Some ideas in the works for closing tax loopholes

Letter writer Dan Velosak had some pretty good ideas about closing tax loopholes. Here are some of the things that President Biden's Build Back Better bill would do that I think he'll like:

• Apply a 15% minimum tax on large corporations.

• Apply a 1% surcharge on corporate stock buybacks.

• Apply a 15% (country-by-country) minimum tax on foreign profits of U.S. corporations.

• Apply a new surtax on the income of multimillionaires and billionaires.

• Provide new investment in the IRS for things like: hiring enforcement agents who are trained to pursue wealthy evaders, modernizing outdated IRS technology and investing in taxpayer service.

This plan has the support of 99% of congressional Democrats and zero Republicans. That says it all about Republican priorities.

Richard Keslinke

Algonquin