WASHINGTON, Feb. 10 -- Sen. Angus King issued the following press release:
Today the U.S. Senate blocked a resolution from Senators Angus King (I-ME) and Ron Wyden (D-OR) to close loopholes in the tax code for large corporations and private equity companies. The Senators' Congressional Review Act (CRA) resolution would have reversed a recent regulatory change that has resulted in $10 billion tax break primarily benefiting some of America's most profitable companies. The CRA comes on the heels of numerous calculated decisions by the Administration to erode the implementation of the Corporate Alternative Minimum Tax (CAMT), a tax law passed by Congress in 2022 that requires companies reporting over $1 billion in profits to their shareholders...