The Schumer-Manchin tax-and-spend Apalooza is looking worse and worse in the summer heat, and one reason is the fine print in its signature 15% minimum corporate tax.
This tax on corporate book profits is by far the largest source of revenue under the misnamed Inflation Reduction Act. Sense. Chuck Schumer and Joe Manchin say this provision will raise $313 billion over 10 years. It is a form of alternative minimum tax for companies that report $1 billion in profits in their financial statements and requires companies to pay the higher of the taxes they owe under existing regulations, or 15% of theirs Annual accounts or book profit.
https://www.wsj.com/articles/the-chuck-schumer-joe-manchin-double-tax-corporate-minimum-tax-oecd-11659390268 The Schumer-Manchin Double Tax – WSJ