On April 7, 2021, the U.S. Department of the Treasury released the Made in America Tax Plan Report. The Made in America Tax Plan is intended to raise revenue for use in funding the infrastructure investments described in the American Jobs Plan.
The Made in America Tax Plan Report proposes multiple changes to the U.S. tax system, including these:
- raising the corporate income tax rate to 28%
- fundamentally changing the international tax regime by, among other things,
- raising the minimum global intangible low-taxed income tax to 21% (equal to 75% of the top domestic corporate rate)
- repealing the base-erosion and anti-abuse tax and replacing it with stopping harmful inversions and ending low-tax developments
- repealing the foreign-derived intangible income deduction
- enacting a 15% minimum tax on book income of large companies
- replacing fossil fuel subsidies with incentives for clean energy production
As more details and finalized plans are released, we will provide updates that analyze the key aspects of the Made in America Tax Plan, the American Jobs Plan, and similar plans that may be introduced.
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