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Biden tax compliance plan to improve IRS funding and tax enforcement to improve tax collection

Considering Trade-offs to Improving Tax Collections

Recent Biden administration proposals rely heavily on revenue from better IRS tax collections to fund spending initiatives. The American Families Plan uses several avenues to reduce the tax gap (or the difference between taxes paid and taxes owed), from increasing the IRS’s tax enforcement budget to improving information technology and expanding reporting requirements.

4 min read
Ways & means tax proposal seeks to combat extraterritorial taxes and discriminatory taxes Global minimum tax revenue OECD Pillar Two revenue OECD impact assessment OECD Pillar One tax Pillar one amount a Biden interest limitation Biden interest deduction rule Biden interest expense limitation Business interest expense limitation Democrat Senate international tax overhaul discussion draft legislation (Wyden Brown Warner international tax overhaul) or Sen Wyden international tax plan,

Four Revenue Scores on Options to Change U.S. International Tax Rules

Changes to international tax rules are likely on the way, and it is therefore important for lawmakers to understand how various reform options would impact U.S. tax burdens on multinational companies. Moreover, policymakers should also recognize the need for prudent policies that do not put U.S.-based multinationals at a competitive disadvantage or severely curtail investment and hiring.

9 min read
Since 2017 tax reform, US corporate tax expenditures are about average in the OECD. Reuters us corporate tax in line with foreign rivals

Will FDII Stay or Will it Go?

While the Biden administration has certainly proposed to remove FDII, it is not clear that Congress is on board with that approach.

5 min read
Flag and buildings, corporate taxation, double taxation

Piling on the GILTI Verdicts

The Biden administration has proposed to significantly increase the tax burden on foreign income through a policy known as Global Intangible Low-Tax Income (GILTI). While the administration’s rhetoric focuses on doubling the tax rate on GILTI from 10.5 percent to 21 percent, this is less than half the story.

5 min read
wealthy inequality, pensions and social security, new research from federal reserve bank of boston Massachusetts ban on flavored cigarettes, Massachusetts ban on flavored tobacco

New Research Suggests Estimates of Wealth Inequality Likely Overstated

New research from Federal Reserve Bank of Boston economists suggests wealth inequality has grown less than previously estimated and that shares of wealth held by top earners drops significantly when accounting for sources of lower- and middle-class wealth that are often overlooked.

2 min read
trade war tariffs agriculture impact farmers Biden small business tax Biden small business taxes farm estate planning

Biden’s Tax Proposals Could Impact Small Businesses Over Time

The Biden administration has primarily focused on increasing taxes on top earners to generate revenue to fund its spending priorities. However, these proposals would hit many pass-through businesses and much of pass-through business income, including small businesses, family-owned businesses, and farms.

3 min read