Biden-Harris Admin Slated To Launch New Tax On American Businesses– americanactionnews.com

The Biden-Harris administration released new draft rules Thursday that could hike taxes on roughly 100 companies in the White House’s latest push to increase government tax revenues, according to the Washington Post.

The new guideline would establish a 15% minimum tax on profitable companies with more than $1 billion in income in an effort to thwart corporations’ attempts to use accounting techniques to reduce their tax bills, the outlet reported. The policy, referred to as the corporate alternative minimum tax (CAMT), ties taxation to “book income” — the income companies report to their investors on financial statements — rather than taxable income, and is expected to increase taxes by $20 billion in 2025.