corporateincometax
President Joe Biden is requesting an increase for the Internal Revenue Service’s (IRS) budget of $80 billion to boost enforcement. Biden’s measure would crackdown on tax evasion, mostly by high-earners, which economists believe could bring in $700 billion in lost revenue. The president explained the key details of his IRS proposal during an address to a joint session of Congress Wednesday. In addition to the IRS budget increase, Biden’s proposals will also raise the top marginal tax rate from 37% to 39.6% and increase the capital gains tax for people with investments larger than $1 million fro...
uPolitics.com
In her first speech as Treasury Secretary, Janet Yellen urged Congress to implement a global minimum corporate tax rate. Yellen says that President Joe Biden is eager to work with world leaders to crack down on tax havens and loopholes which has led several of America’s largest companies to pay no taxes in recent years. “Together we can use a global minimum tax to make sure the global economy thrives based on a more level playing field in the taxation of multinational corporations, and spurs innovation, growth, and prosperity,” said in her virtual address to the Chicago Council on Global Affai...
uPolitics.com
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