Tax rates

The proposal sets aside the Biden administration’s proposal to raise the headline corporate income rate to 28% from 21% — a non-starter for Republican lawmakers — though that could be pursued elsewhere.

European officials are considering a proposal from the Biden administration to make companies with at least $20 billion in annual revenue pay more of their tax bill in places they operate, while being less enthused that the U.S. offer would limit levies to just 100 firms.

A full global deal to overhaul taxation rules may not be achieved until October, said the chief of the OECD.

Richard Neal, the chair of the House Ways and Means Committee, will be a key player in the coming tax debates.

Uncertainty around coming tax changes and the coronavirus pandemic are making it harder for tax pros to plan.

Finance ministers are due to begin meeting this week to home in on an accord that might feature both a minimum rate and encompass digital giants.

Signs are mounting that anxiety among congressional Democrats will significantly temper any increases that manage to pass Congress.

'It doesn't have to be exactly' 28 percent, the president said, in a signal that a final package could well have a lower rate.

With the tax recognition deadline of Dec. 31, 2026, still in place, taxpayers who wish to invest unrecognized gains in QOZs need to do so prior to Dec. 31, 2021, in order to obtain any step-up in basis benefit.

The president's promise to start narrowing income and wealth gaps underpins every part of his economic program.