Un-Adjusting the Tax Code by Taxing Adjusted Financial Accounting Income in the Inflation Reduction Act

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Despite our best efforts to inform the world about the perils of taxing financial statement income, the Corporate Alternative Minimum Tax based on financial accounting income passed as part of the Inflation Reduction Act. Jeff and Scott discuss the adjustments to financial accounting income that are part of the act, and describe how these adjustments will result in a situation where some firms will report high profits to shareholders and low or no tax, despite the minimum tax.