Biden’s tax plan recovers $ 2 trillion in corporate profits from abroad: Treasury

Biden’s tax plan recovers $ 2 trillion in corporate profits from abroad: Treasury

“It’s not a plan that tinkers around the edges. It’s a once-in-a-generation investment in America, unlike anything we’ve done since we built the interstate highway system and won the space race decades ago,” Biden said. Biden spoke about his administration’s plan Wednesday afternoon from the Eisenhower Executive Office Building in Washington. “It’s a plan that puts millions of Americans to work to fix what’s broken in our country: Tens of thousands of miles of roads and highways, thousands of bridges in desperate need of repair. It’s also a blueprint of infrastructure needed for tomorrow,” he added.

Estimates calculated by the Treasury Department and the Joint Committee on Taxation found that fixing incentives to offshore business could raise an amount of revenue equal to $700 billion. Treasury officials said the Made In America tax plan, tied to President Joe Biden’s $2 trillion infrastructure overhaul, would recoup about $2 trillion in corporate profits into the U.S. currently derived overseas.

In its totality, the Made In America reforms are estimated to generate about $2.5 trillion over 15 years in an effort to pay for eight years of spending on roads, bridges, transit, broadband and other projects. Treasury Secretary Janet Yellen on Wednesday touted the Biden administration’s proposed changes to the corporate tax code and said in detail that the plan would be fairer, reduce incentives for companies to shift factories and income overseas, and generate revenues for domestic priorities.

Biden said Wednesday that he would be open to hiking the corporate rate by a smaller amount and that he is not married to 28%. Business groups object to the changes, contending that they would hurt investment and U.S. companies’ ability to compete for global business. The Treasury report contends that the 2017 tax cuts went too far and generated little economic benefit, pointing out that foreign investors received a significant share of any gains. “The largest, most profitable U.S. companies face lower tax rates than ordinary Americans,” Treasury officials said in a presentation published Wednesday. “The Made in America tax plan would reverse these trends. … The plan would eliminate biases in current tax law that favor offshoring economic activity and would largely put an end to corporate profit shifting with a country-by-country minimum tax.”

Key provisions of the plan include raising the U.S. corporate rate to 28% from 21%, and imposing minimum taxes on both foreign incomes as well as the domestic earnings that corporations report to shareholders, all of which are expected to hike corporate America’s tax bill. The Treasury’s 17-page report will likely act as an outline for lawmakers seeking to guide one of the largest spending and taxation proposals through Congress over 2021.

The News Highlights

  • Biden’s tax plan recovers $ 2 trillion in corporate profits from abroad: Treasury
  • Check the latest Gaming news updates and information about games.
  • Please share this news with your friends and family to support us your one share helps us a lot.
  • Follow us on Facebook and Twitter, for similar updates.
Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
Greenhouses with good deals continue in 2021 |  The business

Greenhouses with good deals continue in 2021 | The business

The proof of this is Earl May’s sales so far this spring. “A lot of people who think that they’ll go into it, that it’ll keep them busy until COVID’s done, ...
Current Desktop Printers Market Trends and Forecasts from 2021 to 2026

Current Desktop Printers Market Trends and Forecasts from 2021 to 2026

The report also contains brief information on the key players in the Desktop Printers industry operating on the Market. Additionally, companies in the report ...
PlayStation fans expect rumor of Marvel’s new Spider-Man 2 to be true

PlayStation fans expect rumor of Marvel’s new Spider-Man 2 to be true

Source At the moment of publishing, neither Insomniac Games nor Sony has addressed the rumor in any capacity, and it’s unlikely either will. However, if either ...
Local organizations support a thriving business landscape

Local organizations support a thriving business landscape

Wondering where the comments are? We encourage you to use the share buttons below and start the conversation on your own! Setting up a business can be ...
Watch The Shindellas Shine on “Money”

Watch The Shindellas Shine on “Money”

Source www.nashvillescene.com “Claude is really good at pulling different cool parts of your voice out,” said Johnson in an interview with NPR. “He writes a ...
Cruisin ‘Jackson event raises money for Rein-Bow Riding Academy

Cruisin ‘Jackson event raises money for Rein-Bow Riding Academy

Source www.wbbjtv.com “Cruisin’ Jackson’ is for people that cruised the streets of Jackson in the 60s, 70s, 80s, 90s and we just thought it was an idea to ...
CBDCs will be part of ‘Digital Money 2.0’

CBDCs will be part of ‘Digital Money 2.0’

Story continues The paper noted that many central banks around the globe are already exploring, if not already moving definitively toward, the launch of CBDCs. ...
Does It Work? (What They Won’t Tell You)

Does It Work? (What They Won’t Tell You)

News HighlightsChattanooga, TN, April 17, 2021 (News) — For the tens of millions of overweight adults, losing weight is a seemingly impossible task. Even ...
Giant trucks increase fleet size to meet growing demand

Giant trucks increase fleet size to meet growing demand

Additionally, the industry is facing the “most challenged driver market” in the 37 years as the pandemic and other factors resulted in 220,000 fewer available ...
Illinois still penniless for the collapse of Peoria Stadium - but many ideas are ready |  State and Regional

Illinois still penniless for the collapse of Peoria Stadium – but many ideas are ready | State and Regional

Source www.pantagraph.com “It’s going to be a digital scoreboard that will be used to generate ad revenue,” he said. “It will cost somewhere in the $100,000 to ...
Show next
Compsmag - Latest News from tech, business and health
Logo