Senate Bill ‘Bombshell’ Could Raise Taxes on Tech
- Keeping 20% ‘alternative’ tax puts growth at risk, experts say
- Senate leaders gauge effects of apparent drafting oversight
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A last-minute change that U.S. senators made to their tax bill before passing it early Saturday morning would result in higher-than-intended taxes for technology firms and other corporations, tax experts said.
In a shift now under scrutiny by corporate tax officials and lawmakers alike, Senate tax-writers made an unexpected decision to keep the existing 20 percent alternative minimum tax for corporations -- a move that imperils GOP promises of business growth and more hiring, tax lawyers and lobbyists said.