Resource Center: Tax Proposals by the Biden Administration

The Biden Administration has announced a number of tax proposals to fund new government investments such as infrastructure.

From analyzing the American Jobs Plan (“Made in America” tax plan) and the American Families Plan to the U.S. Treasury’s international tax proposals, Tax Foundation experts continue to serve as trusted thought leaders, providing research, modeling, analysis, and commentary on how these new policies will impact U.S. competitiveness, economic growth, tax revenue, and everyday taxpayers.

The posts below include our research and analysis on a variety of recently announced tax proposals, including changes to individual income taxes, corporate taxes, international taxes, and capital gains taxes.

Details and Analysis of Tax Proposals in President Biden’s American Families Plan

May 6, 2021

The Biden administration’s proposed American Families Plan (AFP) would partially pay for about $1.8 trillion in new federal spending on education and family programs with about $661 billion in additional taxes on higher-income individuals and pass-through businesses like partnerships, sole proprietorships, and S corporations.

25 Percent Corporate Income Tax Rate Would Make U.S. Above Average Compared to Peers

May 4, 2021

Some lawmakers have expressed concerns about President Biden’s proposal to raise the federal corporate income tax rate from 21 percent to 28 percent, and instead suggest raising the rate to 25 percent.

U.S. Top Combined Integrated Tax Rate on Corporate Income Would Become Highest in the OECD

May 3, 2021

Under President Biden’s tax plan, the United States would tax corporate income at the highest top rate in the industrialized world, averaging 65.1 percent.

Tax Policy in the First 100 Days of the Biden Administration

April 30, 2021

In his first 100 days as president, Joe Biden has proposed more than a dozen significant changes to the U.S. tax code that would raise upwards of $3 trillion in revenue and reduce incentives to invest, save, and work in the United States.

Effects of Proposed International Tax Changes on U.S. Multinationals

April 28, 2021

The international corporate tax changes in President Biden’s tax plan would increase tax rates on domestic income more than on foreign income, resulting in a net increase in profit shifting out of the US, according to our Multinational Tax Model.

Testimony: Tax Fairness, Economic Growth, and Funding Government Investments

April 27, 2021

Economic research and Tax Foundation modeling indicate there is a negative trade-off between progressive taxes on capital income—such as the wealth tax, minimum book tax on corporate income, and a higher corporate tax rate—and economic growth.

Biden’s Proposed Capital Gains Tax Rate Would be Highest for Many in a Century

April 26, 2021

The Biden administration is proposing to tax long-term capital gains at ordinary income rates for high earners, which will bring the top federal rate to highs not seen since the 1920s.

Top Combined Capital Gains Tax Rates Would Average 48 Percent Under Biden’s Tax Plan

April 23, 2021

The top federal rate on capital gains would be 43.4 percent under Biden's tax plan (when including the net investment income tax). Rates would be even higher in many U.S. states due to state and local capital gains taxes, leading to a combined average rate of over 48 percent compared to about 29 percent under current law.

Corporate Investment Outweighs Federal Revenue Losses Since TCJA

April 22, 2021

The Biden administration has argued for raising the corporate tax rate to offset the drop in federal corporate revenues following the Tax Cuts and Jobs Act (TCJA) of 2017, claiming it did not lead to more corporate investment as advertised. Although corporate revenues did drop following this tax reform, the ensuing increase in corporate investment far exceeds these revenue losses.

Raising the Corporate Rate to 28 Percent Reduces GDP by $720 Billion Over Ten Years

April 21, 2021

The Options guide presents the economic effects we estimate would occur in the long term, or 20 to 30 years from now, but we can also use our model to show the cumulative effects of the policy change—providing more context, for instance, about how the effects of a higher corporate income tax rate compound over time, which we estimate would reduce GDP by a cumulative $720 billion over the next 10 years.

Business Tax Collections Within Historical Norm After Accounting for Pass-through Business Taxes

April 15, 2021

A common argument for raising the corporate income tax rate is that collections as a share of gross domestic product (GDP) fell after the rate was reduced to 21 percent as part of the Tax Cuts and Jobs Act (TCJA) in 2017. But that argument is incomplete, as the U.S. also has a large pass-through business sector where taxes are collected through the individual income tax system.

Treasury’s Latest Pillar 1 Proposal: A Strategy to Split the Riches or Give Away the Store?

April 14, 2021

New international tax rules on super-profits would disproportionately impact U.S. companies however they are designed. The question that Treasury should answer is why limit the policy in such a way that magnifies that disproportionate application and the risk to the U.S. tax base.

Labor Share of Net Income is Within Its Historical Range

April 13, 2021

President Biden’s administration argues in the Made in America Tax Plan that corporate taxes should be raised to address a declining share of national income accruing to labor. The problem with the argument, which primarily relies on measures of gross domestic income, is it ignores that some income doesn’t accrue to workers or capital owners.

Biden’s Corporate Minimum Book Tax Narrows, but Problems and Uncertainties Remain

April 13, 2021

The corporate tax base should be reformed directly, rather than piecemeal through a complicated and burdensome separate tax applicable to a small number of companies.

Biden’s Tax Plan Would Restore U.S. Exceptionalism—But Not in a Good Way

April 9, 2021

No other country has tried to enforce some of the policies that the Biden administration is proposing. Embarking on such uncharted course would set the U.S. apart from global tax policy norms and best practices and could harm American competitiveness.

The Balancing Act of GILTI and FDII

April 7, 2021

The tax treatment of intangible assets has come into the spotlight recently with the Biden administration proposing to undo a policy adopted in 2017 to encourage intellectual property (IP) to be located in the U.S.

U.S. Effective Corporate Tax Rate Is Right in Line With Its OECD Peers

April 2, 2021

Whether we use corporate tax collections as a portion of GDP, average effective tax rates, or marginal tax rates, each measure shows that the U.S. effective corporate tax burden is close to or above the average compared to its OECD peers. Raising corporate income taxes would put the U.S. at a competitive disadvantage, whether one looks at statutory tax rates or effective corporate tax rates.

Combined Corporate Rates Would Exceed 30 Percent in Most States Under Biden’s Tax Plan

April 1, 2021

While the focus has been on the federal rate, it is important to include state tax rates when thinking about the total tax burden on corporate income.

President Biden’s Infrastructure Plan Raises Taxes on U.S. Production

March 31, 2021

An increase in the federal corporate tax rate to 28 percent would raise the U.S. federal-state combined tax rate to 32.34 percent, higher than every country in the OECD, the G7, and all our major trade partners and competitors including China.

CBO Study: Benefits of Biden’s $2 Trillion Infrastructure Plan Won’t Outweigh $2 Trillion Tax Hike

March 31, 2021

The economics is clear: If Biden wants to maximize the economic benefits of his $3 trillion in new infrastructure spending, he should cut $3 trillion in other government spending to pay for it.

Making the Expanded Child Tax Credit Permanent Would Cost Nearly $1.6 Trillion

March 19, 2021

As the Biden administration and Congress consider making the expanded child tax credit permanent, a nearly $1.6 trillion expansion of tax code-administered benefits, they should consider financing it in a way that doesn’t create significant headwinds to economic recovery.

TCJA Is Not GILTI of Offshoring

March 18, 2021

Many members of Congress have taken issue with the 2017 tax reform. However, the reasoning that has led some to believe that GILTI provides a path to offshoring investment and jobs is flawed.

How GILTI Are U.S. Industries?

March 16, 2021

Both the Biden campaign and some Democratic members of Congress have recommended changes to GILTI, but before doing that, policymakers should consider how GILTI’s design can have ramifications for many U.S. companies and their tax burdens.

The American Rescue Plan Act Greatly Expands Benefits through the Tax Code in 2021

March 12, 2021

The major tax-related benefits in the $1.9 trillion economic relief plan are a third round of direct payments, extended unemployment insurance (UI) benefits and a $10,200 unemployment insurance income exemption for 2020, and an expansion of the Child Tax Credit.

Phasing in a Corporate Rate Hike Would Be the Worst of Both Worlds

March 9, 2021

The Biden administration has signaled its openness to raising the corporate tax rate, potentially by phasing in an increase over several years. While phasing in a tax increase, as opposed to hiking immediately, may seem like a reasonable middle ground, it would be the worst of both worlds because it provides old investment with a lower rate while penalizing new investment.

Can GILTI and the GloBE be Harmonized in a Biden Administration?

March 4, 2021

While there are several parts of the policy that are subject to further discussion and agreement, GloBE is expected to be different from GILTI in several ways.

