The department would implement a 15 percent standard.
The Treasury Department announced that it is considering a new tax policy that would require a 15 percent minimum profit tax for all companies making over $1 billion in revenue. The department released this Notice of Proposed Rulemaking along with the Internal Revenue Service (IRS), stating that America’s top 100 companies currently employ teams of experts to ensure they pay less than 2 percent in federal taxes.
“The proposed rules released by Treasury today are an important step toward realizing Congress’ efforts to address the most egregious U.S. corporate tax avoidance and ensure the largest and most profitable corporations in the country cannot pay little to no taxes,” said Treasury Secretary Janet Yellen. “The Corporate Alternative Minimum Tax will also help level the playing field for small businesses while generating hundreds of billions of dollars in revenue.”
As the Lord Leads, Pray with Us…
- For discernment for Secretary Yellen as she and Treasury officials assess the tax avoidance strategies of large companies.
- For Commissioner Danny Werfel and IRS personnel as they seek to clear the backlog of tax returns and audits completely.
Sources: Department of the Treasury
