WASHINGTON — Senator Ron Wyden, the Oregon Democrat in charge of writing tax legislation, will release a new plan on Monday to overhaul the way the United States taxes multinational corporations, in what could be a blueprint for how lawmakers will finance President Biden’s infrastructure plan. The proposal could raise hundreds of billions of dollars from companies that operate across international borders, according to analyses of similar proposals by congressional scorekeepers. In addition to raising revenue, the plan seeks to discourage companies from shifting profits and jobs to low-tax countries to avoid paying taxes in the United States. It also creates new incentives through the tax code for companies to invest in research and manufacturing in the country. The proposal would tweak several aspects of President Donald J. Trump’s signature 2017 tax law, which created a series of new mechanisms for how the United States taxes multinational companies.

Source: International New York Times April 05, 2021 16:41 UTC