What are the Effects of the Biden Administration’s Corporate Tax Proposals?
The Biden administration is proposing significant increases in corporate taxes to finance investments in infrastructure and other priorities. Proposed reforms include a global minimum tax on book income and other changes intended to limit the ability of US multinational companies to reduce US tax by shifting investments and reported profits to low-tax foreign countries. In order to promote a competitive global landscape, the administration is concurrently working with the OECD to recommend its members adopt similar changes.
Join the Urban-Brookings Tax Policy Center and the University of North Carolina Tax Center for a virtual event, during which accounting, law, and economics experts will address the following questions:
- How would a tax on corporate book income work, and would it be effective in preventing profitable corporations from avoiding US income tax?
- What are the adverse effects of taxing corporate book income? Are there better ways to limit corporate tax preferences and reduce tax avoidance?
- How would President Biden’s corporate tax plans affect investment in the United States and US economic growth? Are there lessons we can learn from the corporate response to the Tax Cuts and Jobs Act?
- How would President Biden’s proposals affect the competitiveness of US resident corporations, and can international agreement on a minimum tax be effective in limiting harmful tax competition?
- What other desirable reforms to business taxation weren’t included in the administration’s proposals?