By Doug Connolly, MNE Tax
The US Senate on August 10 approved President Biden’s USD 1 trillion bipartisan traditional infrastructure bill, while on August 11 Senate Democrats adopted the framework for a USD 3.5 trillion partisan “human infrastructure” budget bill. Neither bill, as yet, includes corporate tax measures.
Garnering Republican support for the bipartisan bill meant leaving out any of Biden’s proposed corporate tax changes. Earlier attempts to get some Republicans to agree to certain corporate tax measures failed.
Nonetheless, the budget framework opens the door for passing Biden’s corporate tax reform agenda on a partisan basis through a budget resolution. However, the framework does not include details on any specific provisions – only a bar against raising taxes on people making less than USD 400,000.
In a statement released Monday, Senate Finance Committee Chairman Ron Wyden (D-Ore.) said the committee is working on a “menu of options” for tax reform in the budget resolution. He added they have divided these options into four categories, “multinational corporations, the wealthiest individuals, enforcement against wealthy tax cheats and savings from other programs.”
Doug Connolly
Doug Connolly is Editor-in-Chief of MNE Tax. He has more than 10 years of experience covering tax legal developments, previously working with both a Big Four firm and a leading legal publisher. He holds a law degree from American University Washington College of Law.
Latest posts by Doug Connolly (see all)
- OECD transfer pricing guidelines get first update in five years - January 20, 2022
- EU’s path forward on global minimum tax is under debate - January 18, 2022
- Switzerland will implement global minimum tax by constitutional amendment - January 13, 2022
- UK sets out approach to global minimum tax implementation - January 11, 2022
- OECD’s ‘complex’ minimum tax rules have ‘major policy issues,’ BIAC says - January 7, 2022
Be the first to comment