President Joe Biden will unveil a $6 trillion budget proposal on Friday that would push federal spending to its highest sustained levels since World War II.
Biden’s “Made in American Tax Plan” promises to hurt Georgians and insurers
President Biden released his audacious American Jobs Plan [1] along with his Made in America Tax Plan, which are intended to revitalize our country’s infrastructure and the economy. But the efforts promise to be both problematic and massively expensive, with a price tag of around $2 trillion.
Within the patriotic-sounding Made in America plan are substantive corporate tax increases with the goal of bankrolling some of Biden’s jobs plan. But they will also serve to alter corporate behavior. These provisions “will reward investment at home, stop profit shifting, and ensure [that] other nations won’t gain a competitive edge by becoming tax havens,” according to the White House [2].
After determining the size and scope of President Biden's infrastructure package, the next biggest challenge is determining how to pay for it. The partisan divide is steep, but Roll Call exposes division within the Democrats' ranks.
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Five Things a Cfo of A Recently De-Spac’ed Company Should Know About the Biden Made in America Tax Plan Thursday, May 20, 2021
CFOs of recently de-SPAC’ed and newly public companies face significant challenges. High on the list is the recently released Made in America Tax Plan, through which the Biden administration proposed significant changes to the US corporate tax system. More details on President Biden’s proposed tax changes are expected at the end of May. In addition, uncertainties regarding potential effective dates of the proposed tax changes should be addressed as the plan progresses through the legislative process.
The rate is lower than what the Biden administration is pushing as a new U.S. corporate tax rate and what it has proposed as the minimum tax on U.S. multinational corporations.