Biden’s Tax Proposals Aim to Align U.S. with Global Changes (1)

The Biden administration wants to bring the U.S. closer in line with global efforts to implement a 15% minimum tax while ensuring the federal government doesn’t lose out on revenue.

In proposals released Monday alongside the administration’s 2023 budget request, Treasury repeated its call made last year to raise the corporate tax rate, and proposed adopting a measure to enforce the minimum tax.

Last October, nearly 140 countries joined a global deal to reallocate a portion of profits of the world’s largest multinationals to countries where they make sales, known as Pillar One, and set the 15% minimum corporate tax ...