The Budget also plans to increase the corporate tax rate to 28%, reversing legislation passed in 2017 by the previous government, which lowered it to 21%.
“Although their profits skyrocketed, their investment in our economy did not: the tax exemptions did not reach workers or consumers,” justified Joe Biden’s management, who stressed that the new rate remains the lowest for large companies since World War II, except for the years after the 2017 tax cut.
Washington recalled having also supported an agreement negotiated with the Organization for Economic Cooperation and Development (OECD) that establishes a minimum tax of 15% for companies worldwide.
The Biden administration noted that the budget proposal contains additional measures to ensure that multinational companies operating in the United States cannot use tax havens to reduce the global minimum tax.
On the other handThe US has proposed US$6.9 billion for the European Deterrence Initiative, for the NATO Atlantic alliance and the “fight against Russian aggression” in Ukraine, plus an additional US$1 billion in assistance for kyiv.
The funds would be used to “improve the capabilities and readiness of US forces, NATO allies and regional partners against Russian aggression” against Ukrainian sovereignty, the US government reported.
Source: Ambito
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