The IRA was a fairly tepid bill (eg the cheaper medicines were very limited in scope and don't come into effect for several years) but the 15% minimum corporate

The IRA was a fairly tepid bill (eg the cheaper medicines were very limited in scope and don't come into effect for several years) but the 15% minimum corporate tax rate was one of the less talked about but more impactful measures. How do I know this? Because of all the resistance that particular measure got from many lawmakers. So why is that impactful with the corporate tax being lowered to 21% in the Trump administration? 15% is less than 21% so it shouldn't matter right? But it does because the 2017 tax cuts effectively (in a complicated fashion) mostly gave a permanent amnesty on offshored profits. Previously, any repatriated profits were subject to the (then) 35% corporate tax rate. That bill ended that treatment. The replacement was more complicated and a much lower effeective tax rate. So the 15% minimum actually hits companies who are currently paying less than that on foreign income. It's a good measure. My comment however was referring to far stronger and likely temporarly measures, such as a windfall corporate tax of, say, 60% (or even higher).