By Doug Connolly, MNE Tax
The Senate passed President Biden’s $ 1 trillion bill on traditional bipartisan infrastructure on August 10, while the Senate Democrats approved a $ 3.5 trillion internal party bill on August 11 to “ human infrastructure ”. So far, no draft law contains measures on corporate income tax.
Winning Republican support for the bipartisan bill meant skipping all of Biden’s proposed corporate tax changes. Previous attempts to get some Republicans to agree to certain corporate tax measures have failed.
Nonetheless, the budget framework opens the door for Biden’s corporate tax reform agenda to be biased through a budget decision. However, the framework does not provide details of any specific regulations – just an obstacle to collecting taxes for those earning less than $ 400,000.
In a statement released Monday, Senate Finance Committee Chairman Ron Wyden (D-Ore.) Said the committee was working on a “menu of options” for tax reform in the budgetary decision. He added that they have broken these options down into four categories: “multinational corporations, the richest individuals, tax fraud enforcement for the wealthy, and savings from other programs”.
Doug Connolly is the Editor-in-Chief of MNE Tax. He has more than 10 years of experience in tax law developments and previously worked for both a Big Four law firm and a leading legal publisher. He holds a law degree from the American University’s Washington College of Law.
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