Joe Biden Archive
TweetShareSharePin0 Shares The taxation of large companies has been in the spotlight recently as governments around the world have sought to make significant changes to how corporate profits are taxed in a global economy. Last year more than 130 jurisdictions agreed to an outline of policies that would change where companies pay taxes and institute
TweetShareSharePin0 Shares The Biden administration has offered several proposals to reform the taxation of U.S. multinationals, addressing profit shifting as well as a broader view that offshoring is bad for the U.S. economy and firms should be encouraged to “reshore” as much activity to the United Sates as possible. Contrary to the Biden administration’s claims,
TweetShareSharePin0 Shares This week, Treasury Secretary Janet Yellen will testify before the Senate Finance Committee and the House Ways and Means Committee on President Biden’s Fiscal Year 2023 Budget Proposals. Combined with the tax increases in the Build Back Better Act (BBBA), which the budget assumes becomes law, President Biden would raise revenues by $4
TweetShareSharePin0 Shares Congress is hammering out the details of legislation designed to make the U.S. more competitive with China. Any package to incentivize further R&D should begin by ending the current tax penalty against it. While the House and Senate-passed versions of the competitiveness legislation differ, they would support American semiconductor manufacturing, increase public
TweetShareSharePin0 Shares In light of high inflation and rising prices, the Biden administration announced it’s considering dropping its current tariffs on Chinese imports to ease inflationary pressures. The tariffs have indeed hurt both U.S. industry and workers. Another consequence of the U.S. imposed tariffs is that they invited retaliatory tariffs, primarily from China, on U.S.
TweetShareSharePin0 Shares Key Findings Federal policymakers are debating a legislative package focused on boosting U.S. competitiveness vis-a-vis China; however, it currently contains little to no improvements to the U.S. tax code. The existing U.S. tax code is biased against capital investment and it is scheduled to worsen over the next decade. The tax bias against
TweetShareSharePin0 Shares A centerpiece of the Build Back Better Act (BBBA) as passed by the House last year was drug pricing legislation, which could be included in the next version of the BBBA, now rebranded as an inflation-control, climate, and deficit-reduction bill. While headline inflation is at an alarming rate, with the most recent 12-month
TweetShareSharePin0 Shares Key Findings The Trump administration imposed nearly $80 billion worth of new taxes on Americans by levying tariffs on thousands of products, which is equivalent to one of the largest tax increases in decades. Based on 2021 import levels and country exemptions, the tariffs amounted to a $52.6 billion tax increase in 2021.
TweetShareSharePin0 Shares President Biden’s budget came out this week with a very sensible message about the need for stronger economic growth and sound fiscal policy: “Critically, my Budget would also keep our Nation on a sound fiscal course. It fights inflation and helps families deal with rising costs by growing our economy, making more goods
TweetShareSharePin0 Shares This week, President Biden introduced a new tax proposal as part of the White House fiscal year 2023 budget to raise taxes on households with net wealth over $100 million. The proposal would require wealthy households to remit taxes on unrealized capital gains from assets such as stocks, bonds, or privately held companies.