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Joe Biden Archive

International Tax Proposals and Profit Shifting

TweetShareSharePin0 Shares Profit shifting by multinationals poses a major challenge in international taxation. The ability of multinational enterprises to shift the location of profits from high-tax to low-tax jurisdictions and tax havens erodes the corporate income tax base in high-tax countries. For example, a multinational with patents owned by an Irish affiliate can shift profits

97 percent of small businesses exempt from Biden tax plan

TweetShareSharePin0 Shares The Biden administration recently cited an analysis from Treasury claiming that “the President’s agenda will protect 97 percent of small business owners from income tax rate increases.” However, the figure is misleading. To assess the economic effect of higher marginal tax rates, it matters how much income or investment will be affected—not how

Increasing Share of U.S. Households Paying No Income Tax

TweetShareSharePin0 Shares On Wednesday, the Tax Policy Center (TPC) released estimates on the portion of households with no federal income tax liability, finding that in 2020, about 60.6 percent of households did not pay income tax, up from 43.6 percent of households in 2019. Much of the 2020 increase was due to pandemic-related factors, but

U.S. Global Minimum Tax Revenue Analysis

TweetShareSharePin0 Shares The Biden administration has proposed significant changes to the tax rules that govern how much U.S. companies owe on their foreign profits while working to negotiate a global minimum tax. However, the global minimum tax and the Biden administration’s proposals are quite different. A recent Tax Foundation report dug into the details on

Biden Tax Compliance & Tax Enforcement Plan to Improve Tax Collection

TweetShareSharePin0 Shares Recent Biden administration proposals rely heavily on revenue from better Internal Revenue Service (IRS) tax collections to fund spending initiatives. The American Families Plan uses several avenues to reduce the tax gap (or the difference between taxes paid and taxes owed), from increasing the IRS’s tax enforcement budget to improving information technology and

US International Tax Reform Options

TweetShareSharePin0 Shares As lawmakers in Congress consider ways to change tax rules, a recent Tax Foundation study shows the effects of four options to overhaul the United States’ international tax regime. These options include changes to policies such as the corporate tax rate, Global Intangible Low-Taxed Income (GILTI), Foreign Derived Intangible Income (FDII), Qualified Business

Taxes Could Negatively Impact Housing

TweetShareSharePin0 Shares Within the last year, the median sales price of houses sold in the United States rose by 16.2 percent while sales of new single-family houses dropped by 19.4 percent, an indication that demand for housing continues to outpace supply. While President Biden has many proposals aimed at increasing the supply of affordable housing,

Nuclear Energy Tax Treatment Should Be Simplified & Neutral

TweetShareSharePin0 Shares Tackling climate change and shifting the economy towards renewable energy has been a key part of the Biden administration’s agenda.  However, this effort must first confront an overly complicated and non-neutral tax code, particularly in how it treats nuclear energy, for the White House to reach its ambitious goal of a 100 percent

Corporate Tax Revenue Robust following TCJA

TweetShareSharePin0 Shares It appears that the recent dip in corporate tax collections, which the Biden administration has noted for concern and justification for increasing the corporate tax rate among other proposals to raise taxes on corporations, was largely due to temporary factors related to the pandemic rather than the Tax Cuts and Jobs Acts (TCJA)
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