On August 16, President Biden signed the Inflation Reduction Act (IRA) into law. The IRA, among other things, creates a corporate alternative minimum tax (CAMT) that applies a 15 percent minimum tax on the largest corporations worldwide, aggregate “book” income, adjusted for certain identified tax preferences.
The Financial Accountability and Corporate Transparency (FACT) Coalition welcomes inclusion of critical investments in the Internal Revenue Service (IRS) and important but incremental steps to tackle tax dodging by multinational enterprises as part of the Inflation Reduction Act of 2022 passed by the Senate this weekend.
Recent progress achieved through creating a global minimum corporate tax must be complemented by greater tax transparency and enforcement. As the saying goes, “sunlight is the best disinfectant.”
An Overview of US International Corporate Tax Laws and a Comparison of Build Back Better Proposals to Fix Them
and Oxfam America to discuss the impact that a global agreement on the taxation of multinational companies would have on the U.S. economy.
This is a prime opportunity for climate and tax activists to work together at the domestic and international level to further tax reform to equitably raise funds for domestic and global climate investments, to reduce incentives for pollution offshoring, and to support emission reductions around the world.
