© 1998-2021 Nexstar Media Inc.
All Rights Reserved
Amazon, Facebook and other large businesses would pay more in taxes if a 15 percent minimum tax on high-earning companies proposed by Democrats passed, according to a report released Thursday by Sen. Elizabeth WarrenElizabeth WarrenOn The Money — House Democrats ready to Build Back Better Warren calls for investigation into planned Trump SPAC deal Amazon, Facebook, other large firms would pay more under proposed minimum tax, Warren’s office says MORE‘s (D-Mass.) office. 
The proposal in question, the text of which was released late last month by Warren, Senate Finance Committee Chairman Ron WydenRonald (Ron) Lee WydenSenate confirms Park Service director after years of acting heads Amazon, Facebook, other large firms would pay more under proposed minimum tax, Warren’s office says Manchin signals he’s OK with Biden spending vote this year MORE (D-Ore.) and Sen. Angus KingAngus KingAmazon, Facebook, other large firms would pay more under proposed minimum tax, Warren’s office says Senators look to defense bill to move cybersecurity measures Energy information chief blames market for high fuel prices MORE (I-Maine), would apply to all companies that report more than $1 billion in profits to shareholders.
The report from Warren’s office said the proposal, known as the Corporate Profits Minimum Tax, would raise $319 billion in taxes over the next 10 years.
The tax is included as a funding source in Democrats’ $1.75 trillion social spending package.
The report noted that its analysis, which examined the potential impact of the proposal on 70 companies, showed that if the 15 percent minimum tax was implemented, those businesses would pay up to $22 billion more than they do under the current tax rate — in a single year.
Per the report, in 2020 Amazon had an annual profit of about $24.2 trillion and paid roughly $2.8 trillion in taxes. Estimates found that, if the proposed tax were implemented, the company would have paid an additional $836 million.
Meanwhile, in 2020 Facebook had an annual profit of about $33.2 trillion and paid $4.5 trillion, according to the report. It would have paid an added $469 million under the tax proposal.
In the case of T-Mobile US, which reported an annual profit last year of $3.5 trillion and received a tax refund of $7 million, the report found that under the proposed tax the company would have paid $537 million in added taxes, for a $544 million gain in tax revenue.
“Billionaire corporations have gotten a free ride in America for too long. It’s time to stop letting giant corporations cheat the system — they should pay taxes just like everyone else,” Warren said in a statement upon the release of her report. “My Corporate Profits Minimum Tax would help put an end to tax-rigging schemes and raise billions in revenue so we can make real investments in American families.”
The Hill has reached out to Amazon, Facebook and T-Mobile US for comment.
View the discussion thread.
The Hill 1625 K Street, NW Suite 900 Washington DC 20006 | 202-628-8500 tel | 202-628-8503 fax
The contents of this site are © 1998 – 2021 Nexstar Media Inc. | All Rights Reserved.

source