Biden Proposal Tries to Align US With Global Minimum Tax
On March 9, President Biden released a budget proposal for fiscal year 2024. The Biden administration proposed doubling the tax rate on US multinationals’ foreign earnings and making other changes that would align the US with the global minimum tax known as Pillar II. The Biden administration has made similar proposals in past years, and those proposals were not enacted when Democrats controlled both houses of Congress. Now that Republicans control the House, it is unlikely that there will be any tax legislation soon.