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Treasury proposes rule to prevent large corporations from evading income taxes

Summary by KEYT
AP Economics Writer WASHINGTON (AP) — The Biden administration has proposed a new rule that would require the largest U.S. companies to pay at least 15% of their profits in taxes. Treasury Department officials estimate that about 100 of the biggest corporations with at least $1 billion in annual profits would be forced to pay more in taxes under a provision that was included in the administration’s 2022 Inflation Reduction Act. Democratic member…
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