Evaluating Proposals to Increase the Corporate Tax Rate and Levy a Minimum Tax on Corporate Book Income

February 24, 2021

President Biden and congressional policymakers have proposed several changes to the corporate income tax, including raising the rate from 21 percent to 28 percent and imposing a 15 percent minimum tax on the book income of large corporations, to raise revenue for new spending programs. Our new modeling analyzes the economic, revenue, and distributional impact of these proposals.

U.S. Cross-border Tax Reform and the Cautionary Tale of GILTI

February 17, 2021

The Biden campaign and Senate Democrats identified changes to GILTI that would increase the taxes U.S. companies pay on their foreign earnings. Rather than tacking on changes to a system that is currently neither fully territorial nor worldwide, policymakers should evaluate the structure of the current system with a goal of it becoming more, not less, coherent.

Biden Could Provide Business and Household Relief by Eliminating Trump Tariffs

November 16, 2020

Biden has not specified how he would approach the Trump tariffs, though his advisers have said he will at least review them.

Joe Biden’s 61 Percent Tax on Wealth

April 29, 2021

Biden may have rejected a Bernie Sanders-style wealth tax, but the President is proposing other ways of taxing wealth without explicitly labeling his policies a wealth tax—by as much as 61 percent.

Details and Analysis of President Joe Biden’s Tax Plan

October 22, 2020

What has President Joe Biden proposed in terms of tax policy changes? Our experts provide the details and analyze the potential economic, revenue, and distributional impacts.

Federal Capital Gains Tax Collections, Historical Data (1954-2018)

April 26, 2021

25 Percent Corporate Income Tax Rate Would Make U.S. Above Average Compared to Peers

May 4, 2021

Some lawmakers have expressed concerns about President Biden’s proposal to raise the federal corporate income tax rate from 21 percent to 28 percent, and instead suggest raising the rate to 25 percent.

Tax Policy in the First 100 Days of the Biden Administration

April 30, 2021

In his first 100 days as president, Joe Biden has proposed more than a dozen significant changes to the U.S. tax code that would raise upwards of $3 trillion in revenue and reduce incentives to invest, save, and work in the United States.

Effects of Proposed International Tax Changes on U.S. Multinationals

April 28, 2021

The international corporate tax changes in President Biden’s tax plan would increase tax rates on domestic income more than on foreign income, resulting in a net increase in profit shifting out of the US, according to our Multinational Tax Model.

Testimony: Tax Fairness, Economic Growth, and Funding Government Investments

April 27, 2021

Economic research and Tax Foundation modeling indicate there is a negative trade-off between progressive taxes on capital income—such as the wealth tax, minimum book tax on corporate income, and a higher corporate tax rate—and economic growth.

Labor Share of Net Income is Within Its Historical Range

April 13, 2021

President Biden’s administration argues in the Made in America Tax Plan that corporate taxes should be raised to address a declining share of national income accruing to labor. The problem with the argument, which primarily relies on measures of gross domestic income, is it ignores that some income doesn’t accrue to workers or capital owners.

Combined Corporate Rates Would Exceed 30 Percent in Most States Under Biden’s Tax Plan

April 1, 2021

While the focus has been on the federal rate, it is important to include state tax rates when thinking about the total tax burden on corporate income.

President Biden’s Infrastructure Plan Raises Taxes on U.S. Production

March 31, 2021

An increase in the federal corporate tax rate to 28 percent would raise the U.S. federal-state combined tax rate to 32.34 percent, higher than every country in the OECD, the G7, and all our major trade partners and competitors including China.

CBO Study: Benefits of Biden’s $2 Trillion Infrastructure Plan Won’t Outweigh $2 Trillion Tax Hike

March 31, 2021

The economics is clear: If Biden wants to maximize the economic benefits of his $3 trillion in new infrastructure spending, he should cut $3 trillion in other government spending to pay for it.

Evaluating Proposals to Increase the Corporate Tax Rate and Levy a Minimum Tax on Corporate Book Income

February 24, 2021

President Biden and congressional policymakers have proposed several changes to the corporate income tax, including raising the rate from 21 percent to 28 percent and imposing a 15 percent minimum tax on the book income of large corporations, to raise revenue for new spending programs. Our new modeling analyzes the economic, revenue, and distributional impact of these proposals.

