U.S. Treasury releases report “Made in America Tax Plan”

U.S. Treasury releases report Made in America Tax Plan

The U.S. Treasury Department today released a report providing additional information about the plan as announced last week as part of President Biden’s “American Jobs Plan.”

1000

Related content

The report released today, Made in America Tax Plan [PDF 579 KB], describes elements of President Biden’s “Made in America” tax plan. As noted by Treasury, the goal of the plan is to make U.S. 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.

A related Treasury release explains that the tax plan would generate new funding to pay for a sustained increase in investments in infrastructure, research, and support for manufacturing, fully paying for the investments in the American Jobs Plan over a 15-year period and continuing to generate revenue on a permanent basis.

KPMG observation

Today's report provides more detail about what the president previously released. It is expected that even further detail will be provided in the “Green Book” (that is, Treasury's explanation of tax proposals in the administration’s budget).

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal