Senate Dems Unveil New Corporate Minimum Tax; Sinema On Board

Moderate Sen. Democrat Kyrsten Sinema of Arizona is on board with the new corporate minimum tax.

"The proposal represents a commonsense step toward ensuring that highly profitable corporations - which sometimes can avoid the current corporate tax rate - pay a reasonable minimum corporate tax on their profits..." said Sinema In a Tuesday statement.

Three key Senate Democrats have unveiled a new plan to enact a 15% minimum corporate tax on declared income of large corporations, according to CNBC. The proposal, released Tuesday by Sens.

Preserve "The value of business credits - including R&D, clean energy, and housing tax credits - and include some flexibilities for companies to carry forward losses, utilize foreign tax credits, and claim a minimum tax credit against regular tax in future years."

The proposal follows an announcement by Sen. Kyrsten Sinema, who said she wouldn't support raising the current corporate tax rate.

"The most profitable corporations in the country are often the worst offenders when it comes to paying their fair share. Year after year they report record profits to shareholders and pay little to no taxes. Our proposal would tackle the most egregious corporate tax dodging by ensuring the biggest companies pay a minimum tax," said Wyden in a statement.

The Senators called out Amazon - which they said paid an "Effective tax rate of just 4.3% - well below the 21% corporate tax rate" on $45 billion in reported profits over the past three years.

https://www.zerohedge.com/political/senate-dems-unveil-new-corporate-minimum-tax-call-out-amazon-over-effective-tax-rate-just