Last week the Treasury Department released its “Greenbook,” the Biden administration’s revenue proposals for fiscal year 2022, the first time an administration has released the document since 2017.
The proposal lays out details of President Joe Biden’s economic agenda, including his proposal to raise the corporate income tax rate to 28%, reform the calculation of global intangible low-taxed income (GILTI) and increase its effective tax rate, replacing the base erosion and anti-abuse tax (BEAT), impose a 15% minimum tax on corporate book earnings, and enhance renewable energy incentives.
Biden has also called for increasing the marginal ...
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