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With release by the White House and Treasury of initial details
regarding Biden Administration proposed 2021 tax reform, a primary
focus in Washington, D.C., for the next seven months or so will be
expected changes to the tax code. The tax changes will be
substantial and far-reaching, and will include corporate,
individual and capital gains tax rate increases; international tax
changes; and estate and gift tax changes.
Expected Timing of Biden Administration Tax Changes
Congressional committees in the House and Senate are already
working on tax and budget proposals that will become part of the
Will the president s plan hurt U.S. competitiveness? Insight from Fox News contributor Brian Brenberg.
President Joe Biden’s plan to make corporations pay their fair share of taxes would reverse recent improvements in the U.S. tax code that made America more internationally competitive as a location for jobs and investment opportunities.
The proposals to both increase the federal corporate tax rate to 28% and increase the taxation of the foreign profits of U.S. multinationals may have deceptive appeal as an apparent tax on big businesses.
Yet when those big businesses leave the U.S. to head to more friendly tax environs and take jobs with them, it is workers who would end up paying the price. Including the average state-level corporate tax, the statutory tax rate faced by corporations would rise to over 32% and return to the highest among the countries in the Organization for Economic Cooperation and Development (OECD).
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With release by the White House and Treasury of initial details regarding Biden Administration proposed 2021 tax reform, a primary focus in Washington, D.C., for the next seven months or so will be expected changes to the tax code. The tax changes will be substantial and far-reaching, and will include corporate, individual and capital gains tax rate increases; international tax changes; and estate and gift tax changes.
Expected Timing of Biden Administration Tax Changes
Congressional committees in the House and Senate are already working on tax and budget proposals that will become part of the next budget reconciliation bill. The House and then the Senate will craft and approve a budget resolution to serve as the vehicle for the reconciliation process. Most expect committee action to begin in early May, with ultimate enactment of a comprehensive, single package in the fall. Only 51 votes are needed to pass budget reconci