With 2021 comes a new presidential administration in the United States, with Joe Biden set to take office on January 20. And with President-elect Biden, many changes to the corporate tax landscape are on the agenda. In an article titled “Details and Analysis of President-elect Joe Biden’s Tax Plan,” the Tax Foundation lays out Biden’s proposed business tax changes, which include raising the corporate tax rate, creating a minimum tax on corporations with book profits of $100 million or more, and doubling the global intangible low-tax income (GILTI) earned by foreign subsidiaries of US firms, among others.
Below are some of the numbers that accompany Biden’s many proposed changes. To read about the incoming administration’s tax plan in more detail, visit www.taxfoundation.org/joe-biden-tax-plan-2020.