Charlie Forsyth News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Corporate Minimum Tax Biden would introduce a new 15% minimum tax on book income of companies that report net income of more than $100 million.  Corporations would pay the higher of the regular corporate income tax or the 15% minimum tax.  The minimum tax would still permit corporate taxpayers to use foreign tax credits and any net operating loss carryovers. Changes to GILTI Biden would double the current effective tax rate on “global intangible low-taxed income” (“GILTI”) from 10.5% to 21% (and from 13.125% to 26.250% starting in 2026). In addition, Biden would calculate GILTI tax liability on a country-by-country basis, rather than a global basis, and thereby deny taxpayers the ability to blend high-taxed foreign income with low-taxed foreign income.  Under current law, the GILTI tax exempts earnings up to a 10% deemed return on “qualified business asset investment.”  Biden would eliminate the exemption.

United statesAl iskandariyahBiden harrisLaura davisonTony nitti charlie forsythKaustuv basuJoe bidenRichard rubinSenate finBiden sanders unity taskPresident elect joe bidenTax cutsJobs actLocal taxTax penaltyAmerica tax