Joe Biden confident that higher corporate tax will not drive companies out of U.S.
3 years, 8 months ago

Joe Biden confident that higher corporate tax will not drive companies out of U.S.

The Hindu  

U.S. President Joe Biden has exuded confidence that his proposal to hike the corporate tax is unlikely to drive companies out of the country. U.S. Treasury Secretary Janet Yellen told Chicago Council on Global Affairs that it’s important to work with other countries to end the pressures of tax competition and corporate tax-based erosion. “We’re working with G20 nations to agree to a global minimum corporate tax rate that can stop the race to the bottom. “Speaking from my own experience, we need to do better at reducing barriers for women’s economic empowerment, even unconscious ones, in nearly every country in the world, including the United States,” she said.

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History of this topic

Outrage as Dems name and shame companies prioritizing exec pay over taxes
2 months, 3 weeks ago

Outrage as Dems name and shame companies prioritizing exec pay over taxes

Raw Story  

A group of congressional Democrats and Independent Sen. Bernie Sanders on Friday highlighted dozens of profitable U.S. corporations that have paid their executives more than they've paid in federal income taxes in recent years, a problem that the lawmakers attributed in large part to former President Donald Trump's massive tax-cut package that Republicans are working to extend. "In the first …

Treasury proposes rule to prevent large corporations from evading income taxes
3 months, 1 week ago

Treasury proposes rule to prevent large corporations from evading income taxes

Associated Press  

WASHINGTON — The Biden administration on Thursday proposed a new rule that would require the largest U.S. companies to pay at least 15% of their profits in taxes. Treasury Department officials estimate that about 100 of the biggest corporations — those with at least $1 billion in annual profits — would be forced to pay more in taxes under a …

Biden urged to raise income tax to tackle dangerous US debt
6 months ago

Biden urged to raise income tax to tackle dangerous US debt

The Telegraph  

Joe Biden must raise income tax and cut pensions spending to slow the dangerous rise in the US national debt, the Organisation for Economic Cooperation and Development has said. Corporate taxes also need to go up, economists suggest, while the US president needs to find a way to control spending on healthcare. The group urged Mr Biden – or Donald …

Trump tries to woo billionaire CEOs with promise of another round of tax cuts: report
6 months, 1 week ago

Trump tries to woo billionaire CEOs with promise of another round of tax cuts: report

Raw Story  

Former President Donald Trump is trying to push the billionaire businessman class back into his camp with a promise of another round of corporate tax cuts, this time reducing the rate from 21 percent to 20 percent. According to The New York Times, "Mr. Trump made the remarks from a comfortable gray armchair during a conversation with his former economic …

Trump offers CEOs a tax cut, while Biden touts support for global alliances
6 months, 1 week ago

Trump offers CEOs a tax cut, while Biden touts support for global alliances

Associated Press  

WASHINGTON — Former President Donald Trump told an influential group of CEOs that he wants to further cut the corporate tax rate he lowered while in office, while President Joe Biden’s chief of staff separately told them that the Democratic incumbent’s emphasis on global alliances would help their businesses. Recent economic research indicates that Trump’s corporate tax cuts did boost …

Biden heads to his hometown of Scranton, Pennsylvania, to talk about taxes
8 months, 1 week ago

Biden heads to his hometown of Scranton, Pennsylvania, to talk about taxes

Associated Press  

WASHINGTON — President Joe Biden is headed to his hometown of Scranton, Pennsylvania on Tuesday to talk about who he believes should be paying more in taxes and who should be paying less. Biden’s campaign said in an announcement on Friday the upcoming speech on the day after Tax Day in the U.S. would “drive home a simple question: ‘Do …

Joe Biden's State of the Union address: Key Highlights
9 months, 2 weeks ago

Joe Biden's State of the Union address: Key Highlights

Hindustan Times  

Mar 8, 2024 10:10 AM IST During his State of the Union address, President Joe Biden cited a 2021 report from the Institute on Taxation and Economic Policy think tank, stating that 55 of the country’s largest corporations had made $40 billion in profit in their previous fiscal year but hadn't paid any federal corporate income taxes. Biden claimed, “Remember …

​Joe Biden to propose massive tax raid on super rich and corporate America in tonight's State of the Union address with sweeping hikes including minimum corporate tax up from 15% to 21% and a 25% rate
9 months, 2 weeks ago

​Joe Biden to propose massive tax raid on super rich and corporate America in tonight's State of the Union address with sweeping hikes including minimum corporate tax up from 15% to 21% and a 25% rate

Daily Mail  

President Joe Biden plans to launch a raid on the super rich, hiking taxes for corporations and billionaires like Elon Musk and Jeff Bezos. He wants to raise the minimum corporate tax for big companies worth over $1 billion to 21 percent, up from the 15 percent he imposed earlier in his presidency. White House officials said Biden would preview …

Biden budget aims to cut deficits nearly $3T over 10 years
1 year, 9 months ago

Biden budget aims to cut deficits nearly $3T over 10 years

Associated Press  

WASHINGTON — President Joe Biden’s upcoming budget proposal aims to cut deficits by nearly $3 trillion over the next decade, the White House said Wednesday. Rohit Kumar, a former McConnell aide who is now an executive with the tax consultancy PwC, said Biden’s plan does matter “in terms of putting ideas out there.” He said that if Biden won a …

Biden to propose 25 percent minimum tax on US billionaires
1 year, 9 months ago

Biden to propose 25 percent minimum tax on US billionaires

Al Jazeera  

US president’s reported budget plan would also nearly double capital gains tax on investments. United States President Joe Biden will call on Congress to impose a 25 percent minimum tax on billionaires as part of a series of proposed tax hikes on wealthy individuals and corporations, according to a US media report. Biden’s proposed spending plan would also nearly double …

G20 leaders endorse global minimum tax on big businesses
3 years, 1 month ago

G20 leaders endorse global minimum tax on big businesses

Al Jazeera  

New tax rules will see the profits of large multinational corporations taxed at a rate of at least 15 percent. Leaders of the world’s 20 biggest economies have endorsed a global minimum tax of 15 percent on big multinational businesses. “Here at the G20, leaders representing 80% of the world’s GDP – allies and competitors alike – made clear their …

EXPLAINER: How G20-backed corporate minimum tax would work
3 years, 1 month ago

EXPLAINER: How G20-backed corporate minimum tax would work

Associated Press  

ROME — Leaders at the Group of 20 summit in Rome are expressing broad support for sweeping changes in how big global companies are taxed. White House officials are saying the global minimum would result in almost $60 billion of added U.S. tax revenue. The basic idea is simple: Countries would legislate a minimum rate of at least 15% for …

G-20 will back a global minimum corporate tax, a win for Biden, U.S. officials say
3 years, 1 month ago

G-20 will back a global minimum corporate tax, a win for Biden, U.S. officials say

LA Times  

President Biden and First Lady Jill Biden take part in a ceremony with Italian Prime Minister Mario Draghi in Rome on Friday, the eve of the start of the G-20 summit. World leaders are expected on Saturday to endorse plans for a global minimum tax on corporations during the first day of the G-20 summit, senior Biden administration officials said. …

White House, Dems hurriedly reworking $2 trillion Biden plan
3 years, 2 months ago

White House, Dems hurriedly reworking $2 trillion Biden plan

Associated Press  

WASHINGTON — The White House and Democrats are hurriedly reworking key aspects of President Joe Biden’s $2 trillion domestic policy plan, trimming the social services and climate change programs and rethinking new taxes on corporations and the wealthy to pay for a scaled-back package. Biden later said the discussions are “down to four or five issues.” On one issue — …

Sinema’s opposition to raising the corporate tax rate leaves White House scrambling to pay for Biden’s agenda
3 years, 2 months ago

Sinema’s opposition to raising the corporate tax rate leaves White House scrambling to pay for Biden’s agenda

CNN  

CNN — Top Biden administration officials are now weighing a range of different ideas to finance a sweeping economic and climate package as opposition from Democratic Sen. Kyrsten Sinema has thrown initial plans to raise the corporate tax rate into doubt, according to two people familiar with the matter. While top administration officials regularly check in with key committee chairs, …

Global corporate-tax overhaul advances as 136 nations sign on
3 years, 2 months ago

Global corporate-tax overhaul advances as 136 nations sign on

LA Times  

The deal advanced after years of missed deadlines and wrangling over how to handle global tech firms such as Facebook and Google. The deal moves a step closer to ending what U.S. Treasury Secretary Janet L. Yellen calls a global “race to the bottom” among countries luring companies with ever-lower tax rates. “The alternative to this happening is that we …

White House, Democrats tangle over Biden bid to raise taxes
3 years, 3 months ago

White House, Democrats tangle over Biden bid to raise taxes

Associated Press  

WASHINGTON — President Joe Biden has a simple message for fellow Democrats about his plan to raise taxes to remake large swaths of the American economy: look beyond the bottom line. “Establishing an artificial $3.5 trillion spending number and then reverse-engineering the partisan social priorities that should be funded isn’t how you make good policy,” Manchin wrote in The Wall …

Yellen: Compete on economic strengths, not low tax rates
3 years, 5 months ago

Yellen: Compete on economic strengths, not low tax rates

Associated Press  

U.S. Treasury Secretary Janet Yellen said Sunday that deterring the use of tax havens will let countries compete on economic fundamentals — instead of by offering ever-lower tax rates that deprive governments of money for infrastructure and education. Yellen spoke after finance ministers from the Group of 20 major economies endorsed a global minimum corporate tax of at least 15%, …

G20 finance ministers in Venice take up global tax proposal
3 years, 5 months ago

G20 finance ministers in Venice take up global tax proposal

Al Jazeera  

US President Joe Biden’s proposal for a global minimum corporate tax is being discussed at the G20 meeting this weekend. Countries have lowered their tax rates to attract the revenue, moves described by US Treasury Secretary Janet Yellen as a global “race to the bottom” that the proposal could stop. Asked how he would describe the deal to non-economists, he …

Global corp tax overhaul faces rocky road as India, Switzerland express reservations
3 years, 5 months ago

Global corp tax overhaul faces rocky road as India, Switzerland express reservations

Live Mint  

A long road strewn with potential political pitfalls lies ahead for countries seeking to end a race to the bottom on international corporate tax, even though 130 of them have agreed to overhaul the way multinationals are taxed. With ink barely dry on the agreement, jubilant politicians in higher-tax countries declared that what French Finance Minister Bruno Le Maire termed …

US wins backing for global minimum corporate tax rate
3 years, 5 months ago

US wins backing for global minimum corporate tax rate

Al Jazeera  

Officials from 130 countries and jurisdictions, including India and China, have agreed on the United States’ broad outline to overhaul the global corporate tax system. Officials from 130 countries and jurisdictions have thrown their support behind the United States’ proposal to require a minimum global tax for corporations starting at 15 percent, a key step in curbing corporate tax avoidance …

Biden sells G-7 on global tax, but U.S. Congress is a hurdle
3 years, 6 months ago

Biden sells G-7 on global tax, but U.S. Congress is a hurdle

Associated Press  

President Joe Biden might have persuaded some of the world’s largest economies to hike taxes on corporations, but the U.S. Congress could be a far tougher sell. White House press secretary Jen Psaki said Friday that leaders of the Group of Seven — which also includes the United Kingdom, France, Canada, Germany, Italy and Japan — agreed with Biden on …

Biden sells G-7 on global tax, but U.S. Congress is a hurdle
3 years, 6 months ago

Biden sells G-7 on global tax, but U.S. Congress is a hurdle

Associated Press  

President Joe Biden might have persuaded some of the world’s largest economies to hike taxes on corporations, but the U.S. Congress could be a far tougher sell. White House press secretary Jen Psaki said Friday that leaders of the Group of Seven — which also includes the United Kingdom, France, Canada, Germany, Italy and Japan — agreed with Biden on …

G7 countries reach agreement to set "global minimum" tax rate for multinational corporations
3 years, 6 months ago

G7 countries reach agreement to set "global minimum" tax rate for multinational corporations

Salon  

This article originally appeared at Common Dreams. "The G7 has taken significant steps this weekend to end the existing harmful dynamic, making commitments today that provide tremendous momentum towards achieving a robust global minimum tax at a rate of at least 15%," U.S. Treasury Secretary Janet Yellen said Saturday. While arguing that the proposed 15% global minimum tax rate is …

G7 Strikes 'Historic' Agreement Over Global Corporate Tax, Targeting Tech Giants
3 years, 6 months ago

G7 Strikes 'Historic' Agreement Over Global Corporate Tax, Targeting Tech Giants

News 18  

Finance ministers from wealthy G7 nations on Saturday endorsed a global minimum corporate tax of at least 15 percent, rallying behind a US-backed plan targeting tech giants and other multinationals accused of not paying enough. US Treasury Secretary Janet Yellen hailed the “unprecedented commitment”, saying in a statement that a global minimum tax “would end the race to the bottom …

G-7 nations sign landmark agreement, back minimum global corporate tax rate of 15%
3 years, 6 months ago

G-7 nations sign landmark agreement, back minimum global corporate tax rate of 15%

Firstpost  

The endorsement from the G-7 could help build momentum for a deal in wider talks among more than 140 countries being held in Paris as well as a G20 finance ministers meeting in Venice in July London: The world’s richest countries signed a landmark agreement on Saturday committing them to confronting corporate tax avoidance and making sure that giant tech …

G7 nations reach historic deal to tax multinational corporations
3 years, 6 months ago

G7 nations reach historic deal to tax multinational corporations

Al Jazeera  

A group of the world’s richest nations agree on a minimum global corporate tax rate to close cross-border tax loopholes used by some corporations. Finance ministers from the Group of Seven rich nations reached a landmark accord on Saturday backing the creation of a global minimum corporate tax rate of at least 15 percent in an effort to close cross-border …

Biden offers tax deal to Republicans in infrastructure talks
3 years, 6 months ago

Biden offers tax deal to Republicans in infrastructure talks

Associated Press  

President Joe Biden is trying to break a logjam with Republicans on how to pay for infrastructure improvements, proposing a 15% minimum tax on corporations and the possibility of revenues from increased IRS enforcement as a possible compromise. White House press secretary Jen Psaki said Biden examined possible tax code changes from his plans that Republicans might support. The idea …

Biden tax proposal in focus at Group of 7 ministers’ meeting
3 years, 6 months ago

Biden tax proposal in focus at Group of 7 ministers’ meeting

Associated Press  

FRANKFURT, Germany — U.S. President Joe Biden’s proposals for deterring tax avoidance by multinational companies will be a major theme Friday when finance ministers from the Group of Seven wealthy democracies start talks on economic cooperation in London. Biden’s push to end what Treasury Secretary Janet Yellen has called a “race to the bottom” by low-tax countries has given new …

Jamie Dimon calls Biden’s tax hike plan ‘a little crazy’
3 years, 7 months ago

Jamie Dimon calls Biden’s tax hike plan ‘a little crazy’

CNN  

New York CNN Business — Several top business leaders have backed President Joe Biden’s plan to raise taxes on large corporations and the wealthy and spend more on infrastructure. “I’m concerned about how the money’s going to be spent,” Dimon said in a recorded interview for the Investment Company Institute’s general membership meeting Thursday. “We already waste tremendous sums of …

Biden’s corporate tax plan takes aim at income inequality
3 years, 7 months ago

Biden’s corporate tax plan takes aim at income inequality

Associated Press  

WASHINGTON — From John Kennedy to Ronald Reagan to Donald Trump, American presidents have taken aim at corporate America’s tax-avoidance schemes before — and mostly missed. Many analysts see Biden’s corporate tax plan as a gamechanger — if Congress embraces it. Penn Wharton’s analysts estimate that a 21% minimum global tax and other international provisions of Biden’s tax plan would …

President Biden seeks $80 billion to boost IRS tax audits
3 years, 7 months ago

President Biden seeks $80 billion to boost IRS tax audits

CNN  

CNN — President Joe Biden will seek $80 billion to fund enhanced Internal Revenue Service enforcement of high-earners to help pay for his American Families Plan, which he is set to unveil later this week, two sources briefed on the proposal told CNN. Biden is poised to unveil a roughly $1.5 trillion legislative proposal to invest hundreds of billions of …

