Overview
Steptoe partner Eric Solomon was quoted in a Bloomberg Government article titled, "Biden's Tax Proposals Aim to Align US with Global Changes." The article discusses the tax proposals released with the Biden Administration's 2023 budget request and the Administration's efforts to bring the United States in line with global efforts to implement a 15% minimum tax while ensuring the federal government doesn’t lose revenue to other countries.
Regarding the Treasury's call to raise the corporate tax rate to 28%, which would result in an effective GILTI rate of 20%, Solomon said, "No other country is going to be at 20%. I find it interesting that this administration is saying we’re going to have a GILTI rate higher than anyone else."
The full article can be read at Bloomberg Government (subscription required).