Bloomberg: Biden Tax Plan Seen Hitting Tech, Pharmaceutical Companies

The provisions — part of the administration’s plan to finance a $2.25 trillion infrastructure package — mean that tech and pharmaceutical companies could lose many of the tax-planning tools that allowed them to pay low rates for years.

“This is aiming to prevent gaming the system entirely,” said Matthew Gardner, a senior fellow at the Institute on Taxation and Economic Policy, known as ITEP. “The party does seem like it’s over.” Read more