better Act by raising $319 billion in revenue over the next decade.
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