Bloomberg Tax
March 31, 2021, 8:03 PM

How Biden Would Corral Billions in Overseas Profits: QuickTake

Isabel Gottlieb
Isabel Gottlieb

President Joe Biden is proposing to unwind many of the corporate tax changes in President Donald Trump’s 2017 tax law. Companies could end up collectively paying hundreds of billions of dollars more in taxes in the coming years. Key to the Biden proposal is the imposition of a new global minimum tax to address a longstanding issue -- the ability of multinational corporations to greatly reduce what they owe the U.S. government.

1. How would the global minimum tax work?

Biden would put a 21% levy on the profits U.S. companies earn in each country where they operate abroad. ...

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