Introduction to The American Jobs Plan and The Made in America Tax Plan

昨天在匹兹堡的一次演讲中, President Biden spoke on the first part of his vision for America and unveiled his American Jobs Plan (AJP or the plan), a $2.未来十年3万亿美元的基础设施支出计划. 

Included in the AJP’s broad agenda are plans for the rebuilding of roads, bridges and water systems, 扩大宽带互联网接入, 资助研究及发展, improving housing and education facilities from pre-school through college, 升级退伍军人医院和其他联邦建筑, 同时为其他项目提供资金.  The AJP is the first of at least two large programs to be proposed by President Biden and his administration; a second is expected to be released later in April and is believed to target childcare and healthcare programs.  

The funds to pay for the AJP are to be generated from proposed changes to corporate income tax provisions.  These changes are projected to raise $2 trillion dollars over 15 years.  The tax portion of the overall AJP is being called the Made in America Tax Plan.  

A broad summary of both prongs of the initial proposal was released by the White House in a Fact Sheet  

The Made in America Tax Plan proposes the following general provisions:   

• 将公司税率从21%提高到28%.
• Enact a corporate minimum tax rate of 15% based upon reported profits to investors.
• Reform and increase the Tax Cuts and Jobs Act tax assessed on Foreign Derived Intangible Income.   
• Work with other countries to propose a worldwide minimum tax system to “end the race to the bottom” on global corporate tax rates.    
• Strengthen provisions on profit-stripping strategies that shift profits to lower-tax-rate countries.  
• 以防止公司倒置为目标.
• 拒绝与海外工作相关的扣除.  
• 取消现行的税收优惠(补贴), favorable deduction rules, and special foreign tax credits) for the fossil fuel industry. 
• Restore Superfund Trust Fund assessments on industries generating pollution.
• 加大国税局对公司的执法力度.

The AJP, 如简报所述, is essentially a broad policy declaration reflecting many of the president’s talking points made during his election campaign.  Specific details and the final shape of this spending and tax reform plan will take months to work through and negotiate.   Predictably, there are lawmakers who believe the package does not go far enough on spending, 而另一些人则认为成本太高.  

Further, the tax plan details released yesterday don’t include any proposed changes to individual income taxes; these are expected to be detailed with the release of the second spending plan.  

We will continue to monitor and write about the ongoing policy changes involving tax reform, 以及它对企业和个人的影响.  Future articles in this series will be provided as additional ideas are presented by lawmakers, specific bills are proposed that may (or may not) ultimately become law, and as more details emerge.