Details and Analysis of Tax Proposals in President Biden’s American Families Plan

May 6, 2021

The Biden administration’s proposed American Families Plan (AFP) would partially pay for about $1.8 trillion in new federal spending on education and family programs with about $661 billion in additional taxes on higher-income individuals and pass-through businesses like partnerships, sole proprietorships, and S corporations.

Tax Policy in the First 100 Days of the Biden Administration

April 30, 2021

In his first 100 days as president, Joe Biden has proposed more than a dozen significant changes to the U.S. tax code that would raise upwards of $3 trillion in revenue and reduce incentives to invest, save, and work in the United States.

Biden’s Proposed Capital Gains Tax Rate Would be Highest for Many in a Century

April 26, 2021

The Biden administration is proposing to tax long-term capital gains at ordinary income rates for high earners, which will bring the top federal rate to highs not seen since the 1920s.

Top Combined Capital Gains Tax Rates Would Average 48 Percent Under Biden’s Tax Plan

April 23, 2021

The top federal rate on capital gains would be 43.4 percent under Biden's tax plan (when including the net investment income tax). Rates would be even higher in many U.S. states due to state and local capital gains taxes, leading to a combined average rate of over 48 percent compared to about 29 percent under current law.

Joe Biden’s 61 Percent Tax on Wealth

April 29, 2021

Biden may have rejected a Bernie Sanders-style wealth tax, but the President is proposing other ways of taxing wealth without explicitly labeling his policies a wealth tax—by as much as 61 percent.

Federal Capital Gains Tax Collections, Historical Data (1954-2018)

April 26, 2021

Details and Analysis of Tax Proposals in President Biden’s American Families Plan

May 6, 2021

The Biden administration’s proposed American Families Plan (AFP) would partially pay for about $1.8 trillion in new federal spending on education and family programs with about $661 billion in additional taxes on higher-income individuals and pass-through businesses like partnerships, sole proprietorships, and S corporations.

U.S. Top Combined Integrated Tax Rate on Corporate Income Would Become Highest in the OECD

May 3, 2021

Under President Biden’s tax plan, the United States would tax corporate income at the highest top rate in the industrialized world, averaging 65.1 percent.

Tax Policy in the First 100 Days of the Biden Administration

April 30, 2021

In his first 100 days as president, Joe Biden has proposed more than a dozen significant changes to the U.S. tax code that would raise upwards of $3 trillion in revenue and reduce incentives to invest, save, and work in the United States.

Biden’s Proposed Capital Gains Tax Rate Would be Highest for Many in a Century

April 26, 2021

The Biden administration is proposing to tax long-term capital gains at ordinary income rates for high earners, which will bring the top federal rate to highs not seen since the 1920s.

Top Combined Capital Gains Tax Rates Would Average 48 Percent Under Biden’s Tax Plan

April 23, 2021

The top federal rate on capital gains would be 43.4 percent under Biden's tax plan (when including the net investment income tax). Rates would be even higher in many U.S. states due to state and local capital gains taxes, leading to a combined average rate of over 48 percent compared to about 29 percent under current law.

Making the Expanded Child Tax Credit Permanent Would Cost Nearly $1.6 Trillion

March 19, 2021

As the Biden administration and Congress consider making the expanded child tax credit permanent, a nearly $1.6 trillion expansion of tax code-administered benefits, they should consider financing it in a way that doesn’t create significant headwinds to economic recovery.

The American Rescue Plan Act Greatly Expands Benefits through the Tax Code in 2021

March 12, 2021

The major tax-related benefits in the $1.9 trillion economic relief plan are a third round of direct payments, extended unemployment insurance (UI) benefits and a $10,200 unemployment insurance income exemption for 2020, and an expansion of the Child Tax Credit.

Biden Could Provide Business and Household Relief by Eliminating Trump Tariffs

November 16, 2020

Biden has not specified how he would approach the Trump tariffs, though his advisers have said he will at least review them.

Joe Biden’s 61 Percent Tax on Wealth

April 29, 2021

Biden may have rejected a Bernie Sanders-style wealth tax, but the President is proposing other ways of taxing wealth without explicitly labeling his policies a wealth tax—by as much as 61 percent.

