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Democrats Blast Companies Paying 1.1% Rate in Pushing New Tax

  • Wyden says data shows need for guardrails on corporations
  • Sinema seeking changes to narrow minimum corporate levy plan
Senate Finance Committee Chairman Ron Wyden

Senate Finance Committee Chairman Ron Wyden

Photographer: Sarah Silbiger/Bloomberg

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

The Joint Committee on Taxation, the nonpartisan congressional tax scorekeeper, looked at the profits of large corporations in 2019 -- before the pandemic. The analysis found 100 to 125 corporations that reported average earnings to shareholders of some $8.9 billion, and paid an average tax rate of 1.1% on those profits.