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President Joe Biden recently outlined his American Jobs Plan, a massive $2 trillion tax-and-spend proposal. Billed as an “infrastructure” and “jobs” plan, the proposal would include a variety of policies that would centralize more power in the federal government without creating jobs, nor much of what is traditionally considered infrastructure.REF
This
Backgrounder focuses on analysis of the tax portions of the proposal. President Biden’s tax proposal would:REF
Increase the corporate tax rate to 28 percent from the current 21 percent rate;
Enact a new 15 percent minimum tax on book income for large corporations;
Seek an international agreement to impose global minimum corporate taxes that would sacrifice American competitiveness in an attempt to create a cartel of high-tax countries around the world;
Supporting a robust, inclusive, sustainable recovery
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US tax plan takes aim at offshore centres
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TWO ISSUES will be critically important for ASEAN members to shape their recovery from the COVID-19 pandemic: strengthening regional cooperation and improving domestic resource mobilization.
First is the need to leverage stronger regional cooperation to enhance regional financial safety nets, deepen regional trade and supply chains, and build regional health security.
US interest rate hikes often drive capital outflows from emerging markets, which can trigger currency and financial volatility. At this stage of the pandemic, the additional policy supports and accelerated vaccine rollouts in advanced economies have improved their near-term recovery prospects. These economies could start policy normalization earlier than expected. Long-term interest rates in some advanced economies have already risen on positive outlooks and inflation concerns, rattling global financial markets.
US Treasury Secretary Yellen to work with G20 countries to set minimum corporate tax rate
Yellen s plans to close the multinational tax avoidance loophole follows similar remarks made by President Joe Biden last week.
April 6, 2021 00:41 GMT (17:41 PDT) | Topic: Tech Industry
United States Secretary Treasury Janet Yellen has followed in the footsteps of President Joe Biden, calling for the need to close the country s multinational tax avoidance loophole.
In a speech to the Chicago Council on Global Affairs on Monday, Yellen cited that following a thirty-year race to the bottom on slashing the country s corporate tax rates, the Biden administration will work with other G20 countries to agree to set a minimum rate.