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.