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Wyden Plan Retains Tax Boost But Mulls Foreign Tax Credit Perk

Aug. 26, 2021, 8:46 AM

Senate Democrats have offered new details of their international tax plan that would provide some relief to multinational companies while setting up a broad framework for higher taxes.

Released Wednesday by Senate Finance Committee Chairman Ron Wyden (D-Ore.) and two other senators, the plan is largely along the same lines as a “framework” that the senators issued in April. But it fills in some of the blanks in that plan, as Democrats try to toughen how U.S. companies’ income around the world is taxed.

Overall, “it’s clearly a tightening of the screws,” said Daniel Bunn, vice president of global ...