Treasury Releases Details on Proposed Tax Changes

The Treasury Department today provided additional details on the Biden administration’s proposed changes to the U.S. tax code. According to a report issued today, the changes include: an increase of the corporate tax rate from 21% to 28%, a 15% minimum tax on book income that would apply to the largest corporations, a global minimum tax for U.S. multinational corporations, an increase to the global intangible low-taxed income rate, and the elimination of a deduction for foreign-derived intangible income.

In addition to these proposals, the administration is also calling for increased enforcement around corporate tax evasion and increased audits of corporations by the Internal Revenue Service, among other things.