Biden’s global corporate tax plans send mixed signals
3 years, 8 months ago

Biden’s global corporate tax plans send mixed signals

The Hindu  

U nited States President Joe Biden has declared his intention to go big on spending. To make clear that the plan is not mere rhetoric, the administration proposes that the total planned investment of $3 trillion or more will be financed with an increase in the corporate tax rate in the U.S. from 21 to 28 per cent, an effort …

Pros, cons and pragmatism: Biden’s plan to fund infrastructure
3 years, 8 months ago

Pros, cons and pragmatism: Biden’s plan to fund infrastructure

Al Jazeera  

Biden’s American Jobs Plan appears popular, but raising corporate taxes to pay for it is not seen by all as a silver bullet. To stop firms from shifting profits abroad to lower-tax jurisdictions, Biden’s plan involves getting other big economies to agree to a global minimum tax rate – an idea spearheaded by US Treasury Secretary Janet Yellen who wrote …

Ireland and Netherlands set to suffer under new Biden tax plan
3 years, 8 months ago

Ireland and Netherlands set to suffer under new Biden tax plan

The Telegraph  

Ireland, the Netherlands and Switzerland are set to be the big losers under the Biden administration’s plans to link tax revenue from businesses to local sales. The US has reportedly proposed a clampdown on companies using certain countries to avoid paying higher tax as part of its plans for a huge global shake-up. It is part of the Biden administration’s …

Joe Biden defends his $2.5tn infrastructure bill and business tax hikes
3 years, 8 months ago

Joe Biden defends his $2.5tn infrastructure bill and business tax hikes

Daily Mail  

President Joe Biden launched a full-throated defense of his corporate tax hike to fund his $2.3 trillion dollar infrastructure plan, saying he was tired of ordinary Americans being fleeced. Biden's tax proposal would hike the corporate tax rate to 28 per cent, increase the de facto global minimum tax and crack down on companies that pay little or no income …

Biden administration makes pitch for higher business taxes
3 years, 8 months ago

Biden administration makes pitch for higher business taxes

Live Mint  

The Biden administration is drilling down on the argument that higher corporate tax rates would ultimately help an ailing economy, saying the resulting infrastructure investments would boost growth. Treasury Secretary Janet Yellen said Wednesday it was “self-defeating” for then-President Donald Trump to assume that cutting the corporate tax rate to 21% from 35% in 2017 would make the economy more …

US plan for taxing multinationals boosts chances of global deal
3 years, 8 months ago

US plan for taxing multinationals boosts chances of global deal

CNN  

London CNN Business — For years, world leaders have been trying to launch a historic overhaul of global tax rules, aiming to tackle an unwieldy system rife with loopholeslong exploited by big business. The Biden administration’s decision to back a global minimum corporate tax rate while it pushes a massive $2 trillion infrastructure package in the United States has ignited …

What Matters: Taxes will have to go up for someone
3 years, 8 months ago

What Matters: Taxes will have to go up for someone

CNN  

A version of this story appeared in CNN’s What Matters newsletter. Treasury Secretary Janet Yellen laid out the balance sheet, blaming the GOP tax plan for the red ink as she pitched the president’s plan to raise the corporate tax rate. CNN’s Tamie Luhby and Katie Lobosco write: Noting that corporate tax collections have fallen to their lowest level since …

AP FACT CHECK: Biden’s job inflation on infrastructure
3 years, 8 months ago

AP FACT CHECK: Biden’s job inflation on infrastructure

Associated Press  

WASHINGTON — President Joe Biden and his team have offered a vastly inflated projection of how many jobs his infrastructure plan would create, an account his press secretary corrected Tuesday. A look at the administration’s infrastructure sales pitch over recent days: CORPORATE TAXES BIDEN, when asked if his proposed corporate income tax increase would drive U.S. companies overseas: “Not at …

U.S. Treasury Secretary calls for minimum global corporate income tax
3 years, 8 months ago

U.S. Treasury Secretary calls for minimum global corporate income tax

The Hindu  

U.S. Treasury Secretary Janet Yellen on Monday urged the adoption of a minimum global corporate income tax, an effort to offset any disadvantages that might arise from the Biden administration's proposed increase in the U.S. corporate tax rate. Citing a “thirty-year race to the bottom” in which countries have slashed corporate tax rates in an effort to attract multinational businesses, …

