S 991
Corporate Tax Dodging Prevention Act
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Bill overview
The Corporate Tax Dodging Prevention Act aims to curb corporate tax avoidance strategies by restoring higher corporate tax rates, revising rules for foreign income taxation, and increasing transparency regarding multinational companies' operations. Specifically, it reinstates graduated corporate tax rates, equalizes tax rates for domestic and foreign income, requires country-by-country reporting of financial data, and prohibits corporations from using complex structures to avoid taxes. The bill also includes measures to limit interest deductions, address inverted corporations, and treat certain foreign corporations as domestic for tax purposes, while increasing the base erosion and anti-abuse excise tax.
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