Search Results: keywords:"large corporations"

  • H. R. 8797 — To amend the Internal Revenue Code of 1986 to impose an income tax on excess profits of certain corporations.
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    Status:Introduced in House
    Words:1,391

    H.R. 8797, also known as the "Ending Corporate Greed Act," proposes changes to the Internal Revenue Code to impose a 95% income tax on excess profits for certain corporations in the U.S. This applies to companies with average annual gross receipts of at least $500 million,...

    Simple Explanation

    The Ending Corporate Greed Act wants to make really big companies pay extra taxes if they earn more money than they usually do, using old years to figure out what's "too much" money, and this will help make sure they pay their fair share from 2024 to 2026.

  • S. 4642 — To amend the Internal Revenue Code of 1986 to impose an income tax on excess profits of certain corporations.
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    Status:Introduced in Senate
    Words:1,384

    S. 4642 proposes changes to the Internal Revenue Code of 1986 to introduce a tax on excess profits for certain large corporations. It defines "excess profits" as the amount by which the corporation's taxable income for a given year exceeds the average inflation-adjusted...

    Simple Explanation

    S. 4642 is a proposed rule that wants big companies making lots of extra money to pay more taxes, like if a kid who gets a lot of new toys has to share some with others. It only affects very big companies earning lots, and it will stop at the end of 2026.

  • S. 4011 — To amend the Internal Revenue Code of 1986 to end the tax-free treatment of certain corporate reorganizations that involve large corporations.
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    Status:Introduced in Senate
    Words:1,348

    The bill S. 4011, titled the “Stop Subsidizing Giant Mergers Act,” aims to modify the Internal Revenue Code of 1986 to end tax-free treatment for certain types of corporate reorganizations involving large corporations. Specifically, it intends to prevent mergers,...

    Simple Explanation

    The "Stop Subsidizing Giant Mergers Act" is a plan to change the rules so that really big companies, making over $500 million, have to pay taxes when they merge or join together, instead of getting a free pass. This means that super-rich companies can't avoid paying taxes when they get even bigger.