#245Listening: Fill in the BlanksAcademic,CoreMedium

Minimum Tax

Official Question Material
Prep: Varies

Official Audio Prompt

On the face of things, it seems both absurd and [blank] that large American companies regularly whittle down their tax bills, taking advantage of every loophole on [blank] . One study found that at least 55 big companies incurred no federal taxes at all on their profits in 2020. A [blank] being discussed as The Economist went to press, and as the Democratic Party scrambled to fund its social-spending package, seems to offer a popular solution: a minimum tax on [blank] earnings as reported to shareholders, rather than as messaged down when reported to tax [blank] .

Sample Answer & Audio Transcript

On the face of things, it seems both absurd and unfair that large American companies regularly whittle down their tax bills, taking advantage of every loophole on offer . One study found that at least 55 big companies incurred no federal taxes at all on their profits in 2020. A proposal being discussed as The Economist went to press, and as the Democratic Party scrambled to fund its social-spending package, seems to offer a popular solution: a minimum tax on corporate earnings as reported to shareholders, rather than as messaged down when reported to tax collectors .
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