Arab Press

بالشعب و للشعب
Tuesday, Jan 13, 2026

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
Trump Designates Saudi Arabia a Major Non-NATO Ally, Elevating US–Riyadh Defense Partnership
Trump Organization Deepens Saudi Property Focus with $10 Billion Luxury Developments
There is no sovereign immunity for poisoning millions with drugs.
Mohammed bin Salman’s Global Standing: Strategic Partner in Transition Amid Debate Over His Role
Saudi Arabia Opens Property Market to Foreign Buyers in Landmark Reform
The U.S. State Department’s account in Persian: “President Trump is a man of action. If you didn’t know it until now, now you do—do not play games with President Trump.”
CNN’s Ranking of Israel’s Women’s Rights Sparks Debate After Misleading Global Index Comparison
Saudi Arabia’s Shifting Regional Alignment Raises Strategic Concerns in Jerusalem
OPEC+ Holds Oil Output Steady Amid Member Tensions and Market Oversupply
Iranian Protests Intensify as Another Revolutionary Guard Member Is Killed and Khamenei Blames the West
President Trump Says United States Will Administer Venezuela Until a Secure Leadership Transition
Delta Force Identified as Unit Behind U.S. Operation That Captured Venezuela’s President
Saudi-UAE Rift Adds Complexity to Middle East Diplomacy as Trump Signals Firm Leadership
OPEC+ to Keep Oil Output Policy Unchanged Despite Saudi-UAE Tensions Over Yemen
Saudi Arabia and UAE at Odds in Yemen Conflict as Southern Offensive Deepens Gulf Rift
Abu Dhabi ‘Capital of Capital’: How Abu Dhabi Rose as a Sovereign Wealth Power
Diamonds Are Powering a New Quantum Revolution
Trump Threatens Strikes Against Iran if Nuclear Programme Is Restarted
Why Saudi Arabia May Recalibrate Its US Spending Commitments Amid Rising China–America Rivalry
Riyadh Air’s First Boeing 787-9 Dreamliner Completes Initial Test Flight, Advancing Saudi Carrier’s Launch
Saudi Arabia’s 2025: A Pivotal Year of Global Engagement and Domestic Transformation
Saudi Arabia to Introduce Sugar-Content Based Tax on Sweetened Drinks from January 2026
Saudi Hotels Prepare for New Hospitality Roles as Alcohol Curbs Ease
Global Airports Forum Highlights Saudi Arabia’s Emergence as a Leading Aviation Powerhouse
Saudi Arabia Weighs Strategic Choice on Iran Amid Regional Turbulence
Saudi Arabia Condemns Sydney Bondi Beach Shooting and Expresses Solidarity with Australia
Washington Watches Beijing–Riyadh Rapprochement as Strategic Balance Shifts
Saudi Arabia’s Vision 2030 Drives Measurable Lift in Global Reputation and Influence
Alcohol Policies Vary Widely Across Muslim-Majority Countries, With Many Permitting Consumption Under Specific Rules
Saudi Arabia Clarifies No Formal Ban on Photography at Holy Mosques for Hajj 2026
Libya and Saudi Arabia Sign Strategic MoU to Boost Telecommunications Cooperation
Elon Musk’s xAI Announces Landmark 500-Megawatt AI Data Center in Saudi Arabia
Israel Moves to Safeguard Regional Stability as F-35 Sales Debate Intensifies
Cardi B to Make Historic Saudi Arabia Debut at Soundstorm 2025 Festival
U.S. Democratic Lawmakers Raise National Security and Influence Concerns Over Paramount’s Hostile Bid for Warner Bros. Discovery
Hackers Are Hiding Malware in Open-Source Tools and IDE Extensions
Traveling to USA? Homeland Security moving toward requiring foreign travelers to share social media history
Wall Street Analysts Clash With Riyadh Over Saudi Arabia’s Deficit Outlook
Trump and Saudi Crown Prince Cement $1 Trillion-Plus Deals in High-Profile White House Summit
Saudi Arabia Opens Alcohol Sales to Wealthy Non-Muslim Residents Under New Access Rules
U.S.–Saudi Rethink Deepens — Washington Moves Ahead Without Linking Riyadh to Israel Normalisation
Saudi Arabia and Israel Deprioritise Diplomacy: Normalisation No Longer a Middle-East Priority
As Trump Deepens Ties with Saudi Arabia, Push for Israel Normalization Takes a Back Seat
Thai Food Village Debuts at Saudi Feast Food Festival 2025 Under Thai Commerce Minister Suphajee’s Lead
Saudi Arabia Sharpens Its Strategic Vision as Economic Transformation Enters New Phase
Saudi Arabia Projects $44 Billion Budget Shortfall in 2026 as Economy Rebalances
OPEC+ Unveils New Capacity-Based System to Anchor Future Oil Output Levels
Hong Kong Residents Mourn Victims as 1,500 People Relocated After Devastating Tower Fire
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
×