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Treasury Report on Biden’s ‘Made in America’ Tax Plan Shows Corporations on the Hook for Trillions

The Treasury has released a detailed report on President Joe Biden’s “Made in America Tax Plan,” which has the administration putting corporate America on the hook for the tab for the sweeping $2.25 trillion infrastructure package, through measures that include reducing opportunities—such as investing offshore and shifting profits—for corporations to pay lower taxes. The report summary (pdf) says that the aim of Biden’s tax plan “is to make American companies and workers more competitive by eliminating incentives to offshore investment, substantially reducing profit shifting, countering tax competition on corporate rates, and providing tax preferences for clean energy production.” The plan has seven main pillars: raising the U.S. corporate tax rate, increasing the global minimum tax for American multinational corporations, disincentivizing foreign jurisdictions from maintaining low corporate tax rates, enacting a 15 percent minimum tax on book income of large companies, incentivizing new research and development, replacing fossil fuel subsidies with …

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