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Senior Democratic Senators have tabled detailed plans for a minimum tax on corporate profits for 200 of America’s largest corporations as Joe Biden’s party legislators scramble to save a deal on his ambitious Build Back Better agenda.
The new proposal from progressive Elizabeth Warren of Massachusetts, Angus King of Maine and Ron Wyden of Oregon, chairman of the Senate Finance Committee, aims to close tax loopholes and increase revenue for the Treasury Department.
Legislators said the move, which is expected to apply to 200 companies, would require companies reporting more than $ 1 billion in profit to shareholders to repay at least 15 percent of that in tax. The move is expected to raise between $ 300 billion and $ 400 billion over a 10-year period, they said.
The tax is intended to offset the cost of Biden’s legislative plans to invest federal funds in early childhood education, public health, and clean energy.
Kyrsten Sinema, the Democratic Senator from Arizona who opposed previous proposals to increase the corporate tax rate, supported the proposal. But Joe Manchin of West Virginia, the other Democratic MP in the Senate, didn’t say anything.
Democratic lawmakers are rushing to reach an agreement on Biden’s legislative agenda before the president flies to Europe for the G20 and COP26 meetings on Thursday.
Thank you for reading FirstFT Americas. Here’s the rest of today’s news – Gordon
Five more stories on the news
1. Big Tech Revenue Google’s parent company Alphabet and Microsoft saw strong revenue growth in the third quarter, helped by a boom in cloud computing during the pandemic. Together, the duo had sales of $ 110.4 billion – a combined growth of 33 percent compared to the third quarter of last year.
2. ‘Meme’ coin tries to tap into crypto madness A digital token named after Elon Musk’s dog has launched an advertising campaign on London’s public transport system. Ads with the slogan “Missing Doge? Get Floki ”appeared underground in a campaign funded by a“ tax ”on new buyers.
3. Gazprom offered Moldova a gas deal in exchange for weaker EU ties The Russian state gas company has proposed to the former Soviet republic to adjust its free trade agreement with the EU and postpone the energy market reforms agreed with Brussels in exchange for cheaper gas for the country.
4. Rising prices are a headache for Biden in Italy The US president will discuss energy prices at the G20 summit in Rome this weekend, with rising fuel and heating costs putting pressure on his government.
5. Evergrande founder loses $ 25 billion in raid on Xi The net worth of Hui Ka Yan, founder of indebted real estate company Evergrande, fell by $ 25 billion last year. According to the annual Hurun Rich List published today, Hui’s net worth has increased by almost 70 percent to $ 11.3 billion since 2020.
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The day ahead
Merits Automakers GM and Ford are reporting profits today, as are consumer groups McDonald’s and Coca-Cola. In the technology sector, eBay and Spotify publish their third quarter results.
British Household Day In the UK, Chancellor Rishi Sunak is expected to say the UK economy has performed better than expected when he outlines the government’s tax and spending plans for the next year.
EU banking rules The European Commission is expected to announce its plan to implement the latter part of the global banking rules. Draft plans suggest that Brussels is considering giving European banks a two-year extension of an internationally agreed deadline.
FT starts podcast “Working It” Come every Wednesday with host Isabel Berwick for an expert analysis and a water cooler chat about future trends and the big ideas that shape today’s work – and the old habits that we have to leave behind.
What else we read
What do we least need from COP26? Martin Wolf argues that promises of “net zero” in 30 years are too easy. Instead, emissions must be reduced by almost 40 percent by 2030. He says the emissions curve needs to be bent down now.
Brooke Masters When it comes to fighting climate change, one very simple fact has been overlooked, says our chief economic commentator.
Go deeper: Ahead of the UN Climate Change Conference in Glasgow, which begins Monday, the FT launched a searchable dashboard that allows you to compare historical emissions from 193 countries and future climate targets.
Why Jay Powell was a “dangerous man” at the Fed The Fed chairman’s actions have brought the US closer to future financial crises and taxpayer-funded bailouts, as happened in 2008, writes Dennis Kelleher, president of Better Markets’s financial reform advocacy group.
Facebook after the whistleblower The company is criticized by its own employees for the fact that its culture of “growth at any price” harms the individual and society. Can Mark Zuckerberg restart the social network?
Lyrics meet private equity Films and commercials have long since breathed new life into older songs through licensing agreements. But the explosion of music streaming on platforms like Spotify has changed the size of the company and now private equity groups have joined the party.
We need to keep an eye on home surveillance The US ranks almost on par with China in per-person surveillance camera penetration, according to IHS Markit’s pre-pandemic research. But city surveillance only makes up 3 percent of the total network. The rest is installed by companies and individuals, writes Elaine Moore. Amazon’s ring doorbells are just the beginning.
The child prodigy of French cuisine, Mory Sacko, enchanted Paris and beyond with his “French-African-Japanese” cuisine.
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