Some Major Companies Will Skirt New US 15% Minimum Corporate Tax

President Joe Biden has been touting his new alternative minimum tax on the nation’s most profitable companies, even using his State of the Union address to declare: “Now, because of the law I signed, billion-dollar companies have to pay a minimum of 15%. God love them.”

But some big oil-and-gas companies like Occidental Petroleum and Marathon Oil likely won’t be subject to the new tax this year, even though they currently pay less than 15%. Other companies that aren’t yet subject to the tax, like vacation-rental giant Airbnb, may be able to slash their tax bills significantly and stay ...