Following the inauguration of Joe Biden as the 46th president of the United States and given Democratic control of the House and Senate, taxpayers are interested to hear about the potential impact of Biden’s tax plans on U.S. tax and on U.S. foreign investment. Biden's campaign made a number of significant proposals such as:
• Increase of statutory CIT rate up to 28%
• Substantial changes to GILTI regime:
- Abolish 10% QBAI deduction;
- Increase GILTI rate 21%
- Calculate GILTI on country by country basis
• Minimum tax on corporations with book profits > $100 million
All of these initial proposals viewed separately may already have a huge impact on U.S. business and U.S. foreign investment and we are therefore very happy to announce that Michael Plowgian is willing to lead the discussion on the tax agenda outlook of the Biden administration (including the “American Rescue Plan”). Michael is a Member of the International Tax group of KPMG LLP’s Washington National Tax practice and is a frequent speaker on international tax policy issues, including U.S. tax reform and the OECD BEPS Project.
I. Major Legislative Timeline – Biden Action Plan
II. Biden – selected individual and business tax proposals
III. Obstacles and challenges
IV. Timing issues
We hope to all virtually meet you there and have a fruitful discussion.
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