October 22, 2021

Bloomberg: How Democrats Could Tax Companies More—Without Undoing Trump’s Tax Cuts

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However, Democrats would need to take a much more aggressive approach if they want to raise revenue to cover some of the gap from a company, according to Steve Wamhoff, the director of federal policy at the Institute on Taxation and Economic Policy, a left-leaning think tank.

For example, Biden has floated a 21% minimum rate on overseas earnings, while the House version of the bill scaled that back to 16.56%. In total, the House bill raises about $388.7 billion from increasing taxes on multinational corporations, compared with the $533.5 billion in Biden’s initial plan — a $164.8 billion difference. Read more