Who in the world is Joe Manchin: International tax proposals vary under Biden, Senate proposals
Just a few months after regulations were finalized, and as taxpayers were getting comfortable with the international tax provisions implemented by the 2017 Tax Cuts and Jobs Act (TCJA), proposals from President Biden1 and the Senate Finance Committee2 to overhaul international tax have arrived. While similarities are present between the two proposals, including raising the corporate tax rate, restructuring GILTI, and virtual replacement of the current BEAT and FDII regimes, the specific rates and details vary. Read our highlights from the current proposals from President Biden and the Senate.
Read More: Who in the world is Joe Manchin: International tax proposals vary under Biden, Senate proposals – Eversheds Sutherland (eversheds-sutherland.com)
1 Full text of President Biden’s tax plans can be found here: https://www.whitehouse.gov/briefing-room/statements-releases/2021/03/31/fact-sheet-the-american-jobs-plan/. The Treasury’s report on the plan can be found here: https://home.treasury.gov/news/featured-stories/made-in-america-tax-plan-report.
2 Full Text of the Senate Finance Committee’s tax plans can be found here: https://www.warner.senate.gov/public/_cache/files/4/f/4f137484-dbc3-43e3-8d74-cda8073d3a27/89AD309514C869DF23E8F06574192358.040121-overhauling-international-taxation.pdf.