Arab Press

بالشعب و للشعب
Saturday, Nov 29, 2025

Democrats' new minimum tax would target Facebook, Amazon, analysis shows

Democrats' new minimum tax would target Facebook, Amazon, analysis shows

At least 70 of the largest companies in the U.S. could see higher tax bills under a new minimum levy that President Biden has endorsed in order to help fund his sweeping Build Back Better plan.

A new analysis conducted by Sen. Elizabeth Warren, D-Mass. – who proposed the tax alongside Sens. Angus King, I-Maine and Ron Wyden, D-Ore. – shows which companies could face steeper taxes under the proposed minimum tax on book income.

The tax, which would impose a 15% minimum on corporations based on profits they publicly report on their financial statements to shareholders even if they had zero federal tax liability, would only apply to companies that reported more than $1 billion in income for three straight years.

An employee uses a laptop computer while packages move along a conveyor belt at the Amazon.com Inc. fulfillment center in Hyderabad, India, on Sept. 7, 2017.


The report from Warren found that the tax would force companies, including Amazon, Facebook, Microsoft, T-Mobile, Bank of America, Google and Verizon, to pay more to the U.S. government. The Congressional Budget Office determined recently that the tax would generate about $319 billion over the next decade, which would go toward paying for Biden's sweeping social spending and climate change plan.

Her analysis used publicly available data from the Institute on Taxation and Economic Policy for publicly traded companies in the Fortune 500 and S&P 500 to calculate how much each business earned in annual profits, how much they paid in income tax and how much they would pay under the proposed 15% rate.

It shows the minimum would generate up to $22 billion in one year alone from 70 of the biggest publicly traded companies in the U.S.

For instance, Warren's report shows that Amazon was able to reduce its tax rate to 11.5% – rather than 21% – in 2020. By doing so, the company was able to reduce its tax liability by roughly $830 million. But if there had been a 15% minimum book tax in place, Amazon would have paid an additional $836 million in federal and foreign income taxes.

Amazon did not immediately respond to a request for comment.

Sen. Elizabeth Warren speaks during a news conference at the U.S. Capitol on July 22, 2020, in Washington.


Facebook – which paid $4.5 billion in taxes last year – would have paid an additional $469 million under the Democrats' proposal. T-Mobile, which paid nothing in federal taxes last year, would have owed $537 million.

"Billionaire corporations have gotten a free ride in America for too long. It’s time to stop letting giant corporations cheat the system – they should pay taxes just like everyone else," Warren said in a statement. "My Corporate Profits Minimum Tax would help put an end to tax-rigging schemes and raise billions in revenue so we can make real investments in American families."

Critics of the tax have raised concerns that it will complicate financial reporting for big companies while giving the Financial Accounting Standards Board, an independent organization that sets accounting rules, too much power over the U.S. tax base.

"The potential politicization of the FASB will likely lead to lower-quality financial accounting standards and lower-quality financial accounting earnings," said a letter to Democrats signed by more than 260 accounting academics.