Biden lands back at the White House after Easter weekend with Jill at Camp David
3 years, 8 months ago

Biden lands back at the White House after Easter weekend with Jill at Camp David

Daily Mail  

President Joe Biden criticized Republicans who claim his $2.3trillion spending package has nothing to do with infrastructure and dismissed claims higher corporate taxes might push companies abroad as he returned from a weekend at Camp David. The president has proposed hiking the corporate tax rate in the US to 28 percent from 21 percent, which would partially undo the Trump …

Race to the bottom: Yellen makes case for global minimum tax rate
3 years, 8 months ago

Race to the bottom: Yellen makes case for global minimum tax rate

Al Jazeera  

The US Treasury secretary says a global minimum corporate tax rate will ensure firms pay their fair share — but critics say it’s not that simple. A global minimum corporate tax rate can help ensure everyone pays their fair share and will prevent companies from fleeing to countries with lower corporate tax rates, United States Treasury Secretary Janet Yellen said …

US President Joe Biden plans to reverse Donald Trump's corporate tax cut legislation
3 years, 8 months ago

US President Joe Biden plans to reverse Donald Trump's corporate tax cut legislation

ABC  

US President Joe Biden has outlined a plan to reengineer the nation's infrastructure, undoing a signature piece of Trump legislation in the process. Key points: The White House said the plan would create jobs to help the country combat climate change Donald Trump had previously reduced the corporate tax rate from 35 to 21 per cent Mr Trump labelled the …

Beyond bridges: Biden redefines infrastructure to add people
3 years, 8 months ago

Beyond bridges: Biden redefines infrastructure to add people

Associated Press  

WASHINGTON — Beyond roads and bridges, President Joe Biden is trying to redefine infrastructure not just as an investment in America the place, but in its workers, families and people. “It seems like President Biden has an insatiable appetite to spend more money and raise people’s taxes,” said Rep. Steve Scalise of Louisiana, the GOP whip, in an interview. Scalise …

Biden plans to up corporate tax rates to fund infrastructure boom
3 years, 8 months ago

Biden plans to up corporate tax rates to fund infrastructure boom

Al Jazeera  

The corporate tax-cut party President Donald Trump kicked off will soon be over if his successor proves able to enact proposals to roll back half of the 2017 domestic income-tax reduction and to radically revamp levies on profits earned abroad. “They’re not just rolling back the tax cuts from 2017,” said David Noren, a former legislative counsel to the congressional …

Goldman Sachs: Joe Biden’s tax hikes won’t be as big as he wants
3 years, 9 months ago

Goldman Sachs: Joe Biden’s tax hikes won’t be as big as he wants

CNN  

New York CNN Business — President Joe Biden got almost everything he wanted with his $1.9 trillion economic rescue plan. Goldman Sachs thinks Biden will face far more resistance in his quest to unwind former President Donald Trump’s tax cuts. “Equity investors will soon pivot focus from rising interest rates to rising tax rates,” Goldman Sachs strategists wrote in the …

US economy can ‘definitely’ withstand tax hikes, BlackRock’s Rick Rieder says
3 years, 9 months ago

US economy can ‘definitely’ withstand tax hikes, BlackRock’s Rick Rieder says

CNN  

New York CNN Business — As business leaders warn about the risks of a corporate tax hike, the world’s largest asset manager is decidedly unfazed. You’re going to see some pretty boomy growth for the economy.” BlackRock's Rick Rieder “I think 21% is too low,” Rieder said in the interview. Earlier this week, White House press secretary Jen Psaki said …

Tax increase for corporations looks more likely as US election nears
4 years, 2 months ago

Tax increase for corporations looks more likely as US election nears

Live Mint  

On paper, the 21% U.S. corporate tax rate was a permanent cornerstone of the 2017 tax law, a boon to business without the expiration date attached to other provisions. As the election nears, companies are closely examining Mr. Biden’s plans and modeling higher tax rates, said Rohit Kumar of accounting firm PwC LLP. Higher corporate taxes would make it harder …

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