In its efforts to generate more revenue to fund a massive infrastructure spending package, US President Joe Biden's administration is seeking to add more red tape to a corporate tax regime that already has too much of it. Fortunately, there is a perfectly sensible alternative.
BERKELEY – As part of its massive infrastructure plan, President Joe Biden’s administration is seeking to raise the US corporate tax rate from 21% to 28%, with a 21% “minimum” tax on profits earned abroad by US corporations. In the words of Secretary of the Treasury Janet Yellen, the goal is to arrest an international “race to the bottom” by getting other countries to adopt similar minimum corporate taxes.
BERKELEY – As part of its massive infrastructure plan, President Joe Biden’s administration is seeking to raise the US corporate tax rate from 21% to 28%, with a 21% “minimum” tax on profits earned abroad by US corporations. In the words of Secretary of the Treasury Janet Yellen, the goal is to arrest an international “race to the bottom” by getting other countries to adopt similar minimum corporate taxes.