On April 7, the US Treasury released The Made in America Tax Plan report, which describes President Biden’s tax policy agenda as part of his American Jobs Plan announced last month.

Reform proposals in the Made in America Tax Plan include:

  1. Raising the corporate income tax rate to 28 per cent;
  2. Strengthening the global minimum tax for US multinational corporations;
  3. Reducing incentives for foreign jurisdictions to maintain ultra-low corporate tax rates by encouraging global adoption of robust minimum taxes;
  4. Enacting a 15 per cent minimum tax on book income of large companies that report high profits, but have little taxable income;
  5. Replacing flawed incentives that reward excess profits from intangible assets with more generous incentives for new research and development;
  6. Replacing fossil fuel subsidies with incentives for clean energy production; and
  7. Ramping up enforcement to address corporate tax avoidance.

Download the report

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