'We all agree': Manchin supports 15% minimum tax on corporate profits | MCU Times

‘We all agree’: Manchin supports 15% minimum tax on corporate profits

Late. Joe Manchin III, one of the main votes on the White House agenda, announced on Wednesday his support for a minimum tax of 15% on corporate profits, signaling that the policy would likely be included in President Biden’s multi-trillion-dollar social welfare bill.

Mr. Manchin, a West Virginia Democrat, said the proposal would ensure U.S. businesses pay their “fair share.”

“Everyone in this country who has been blessed and blessed should pay a patriotic tax,” said Mr. Manchin. “There should be a 15% patriotic tax‚Ķ we have all agreed on a 15% corporation tax.”

The flat rate of 15% will apply to companies that publicly report over $ 1 billion in profits over three years. According to lawmakers, the tax would hit profits for more than 200 U.S. businesses. It is estimated to raise $ 300 to $ 400 billion over the next decade.

Senate Finance Committee Chairman Ron Wyden, the Oregon Democrat, said the proposal is aimed at large corporations such as FedEx and Nike.

“The most profitable companies 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 or no tax,” Mr. Wyden said. “Our proposal will tackle it. most drastic evasion of corporation tax by ensuring that the largest companies pay a minimum tax. “

Given that Democrats plan to push the spending bill through the 50-50 divided Senate in a party vote, Mr. Manchin’s almost support that the proposal will move forward, although the fate of the entire $ 2 trillion package is still in doubt.

Mr. Manchin’s announcement comes after another important Democratic swing vote, Senator Kyrsten Sinema of Arizona, backed the tax earlier this week.

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