Biden starts business tax project

The US president began the process that involves increasing the tax from 21 % to 28 %

The president of the United States, Joe Biden, began the process of increasing taxes on large companies that intends to take them from 21 % to 28 %.

Experts affirm that this plan seeks to “break the race to the bottom” in terms of corporate deductions in the international scenario, as stated at the time by its Secretary of State, Janet Yellen.

Yellen had already presented an initiative to the G20 to establish a minimum global corporate rate of 21 % and limit evasion maneuvers through tax havens.

Specifically, Biden seeks to apply a minimum tax of 15 % on accounting income, which they report to investors.

The neasure also seeks to strengthen regulations to avoid so-called “fiscal investments”, through which large companies merge in search of establishing their headquarters in the country with more favorable tax treatment and taking there part of the profits achieved in the United States to reduce the payment of taxes.

Biden’s gamble came as a surprise for its ambitious scope, particularly before Washington’s renewed will for international leadership.

K. Tovar

Source: Bancaynegocios

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