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Biden Administration Urged Senate to Raise Profit Threshold for Minimum Corporate Tax to $1 Billion

Photo by: The Intercept

A new alternative minimum corporate tax is set to hit only companies with more than $1 billion in profits at the insistence of the Biden administration, the bill’s Senate co-author said on Wednesday. Sen. Angus King, an independent from Maine who caucuses with Democrats, said on Tuesday evening that his original version of the legislation, proposed in August, would target any company earning at...

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