Choo! Choo! Biden Infrastructure Plan Chugs Along Seeking International Tax Revenue

The Biden administration and top Congressional Democrats seek to raise revenue to finance the improvements and other non-infrastructure items in the president’s $2 trillion-plus infrastructure plan, the “American Jobs Plan.” To fund the plan, President Biden advocates raising revenue by materially altering or repealing certain international tax provisions of the Tax Cuts and Jobs Act of 2017, namely the global intangible low-tax income (GILTI) and the base-erosion anti-abuse tax (BEAT). The plan also looks to derail the use of tax havens by advocating for stronger anti-inversion measures and a global minimum tax to end a “30-year race to the bottom” to combat the profit shifting of foreign multinational companies out of the U.S. tax base. This article covers the current steps along the journey to use international tax reform as a revenue raiser to pay for the infrastructure plan.

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