The second provision imposes a minimum income tax of 15% on the nation’s richest corporations, specifically those reporting profits of $1 billion a year, beginning in 2023. More on the corporate tax in a moment. First, let’s examine the importance of the new IRS funding, which would partially go toward hiring as many as 87,000 new agents and other employees. The minimum tax is aimed at some of the scores of rich corporations paying zero in federal taxes — 55 of them in 2020, according to research by the Institute on Taxation and Economic Policy. What seems to stick in the craw of corporate taxpayers most about this provision is how it defines income.

Source: Los Angeles Times August 10, 2022 21:04 UTC