Financial Times: Biden Faces Clash with Business over Proposed Tax Increases
media mentionStill, a report by the Institute on Taxation and Economic Policy, a think-tank, on Friday found that at least 55 large and profitable US companies paid no federal corporate income taxes in their most recent fiscal year.
Biden administration officials see the tax changes as doing more than simply covering the cost of the plan. They hope they will inspire a reset of the global tax system through multilateral negotiations at the OECD, preventing an international race to the bottom on taxes in some countries, and unilateral increases in others in areas such as digital transactions.