All through the primary yr of the Biden administration, one tax coverage theme was constant. The President and Treasury Secretary Janet Yellen have been targeted on growing the tax burden on U.S. corporations—significantly multinational companies. As Secretary Yellen put it final yr, “It’s about ensuring that governments have steady tax programs that elevate adequate income to spend money on important public items and reply to crises, and that every one residents pretty share the burden of financing authorities.”
However whereas a lot of the coverage focus has been on proposals embedded within the Build Back Better agenda, which has not but made its means by Congress, a significant tax hike for multinational corporations has already been adopted.
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