As lawmakers and policy experts in Washington debate the merits of President Biden’s proposed changes to the corporate tax system, experts from Bank of America said Friday that one element of Biden’s plan—a global minimum tax—has a better chance of becoming reality than it used to. Here’s why.Unlike Biden’s other tax proposals, a global minimum tax cannot be enacted by the United States alone: other world economies would also need to agree on the minimum and pledge not to undercut it.
“It is very hard to get global agreements on taxation,” the analysts wrote, “but there is a better chance today than in the past.” They cite elements of President Trump’s 2017 Tax Cuts and Jobs Act designed to reduce profit shifting as evidence of common ground between Republicans and Democrats on the issue—despite disagreements on the nitty gritty policy details—and note that attention across the globe is now shifting to issues surrounding income and wealth inequality.
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