news legislators letter encourages strong implementation of 15 percent corporate minimum tax
Local

Legislators’ letter encourages strong implementation of 15 percent corporate minimum tax

irs taxes
(© Michael Flippo – stock.adobe.com)

Three United States legislators, led by Massachusetts’ Sen. Elizabeth Warren, sent a letter to the Treasury Secretary calling for a strong implementation of the 15 percent corporate minimum tax.

The corporate minimum tax is stated in the Inflation Reduction Act of 2022 to be placed on billion-dollar corporations, according to a press release.

Warren, Sen. Angus King of Maine, Sen. Michael Bennet of Colorado, and U.S. Rep. Donald S. Beyer of Virginia sent the letter to U.S. Treasury Secretary Janet Yellen last week.

“After nearly three decade of corporate tax cuts, this historic legislation will prevent the largest, most profitable corporations from paying less in taxes than small businesses and middle-class families, while helping to pay down the deficit, lower energy and healthcare costs, and fight inflation,” the letter states. “We look forward to continuing to partner with you in the implementation of the corporate minimum tax to limit the ability of corporations that report $1 billion or more in profits to their shareholders to minimize or eliminate their federal income tax liability.”

For three years after the 2017 corporate tax cuts, the press release stated, FedEx, Salesforce and 37 other corporations in the S&P 500 or Fortune 500 paid nothing in federal income taxes. Amazon paid only 5.1 percent in federal tax on $78.6 billion in profits from 2018 to 2021.

The letter states: “The Inflation Reduction Act will put a floor on this tax avoidance and limit the ability of these corporations that report at least $1 billion in profits to their shareholders to pay less than a minimum 15 percent federal tax rate, still well below the statutory rate of 21 percent.”

Rebecca Barnabi

Rebecca Barnabi

Rebecca J. Barnabi is the national editor of Augusta Free Press. A graduate of the University of Mary Washington, she began her journalism career at The Fredericksburg Free-Lance Star. In 2013, she was awarded first place for feature writing in the Maryland, Delaware, District of Columbia Awards Program, and was honored by the Virginia School Boards Association’s 2019 Media Honor Roll Program for her coverage of Waynesboro Schools. Her background in newspapers includes writing about features, local government, education and the arts.

Latest News

kadin shedrick
Sports

What did we just see? Five observations from Virginia’s win over #22 NC State

powerball virginia lottery
Virginia

$100K Powerball ticket sold in Charlottesville; five $50K winners in Virginia

While no one in Virginia won the $754 million Powerball jackpot on Monday night, someone who bought their ticket in Charlottesville did win $100,000.

reece beekman
Sports

Virginia stifles #22 NC State, holding Pack to 33.3 percent shooting in 63-50 win

Virginia may have just played its best defensive game of the season, holding #22 NC State to 33.3 percent shooting in a 63-50 win on Tuesday in JPJ.

tent city waynesboro
Local

Homeless population packing up, moving out of Tent City in Waynesboro

aew dynamite
Sports

One match was the showkiller on last week’s AEW ‘Dynamite’: Take a wild guess

sam hauser unc
Sports

‘Hoos in the NBA: Sam Hauser puts up big numbers in first career NBA start

virginia tech football injury
Sports

Damar Hamlin injury, response keeps spotlight on athletic trainers, sports medicine