June 19, 2021
Business

Biden’s minimum corporate tax rate plan could boomerang for US

The Biden administration’s proposal for a minimum corporate tax rate as part of its infrastructure plan could have unintended consequences, economists say. 

The plan would require corporations to pay a minimum 15% tax rate no matter what deductions they take, and is similar to the alternative minimum tax on individuals. 

The White House would be willing to temporarily delay its attempt to raise the top corporate tax rate to 28% from the 21% that was achieved under President Trump’s Tax Cuts and Jobs Act. The plan was already facing difficulty in Congress.  

A global minimum corporate tax rate is a “safety net against the kind of loopholes that have pervaded our tax code that have been so beneficial to those at the top,” Jared Bernstein, a member of the…

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