Biden’s 2025 Budget Calls for Tweaks to International Tax Rules

The Treasury Department is proposing some changes to international tax rules in its 2025 budget, including in the stock-buyback tax and foreign tax credit reporting, while re-upping some past proposals on revamping the global tax regime.

The changes are included in the Greenbook—a document that details the administration’s tax proposals for the year ahead. It proposes to quadruple taxes on corporate stock buybacks, streamline the reporting of foreign tax re-determinations, and boost the tax rate on US companies’ foreign earnings to 21%.

The administration’s wish list gives the public insight into the legislative projects President Joe Biden would like ...