Pallav Raghuvanshi, of Greenberg Traurig LLP, has have made available for download his article, “Corporate Tax Hikes for Biden’s Infrastructure Plan,” published in a Greenberg Traurig Alert. The abstract is as follows:
On March 11, 2021, two tax reform Bills (the Stop Tax Haven Abuse Act and the No Tax Breaks for Outsourcing Act) were introduced in both the House and the Senate targeting international transactions, with some significant international tax changes. The announcement of the Tax Plan seems to reflect the proposed changes in the tax reform bills…
In addition to the above sweeping proposed changes to corporations, the White House also issued a statement that it would introduce tax changes in the coming weeks that would affect high-income individuals.
Taxpayers should consult with their tax advisors on how the Tax Plan may impact their existing organizational structures and domestic and global businesses. Any prospective structuring and restructuring should consider the effect of the tax proposals by the Biden administration, if enacted in their current form.