Reported 27 days ago
The U.S. Treasury has introduced proposed rules for a corporate alternative minimum tax set at 15% aimed at big corporations earning over $1 billion annually. This initiative, part of the Inflation Reduction Act, aims to raise an estimated $250 billion in revenue over the next decade from about 100 companies currently paying an average tax rate of 2.6%. The proposed rules also aim to close loopholes that allow these corporations to minimize their tax obligations, leveling the playing field for small businesses.
Source: YAHOO