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Saudi Arabia’s SAMAI Initiative Surpasses One-Million-Citizen Milestone in National AI Upskilling Drive
Saudi Arabia’s Specialty Coffee Market Set to Surge as Demand Soars and New Exhibition Drops in December
Saudi Arabia Moves to Open Two New Alcohol Stores for Foreigners Under Vision 2030 Reform
Saudi Arabia’s AI Ambitions Gain Momentum — but Water, Talent and Infrastructure Pose Major Hurdles
Tensions Surface in Trump-MBS Talks as Saudi Pushes Back on Israel Normalisation
Saudi Arabia Signals Major Maritime Crack-Down on Houthi Routes in Red Sea
Italy and Saudi Arabia Seal Over 20 Strategic Deals at Business Forum in Riyadh
COP30 Ends Without Fossil Fuel Phase-Out as US, Saudi Arabia and Russia Align in Obstruction Role
Saudi-Portuguese Economic Horizons Expand Through Strategic Business Council
DHL Commits $150 Million for Landmark Logistics Hub in Saudi Arabia
Saudi Aramco Weighs Disposals Amid $10 Billion-Plus Asset Sales Discussion
Trump Hosts Saudi Crown Prince for Major Defence and Investment Agreements
Families Accuse OpenAI of Enabling ‘AI-Driven Delusions’ After Multiple Suicides
Riyadh Metro Records Over One Hundred Million Journeys as Saudi Capital Accelerates Transit Era
Trump’s Grand Saudi Welcome Highlights U.S.–Riyadh Pivot as Israel Watches Warily
U.S. Set to Sell F-35 Jets to Saudi Arabia in Major Strategic Shift
Saudi Arabia Doubles Down on U.S. Partnership in Strategic Move
Saudi Arabia Charts Tech and Nuclear Leap Under Crown Prince’s U.S. Visit
Trump Elevates Saudi Arabia to Major Non-NATO Ally Amid Defense Deal
Trump Elevates Saudi Arabia to Major Non-NATO Ally as MBS Visit Yields Deepened Ties
Iran Appeals to Saudi Arabia to Mediate Restart of U.S. Nuclear Talks
Musk, Barra and Ford Join Trump in Lavish White House Dinner for Saudi Crown Prince
Lawmaker Seeks Declassification of ‘Shocking’ 2019 Call Between Trump and Saudi Crown Prince
US and Saudi Arabia Forge Strategic Defence Pact Featuring F-35 Sale and $1 Trillion Investment Pledge
Saudi Sovereign Wealth Fund Emerges as Key Contender in Warner Bros. Discovery Sale
Trump Secures Sweeping U.S.–Saudi Agreements on Jets, Technology and Massive Investment
Detroit CEOs Join White House Dinner as U.S.–Saudi Auto Deal Accelerates
Netanyahu Secures U.S. Assurance That Israel’s Qualitative Military Edge Will Remain Despite Saudi F-35 Deal
Ronaldo Joins Trump and Saudi Crown Prince’s Gala Amid U.S.–Gulf Tech and Investment Surge
U.S.–Saudi Investment Forum Sees U.S. Corporate Titans and Saudi Royalty Forge Billion-Dollar Ties
Elon Musk’s xAI to Deploy 500-Megawatt Saudi Data Centre with State-backed Partner HUMAIN
U.S. Clears Export of Advanced AI Chips to Saudi Arabia and UAE Amid Strategic Tech Partnership
xAI Selects Saudi Data-Centre as First Customer of Nvidia-Backed Humain Project
President Trump Hosts Saudi Crown Prince Mohammed bin Salman in Washington Amid Strategic Deal Talks
Saudi Crown Prince to Press Trump for Direct U.S. Role in Ending Sudan War
Trump Hosts Saudi Crown Prince: Five Key Takeaways from the White House Meeting
Trump Firmly Defends Saudi Crown Prince Over Khashoggi Murder Amid Washington Visit
Trump Backs Saudi Crown Prince Over Khashoggi Killing Amid White House Visit
Trump Publicly Defends Saudi Crown Prince Over Khashoggi Killing During Washington Visit
President Donald Trump Hosts Saudi Crown Prince Mohammed bin Salman at White House to Seal Major Defence and Investment Deals
Saudi Arabia’s Solar Surge Signals Unlikely Shift in Global Oil Powerhouse
Saudi Crown Prince Receives Letter from Iranian President Ahead of U.S. Visit
Saudi Arabia’s Crown Prince Begins Washington Visit to Cement Long-Term U.S. Alliance
Saudi Crown Prince Meets Trump in Washington to Deepen Defence, AI and Nuclear Ties
Saudi Arabia Accelerates Global Mining Strategy to Build a New Economic Pillar
Crown Prince Mohammed bin Salman Arrives in Washington to Reset U.S.–Saudi Strategic Alliance
Saudi-Israeli Normalisation Deal Looms, But Riyadh Insists on Proceeding After Israeli Elections
Saudis Prioritise US Defence Pact and AI Deals, While Israel Normalisation Takes Back Seat
Saudi Crown Prince’s Washington Visit Aims to Advance Defence, AI and Nuclear Cooperation
Saudi Delegation Strengthens EU–MENA Security Cooperation in Lisbon
×