Details and Analysis of President Joe Biden’s Tax Plan

October 22, 2020

What has President Joe Biden proposed in terms of tax policy changes? Our experts provide the details and analyze the potential economic, revenue, and distributional impacts.

25 Percent Corporate Income Tax Rate Would Make U.S. Above Average Compared to Peers

May 4, 2021

Some lawmakers have expressed concerns about President Biden’s proposal to raise the federal corporate income tax rate from 21 percent to 28 percent, and instead suggest raising the rate to 25 percent.

U.S. Top Combined Integrated Tax Rate on Corporate Income Would Become Highest in the OECD

May 3, 2021

Under President Biden’s tax plan, the United States would tax corporate income at the highest top rate in the industrialized world, averaging 65.1 percent.

Tax Policy in the First 100 Days of the Biden Administration

April 30, 2021

In his first 100 days as president, Joe Biden has proposed more than a dozen significant changes to the U.S. tax code that would raise upwards of $3 trillion in revenue and reduce incentives to invest, save, and work in the United States.

Effects of Proposed International Tax Changes on U.S. Multinationals

April 28, 2021

The international corporate tax changes in President Biden’s tax plan would increase tax rates on domestic income more than on foreign income, resulting in a net increase in profit shifting out of the US, according to our Multinational Tax Model.

Testimony: Tax Fairness, Economic Growth, and Funding Government Investments

April 27, 2021

Economic research and Tax Foundation modeling indicate there is a negative trade-off between progressive taxes on capital income—such as the wealth tax, minimum book tax on corporate income, and a higher corporate tax rate—and economic growth.

Corporate Investment Outweighs Federal Revenue Losses Since TCJA

April 22, 2021

The Biden administration has argued for raising the corporate tax rate to offset the drop in federal corporate revenues following the Tax Cuts and Jobs Act (TCJA) of 2017, claiming it did not lead to more corporate investment as advertised. Although corporate revenues did drop following this tax reform, the ensuing increase in corporate investment far exceeds these revenue losses.

Raising the Corporate Rate to 28 Percent Reduces GDP by $720 Billion Over Ten Years

April 21, 2021

The Options guide presents the economic effects we estimate would occur in the long term, or 20 to 30 years from now, but we can also use our model to show the cumulative effects of the policy change—providing more context, for instance, about how the effects of a higher corporate income tax rate compound over time, which we estimate would reduce GDP by a cumulative $720 billion over the next 10 years.

Business Tax Collections Within Historical Norm After Accounting for Pass-through Business Taxes

April 15, 2021

A common argument for raising the corporate income tax rate is that collections as a share of gross domestic product (GDP) fell after the rate was reduced to 21 percent as part of the Tax Cuts and Jobs Act (TCJA) in 2017. But that argument is incomplete, as the U.S. also has a large pass-through business sector where taxes are collected through the individual income tax system.

Labor Share of Net Income is Within Its Historical Range

April 13, 2021

President Biden’s administration argues in the Made in America Tax Plan that corporate taxes should be raised to address a declining share of national income accruing to labor. The problem with the argument, which primarily relies on measures of gross domestic income, is it ignores that some income doesn’t accrue to workers or capital owners.

Biden’s Corporate Minimum Book Tax Narrows, but Problems and Uncertainties Remain

April 13, 2021

The corporate tax base should be reformed directly, rather than piecemeal through a complicated and burdensome separate tax applicable to a small number of companies.

U.S. Effective Corporate Tax Rate Is Right in Line With Its OECD Peers

April 2, 2021

Whether we use corporate tax collections as a portion of GDP, average effective tax rates, or marginal tax rates, each measure shows that the U.S. effective corporate tax burden is close to or above the average compared to its OECD peers. Raising corporate income taxes would put the U.S. at a competitive disadvantage, whether one looks at statutory tax rates or effective corporate tax rates.

Combined Corporate Rates Would Exceed 30 Percent in Most States Under Biden’s Tax Plan

April 1, 2021

While the focus has been on the federal rate, it is important to include state tax rates when thinking about the total tax burden on corporate income.

CBO Study: Benefits of Biden’s $2 Trillion Infrastructure Plan Won’t Outweigh $2 Trillion Tax Hike

March 31, 2021

The economics is clear: If Biden wants to maximize the economic benefits of his $3 trillion in new infrastructure spending, he should cut $3 trillion in other government spending to pay for it.

