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Why corporate America is lining up against tax hikes Print this article Corporate America and some economic experts are increasingly warning about the potential consequences of raising corporate tax rates as businesses big and small struggle to dig out of the financial hole created by the pandemic. Business advocacy groups have lined up to oppose President Joe Biden’s proposal to hike the corporate tax rate from 21% to 28% to pay for the spending plan, which includes money for infrastructure and other programs. This week, the Biden administration also proposed pursuing a “global minimum...

Provided by Dow Jones By Richard Rubin and Kate Davidson WASHINGTON -- Treasury Secretary Janet Yellen argued for a global minimum corporate tax rate Monday, seeking international cooperation that is crucial to funding the administration's $2.3 trillion infrastructure proposal. President Biden's proposal to raise the corporate tax rate to 28% from 21% would push the U.S. from the middle of the pack among major economies to near the top. The Biden plan would also impose a 21% minimum tax on U.S. companies' foreign income, remove an export incentive and raise taxe...

Push is on for a global company tax Janet Yellen’s biggest legacy could be the “Paris accord” of taxation - a minimum global rate for multinationals that stops the global race-to-the-bottom in countries cutting taxes. Jeff Stein Save Share US Treasury Secretary Janet Yellen is working with her counterparts worldwide to forge an agreement on a global minimum tax on multinational corporations, as the White House looks for revenue to help pay for President Joe Biden’s domestic agenda. The effort, which would involve a fraught and challenging global negotiation of tax laws, co...

The proposal would implement a 2% tax on households worth more than $50 million — but the plan faces hurdles.

U.S. Cross-border Tax Reform and the Cautionary Tale of GILTI Daniel Bunn Key Findings The U.S. joined many other developed nations in adopting territorial provisions and anti-base erosion rules as part of the 2017 tax reform. One major piece of that reform, that is not typical in other territorial systems, is a new definition of currently taxable foreign earnings, Global Intangible Low Tax Income (GILTI), which is taxed at an effective rate of 13.125 percent, with the rate set to increase after 2025 to 16.4 percent. Recent research has shown that foreign earnings of U.S. companies remain tax...