New Tax on Large Corporate Profits
This act introduces a new 7% tax on the profits of large corporations exceeding $100 million annually. This aims to increase government revenue, which could indirectly fund public services, but directly impacts only the largest companies, not individual citizens.
Key points
Imposes a 7% tax on corporate profits exceeding $100 million annually.
The tax applies to profits reported on a company's financial statements, not just those reported for regular tax purposes.
Regulated investment companies and real estate investment trusts are exempt from this new tax.
The tax applies to taxable years beginning after the act's enactment date.
Expired
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