Treasury proposes rule to prevent large corporations from evading income taxes

AP Economics Writer

WASHINGTON (AP) — The Biden administration has proposed a new rule that would require the largest U.S. companies to pay at least 15% of their profits in taxes. Treasury Department officials estimate that about 100 of the biggest corporations with at least $1 billion in annual profits would be forced to pay more in taxes under a provision that was included in the administration’s 2022 Inflation Reduction Act. Democratic members of Congress, including Elizabeth Warren, a senator from Massachusetts, have urged the White House to implement the tax.