U.S. Treasury Proposes 15% Tax on Large Corporations

The U.S. Treasury has proposed implementing a 15% minimum tax on large corporations with annual profits exceeding $1 billion, aiming to increase revenue and address corporate tax avoidance issues. The initiative, led by Secretary Janet L. Yellen, seeks to raise an estimated $250 billion over the next decade. The tax targets companies that currently enjoy minimal or no taxes, impacting around 60% of corporations on average. This proposal is expected to bring smaller businesses closer to equal footing while addressing longstanding loopholes exploited by large corporations.