London Daily

Focus on the big picture.
Sunday, Apr 12, 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

0:00
0:00
Close
Meghan Markle Plans Exclusive Women-Focused Retreat During Australia Visit
Starmer and Trump Hold Strategic Talks on Securing Strait of Hormuz Amid Rising Tensions
Unofficial Australia Visit by Prince Harry and Meghan Expected to Stir Tensions with Royal Circles
Pipeline Attack Cuts Significant Share of Saudi Arabia’s Oil Export Capacity
UK Stocks Rise on Ceasefire Momentum and Renewed Focus on Diplomacy
UK to Hold Further Strategic Talks on Strait of Hormuz Security
Starmer Voices Frustration as Global Tensions Drive Up UK Energy Costs
UK Students Voice Concern Over Proposal for Automatic Military Draft Registration
Rising Volatility Drives Uncertainty in UK Fuel and Petrol Prices
UK Moves to Deploy ‘Skyhammer’ Anti-Drone System to Strengthen Airspace Defense
New Analysis Explores UK Budget Mechanics in ‘Behind the Blue’ Feature
Man Arrested After Four Die in Channel Crossing Tragedy
UK Tightens Immigration Framework with New Sponsor Rules and Fee Increases
UK Foreign Secretary Highlights Impact of Intensified Strikes in Lebanon
UK Urges Inclusion of Lebanon in US-Iran Ceasefire Framework
UK Stocks Ease as Ceasefire Doubts in Middle East Weigh on Investor Confidence
UK Reassesses Cloud Strategy Amid Criticism Over Limited Support Measures
UK Calls for Full and Toll-Free Access Through Strait of Hormuz Amid Rising Tensions
Starmer Signals Strategic Shift for Britain Amid Escalating Iran-Linked Tensions
UK Issues Firm Warning to Russia Over Covert Underwater Military Activity
OpenAI Halts Stargate UK Project, Casting Uncertainty Over Britain’s AI Expansion Plans
Starmer Voices Frustration Over Global Pressures Driving UK Energy Costs Higher
UK Deploys Military Assets to Protect Undersea Cables From Suspected Russian Threat
Canada Aligns With US, UK and Australia as Europe Prepares Major Digital Border Overhaul
Meghan Markle’s Planned Australia Appearance Sparks Fresh Speculation
Starmer Warns Sustained Effort Needed to Ensure US–Iran Ceasefire Holds
UK to Partner with Shipping Industry to Rebuild Confidence in Strait of Hormuz, Cooper Says
UK Interest Rate Expectations Ease Following US–Iran Ceasefire Agreement
Starmer Signals Major Effort Needed to Fully Reopen Strait of Hormuz During Gulf Visit
UK Fuel Prices Face Ongoing Volatility Amid Global Pressures and Domestic Factors
Kanye West’s Planned Italy Festival Appearance Draws Debate After UK Entry Ban
Smuggling Routes Shift Toward Belgium as Migrant Crossings to UK Evolve
Ceasefire Offers Potential Relief for UK Fuel and Food Prices Amid Ongoing Uncertainty
Iran Conflict Raises Questions Over UK’s Global Influence and Military Preparedness
Senator McConnell Visits Kentucky to Highlight Federal Investment in Local Projects
Kanye West Barred from Entering UK as Legal Grounds Come into Focus
UK Denies Visa to Kanye West After Sponsors Withdraw from Wireless Festival
Trump-Era Forest Service Restructuring Leads to Closure of UK Lab Focused on Kentucky Woodland Health
Foreign Students in the UK Describe Harsh Living Conditions and Financial Pressures
Reform UK Proposes Visa Restrictions on Nations Pursuing Reparations Claims
Public Reaction Divides Over UK Decision to Bar Kanye West
Calls Grow for UK to Review US Base Access Following Concerns Over Escalating Rhetoric
UK Indicates It Will Not Permit Use of Its Bases for Potential US Strikes on Iran’s Energy Infrastructure
UK Prime Minister Defends Decision to Bar Kanye West, Questions Festival Booking
UK Accelerates Efforts to Harmonise Medical Technology Rules with United States
Wireless Festival Cancelled After Kanye West Denied Entry to the United Kingdom
Australia’s most decorated living soldier was arrested at Sydney Airport and charged with five counts of war-crime murder for the killing of unarmed Afghan civilians
The CIA’s Secret Technology That Can Find You by Your Heartbeat Successfully Locates Downed Airman
Operation Europe: Trump Deploys Vance to Hungary to Save the EU
King Charles Faces Criticism From Some UK Christians Over Absence of Easter Message
×