US Treasury releases President’s plan to overhaul corporate tax system

On 7 April 2021, the United States (US) Treasury Department released President Joe Biden’s “Made in America Tax Plan.” According to the report, the plan’s goal “is to make American companies and workers more competitive by eliminating incentives to offshore investment, substantially reducing profit shifting, countering tax competition on corporate rates, and providing tax preferences for clean energy production. Importantly, this tax plan would generate new funding to pay for a sustained increas…