Apparel, Pharma, Tech Corporations in Scope of 15% Minimum Tax

The economic plan advanced by Senate Democrats would lead to higher taxes for makers of clothing, drugs and electronics, according to an analysis by Congress’s official tax scorekeeper, adding complexity to the debate over the 15% US corporate minimum tax.

About half of a new alternative corporate income tax would be paid by companies that self-identify as manufacturers, with about a quarter of the total being from companies making apparel, pharmaceuticals and electronics, according to new data from the Joint Committee on Taxation.

Ron Wyden

Photographer: Andrew Harrer/Bloomberg

Democrats say the additional data helps bolster their case that the 15% minimum tax is necessary ...