Tax rates

The Treasury Secretary outlined some of the Biden administration's unfinished economic business in a speech.

A group of European Union countries is considering new ways of implementing a global deal for a 15% minimum tax on large multinationals in 2023 as Hungary continues to veto a joint solution for the bloc.

The bill would force the rich to declare their assets at current value, unlike the old law, which allowed them to report assets at their original purchase price.

About $222.2 billion of the increase on businesses will come from a new corporate minimum tax that requires companies with at least $1 billion in profits to pay a minimum of 15%.

The legislation aims to prevent large corporations from exploiting tax breaks to pay little if any tax, and it would allow Medicare to negotiate drug prices for the first time.

A top Democrat pushing for a new minimum tax on companies invoked fresh data showing more than 100 profitable U.S. corporations paying an average tax rate of just 1.1% as a showcase for the initiative.

The Joint Committee on Taxation found that some middle- and low-income households could pay $16.7 billion in additional taxes next year as a result of the draft bill.

Now that Senator Joe Manchin is on board with a $433 billion tax and climate bill, Democrats, Republicans and the private equity industry all are trying to suss out where the Arizona lawmaker stands.

About half of a new alternative corporate income tax would be paid by companies that self-identify as manufacturers.

The former Treasury secretary said that any tax hikes shouldn’t go toward funding fresh outlays.