June 7, 2021
President Biden has offered to abandon his original 28% corporate tax rate proposal to pay for his stimulus and infrastructure packages. With the bill set to be rejected by Republicans, he countered with a 15% minimum corporate tax rate. This would target companies like Amazon, which has notoriously evaded corporate taxes. These proposed taxes promise large revenues, but shift liabilities to tax havens like Ireland. But it could also hinder small businesses. To raise funds Biden will rely on stricter enforcement of new taxes such as scrapping inheritance tax breaks and eliminating loopholes. There is still a lot of back and forth on the Biden package, and the final infrastructure bill could still come in under $1 trillion.
FINSUM + Magnifi: The minimum corporate tax rate and closing of tax loopholes could be critical for large companies and wealthy individuals. Advisors should keep a close eye on the tax legislation..
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