Biden’s minimum book tax could hurt private pensions: Here’s how

bidens minimum book tax could hurt private pensions heres how

Sumary of Biden’s minimum book tax could hurt private pensions: Here’s how:

  • (AP Photo/Evan Vucci / AP Newsroom)The Congressional Budget Office determined last week that the tax would generate about $319 billion over the next decade, which would go toward paying for Biden’s social spending and climate change plan.
  • But a new analysis by the nonpartisan Tax Foundation shows how the measure could inadvertently hurt private pensions.
  • By relying on measures of income reported on company financial statements, the proposed minimum tax could “fall harder on companies that use mark-to-market accounting for their pension plans,” Tax Foundation economist Erika York wrote in a recent blog post.

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