U.S. Pitches New Global Tax Deal

The Biden administration has pitched a compromise to counterparts around the world that would apply new global tax rules to no more than 100 large multinational corporations. The U.S. plan would consider a company’s profitability in determining whether more of its income could be taxed by the countries where it does business. The Biden administration’s… Read more »

Yellen Seeks Agreement on Global Digital Tax

Treasury Secretary Janet Yellen is working with her counterparts internationally to reach an agreement on a global digital tax on multinational corporations. The Biden administration’s openness to talks comes after Trump officials had effectively withdrawn from the negotiations because they said the plan developed by the Organization for Economic Cooperation and Development (OECD) unfairly targets… Read more »

Biden Plans Tax Hike to Fund Long-Term Recovery

The Biden administration is looking to raise taxes to help rein in federal deficits and fund future pieces of the president’s domestic agenda, such as the multitrillion-dollar infrastructure and jobs package being discussed by the White House and congressional Democrats. Like earlier COVID-19 relief proposals, the $1.9 trillion stimulus bill signed into law last week… Read more »

Tax Writers Work to Include Extenders in Omnibus

Senate Finance Committee Chairman Charles Grassley (R-IA) said expiring tax breaks known as extenders might be attached to the omnibus appropriations bill and COVID-19 rescue package coming together this week. Grassley said the must-pass nature of COVID relief in particular increases the likelihood that tax extenders can ride along with the larger package. Congressional leaders… Read more »

OECD Hoping for Restart on Digital Tax Talks

Organization for Economic Cooperation and Development (OECD) officials are hoping the incoming Biden administration will be open to restarting talks on a global digital tax plan. The OECD has been trying to reach agreement among nearly 140 countries on a global tax overhaul to address how “consumer-facing” digital giants like Apple, Google, Facebook and Twitter… Read more »