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Joe Biden Archive

Some Corporations Pay Zero Federal Income Taxes

TweetShareSharePin22 Shares President Biden has privately pitched dropping his proposed 28 percent corporate tax rate from an infrastructure package and funding it through his proposed minimum tax on corporate book income. However, the proposal for a minimum book tax misunderstands the important reasons why a corporation may not owe federal tax liability in a given

Biden Child Tax Credit Changes and More Head Sniffin’

TweetShareSharePin0 Shares President Biden’s newly released budget and the Treasury Department’s “Green Book” of revenue proposals outlines a vision of more spending administered through the tax code. The proposals have revived the debate over the proper role of spending in the tax code, and relies on the Internal Revenue Service (IRS) to further expand beyond

Two Important Issues that Must Be Resolved

TweetShareSharePin0 Shares After years of debate, leaders of more than 130 countries are quickly moving to reach an agreement on some fundamental changes to cross-border tax rules, possibly by the summer. These changes would require some multinational companies to pay more taxes in countries where they make their sales and adopt a global minimum tax.

State Taxation of GILTI: Impact of Biden Tax Proposals

TweetShareSharePin0 Shares   Key Findings Twenty states and the District of Columbia tax some portion of Global Intangible Low-Taxed Income (GILTI), although only 16 of those states have issued guidance on the matter more than three years after the federal law went into effect. States that have not yet issued guidance on their treatment of

Taxing Unrealized Capital Gains at Death Proposal

TweetShareSharePin0 Shares As part of the tax proposals in President Biden’s American Families Plan (AFP), unrealized capital gains over $1 million would be taxed at death. However, this policy would likely raise less revenue than advocates expect after considering the proposal’s impact on taxpayer behavior, including capital gains realizations, and historical capital gains and estate

Biden’s Tax Plan Could Impact Small Businesses

TweetShareSharePin0 Shares Although the Biden administration’s intention may be to target top firms and earners with its new corporate tax proposals, many small businesses could be impacted by what would be unwise policy considering the disproportionate harm done already by the COVID-19 pandemic. Contrary to the image some may hold of corporations, not all are

American Families Plan: Details and Analysis

TweetShareSharePin0 Shares The Biden administration’s proposed American Families Plan (AFP) would partially pay for about $1.8 trillion in new federal spending on education and family programs with about $661 billion in additional taxes on higher-income individuals and pass-through businesses like partnerships, sole proprietorships, and S corporations. The tax system would become more progressive than under

25 Percent Corporate Income Tax Rate?

TweetShareSharePin0 Shares Some lawmakers have expressed concerns about President Biden’s proposal to raise the federal corporate income tax rate from 21 percent to 28 percent, and instead suggest raising the rate to 25 percent. Including state corporate taxes, a 25 percent federal corporate income tax rate would result in a combined average top corporate tax
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