New details on U.S. President Biden's "Made in America Tax Plan" were included in a recent U.S. Treasury Report, which outline potential upcoming tax measures, including changes to:
- Repeal the Base Erosion and Anti-abuse Tax (BEAT)
- Increase the corporate tax rate to 28% (from 21%)
- Introduce a global minimum tax of 15% of book income.
Note that these measures, which are intended to incentivize business to keep activities and jobs in the United States, may face legislative challenges due to the Democrat's narrow control of U.S. Congress. It's not yet clear how these challenges may affect any forthcoming legislative proposals or the enactment process.
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