Phasing in a Corporate Rate Hike Would Be the Worst of Both Worlds

March 9, 2021

The Biden administration has signaled its openness to raising the corporate tax rate, potentially by phasing in an increase over several years. While phasing in a tax increase, as opposed to hiking immediately, may seem like a reasonable middle ground, it would be the worst of both worlds because it provides old investment with a lower rate while penalizing new investment.

Evaluating Proposals to Increase the Corporate Tax Rate and Levy a Minimum Tax on Corporate Book Income

February 24, 2021

President Biden and congressional policymakers have proposed several changes to the corporate income tax, including raising the rate from 21 percent to 28 percent and imposing a 15 percent minimum tax on the book income of large corporations, to raise revenue for new spending programs. Our new modeling analyzes the economic, revenue, and distributional impact of these proposals.

Biden Could Provide Business and Household Relief by Eliminating Trump Tariffs

November 16, 2020

Biden has not specified how he would approach the Trump tariffs, though his advisers have said he will at least review them.

Details and Analysis of President Joe Biden’s Tax Plan

October 22, 2020

What has President Joe Biden proposed in terms of tax policy changes? Our experts provide the details and analyze the potential economic, revenue, and distributional impacts.

Tax Policy in the First 100 Days of the Biden Administration

April 30, 2021

In his first 100 days as president, Joe Biden has proposed more than a dozen significant changes to the U.S. tax code that would raise upwards of $3 trillion in revenue and reduce incentives to invest, save, and work in the United States.

Effects of Proposed International Tax Changes on U.S. Multinationals

April 28, 2021

The international corporate tax changes in President Biden’s tax plan would increase tax rates on domestic income more than on foreign income, resulting in a net increase in profit shifting out of the US, according to our Multinational Tax Model.

Treasury’s Latest Pillar 1 Proposal: A Strategy to Split the Riches or Give Away the Store?

April 14, 2021

New international tax rules on super-profits would disproportionately impact U.S. companies however they are designed. The question that Treasury should answer is why limit the policy in such a way that magnifies that disproportionate application and the risk to the U.S. tax base.

Biden’s Tax Plan Would Restore U.S. Exceptionalism—But Not in a Good Way

April 9, 2021

No other country has tried to enforce some of the policies that the Biden administration is proposing. Embarking on such uncharted course would set the U.S. apart from global tax policy norms and best practices and could harm American competitiveness.

The Balancing Act of GILTI and FDII

April 7, 2021

The tax treatment of intangible assets has come into the spotlight recently with the Biden administration proposing to undo a policy adopted in 2017 to encourage intellectual property (IP) to be located in the U.S.

U.S. Effective Corporate Tax Rate Is Right in Line With Its OECD Peers

April 2, 2021

Whether we use corporate tax collections as a portion of GDP, average effective tax rates, or marginal tax rates, each measure shows that the U.S. effective corporate tax burden is close to or above the average compared to its OECD peers. Raising corporate income taxes would put the U.S. at a competitive disadvantage, whether one looks at statutory tax rates or effective corporate tax rates.

TCJA Is Not GILTI of Offshoring

March 18, 2021

Many members of Congress have taken issue with the 2017 tax reform. However, the reasoning that has led some to believe that GILTI provides a path to offshoring investment and jobs is flawed.

How GILTI Are U.S. Industries?

March 16, 2021

Both the Biden campaign and some Democratic members of Congress have recommended changes to GILTI, but before doing that, policymakers should consider how GILTI’s design can have ramifications for many U.S. companies and their tax burdens.

Can GILTI and the GloBE be Harmonized in a Biden Administration?

March 4, 2021

While there are several parts of the policy that are subject to further discussion and agreement, GloBE is expected to be different from GILTI in several ways.

U.S. Cross-border Tax Reform and the Cautionary Tale of GILTI

February 17, 2021

The Biden campaign and Senate Democrats identified changes to GILTI that would increase the taxes U.S. companies pay on their foreign earnings. Rather than tacking on changes to a system that is currently neither fully territorial nor worldwide, policymakers should evaluate the structure of the current system with a goal of it becoming more, not less, coherent.

Details and Analysis of President Joe Biden’s Tax Plan

October 22, 2020

What has President Joe Biden proposed in terms of tax policy changes? Our experts provide the details and analyze the potential economic, revenue, and distributional impacts.