Revamp of Global Tax Rules Looms Under Biden, Treasury Review

March 26, 2021, 8:45 AM

President Joe Biden and congressional Democrats are warning they may get tough on taxing U.S. companies abroad to raise more revenue and walk back some policies they see as being too corporate-friendly.

Their plans include raising the corporate tax rate and increasing taxes on U.S. companies’ foreign income. They might also revise or reverse still-pending regulations to implement foreign-tax provisions of the 2017 tax law—with the aim of getting multinationals to pay more in U.S. taxes.

The administration’s goal is “relatively straightforward changes that we can make that will vastly improve our international tax regime,” said Kimberly Clausing, deputy assistant ...

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