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Income Taxes › Corporate Taxes › Biden Administration

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
Cadwalader, Wickersham & Taft LLP

Balancing Uncle Sam’s Checkbook: Biden’s Tax Proposals

Cadwalader, Wickersham & Taft LLP on

In President Biden’s recent State of the Union Address, he called on corporations and wealthy taxpayers to pay their “fair share” through proposals to end tax breaks for private jets, further limit deductions for executive...more

Rivkin Radler LLP

“C’mon Man! Tax the Rich!” Business Owners Face Tax Increases*

Rivkin Radler LLP on

Last week, Sen. Warren reintroduced her “Ultra-Millionaires” wealth tax proposal to the Senate. Query her timing. The measure has the proverbial snowball’s chance in Hell of being enacted by this Congress.Perhaps the Senator...more

Brownstein Hyatt Farber Schreck

Fiscal Year 2025 Greenbook Provisions Chart

Brownstein Hyatt Farber Schreck on

On Monday, March 11, President Joe Biden released his budget request to Congress (“Budget”) and various accompanying documents. Separately, the Treasury Department released its General Explanations of the Administration’s...more

Groom Law Group, Chartered

Déjà Vu: Biden’s 2025 Budget Nearly Identical on Health, Retirement

Groom Law Group, Chartered on

On March 11, 2024, President Biden released his budget for Fiscal Year 2025. Hewing closely to proposals in its last budget, the Administration’s new budget proposes a number of major tax increases, including the following...more

Brownstein Hyatt Farber Schreck

The White House Releases FY 2025 Budget Tax Priorities

Brownstein Hyatt Farber Schreck on

Earlier today, the White House released its fiscal year (FY) 2025 budget request to Congress. Overall, it proposes $7.3 trillion in total spending, including a proposed $895 billion for defense and approximately $621 billion...more

Brownstein Hyatt Farber Schreck

Tax Takeaways from Biden’s State of the Union Address

Brownstein Hyatt Farber Schreck on

President Joe Biden delivered his third State of the Union address on March 7, emphasizing the tax-policy priorities that will continue to take center stage in his ongoing presidential campaign. Similar to last year’s...more

Brownstein Hyatt Farber Schreck

A Look Ahead into Tax Policy in 2024

Brownstein Hyatt Farber Schreck on

As Congress heads into 2024 and President Biden starts the last year of his term, a host of tax issues remain unaddressed, including a much-anticipated expiring tax provisions package, pending regulatory guidance, the outcome...more

Brownstein Hyatt Farber Schreck

House Republicans Introduce Expansive Tax-Reform Package: The American Families and Jobs Act

Brownstein Hyatt Farber Schreck on

House Ways and Means Committee Chairman Jason Smith (R-MO) unveiled committee Republicans’ economic-growth package on June 9, introducing three individual bills that encompass tax provisions relevant to a broad cross-section...more

Skadden, Arps, Slate, Meagher & Flom LLP

The 2024 Green Book and Tax Implications: A Primer

Skadden, Arps, Slate, Meagher & Flom LLP on

On March 9, 2023, the Treasury Department released the General Explanations of the Administration’s Fiscal Year 2024 Revenue Proposals (sometimes called the Green Book) to accompany President Joe Biden’s proposed budget for...more

Brownstein Hyatt Farber Schreck

White House Releases FY 2024 Budget Request

Brownstein Hyatt Farber Schreck on

Earlier today, the White House released its fiscal year (FY) 2024 budget request to Congress. Overall, it proposes $6.9 trillion in total spending, including a proposed $880 billion for defense and approximately $992 billion...more

Brownstein Hyatt Farber Schreck

Taxation & Representation, September 13, 2022

Brownstein Hyatt Farber Schreck on

LEGISLATIVE LOWDOWN - Recess Recap: What happened over the last month in the world of tax?   Congress Considers Options to Delay Impending Shutdown. With Congress unable to reach a consensus on appropriations bills for...more

Cadwalader, Wickersham & Taft LLP

Key Features and Ambiguities of the New Corporate Book Minimum Tax

Cadwalader, Wickersham & Taft LLP on

The Inflation Reduction Act of 2022 imposes a 15% corporate Book Minimum Tax (“BMT”) for taxable years beginning after December 31, 2022. The BMT is a 15% tax on certain domestic corporations’ Applicable Financial Statement...more

Mayer Brown Free Writings + Perspectives

US Inflation Reduction Act – Corporate Minimum Tax and Stock Repurchase Excise Tax

Mayer Brown Free Writings + Perspectives on

If you thought the recent price increase at your neighborhood store was inflation’s last flop, think again. The Inflation Reduction Act (“IRA”), which was signed into law by President Biden on August 16, 2022, is estimated to...more

Cadwalader, Wickersham & Taft LLP

Tax Provisions in the Inflation Reduction Act of 2022

Cadwalader, Wickersham & Taft LLP on

President Biden signed the Inflation Reduction Act of 2022 (the “IRA”) into law on August 16, 2022, after passage with majority Democratic support in the Senate and the House. The new legislation contains significantly fewer...more

Eversheds Sutherland (US) LLP

Signed, sealed, delivered: Biden signs Inflation Reduction Act enacting “new” corporate minimum tax

Eversheds Sutherland (US) LLP on

​​​​​​​On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (the IRA) into law. Among the most notable IRA provisions is a 15% corporate alternative minimum tax on corporations with book profits...more

Cadwalader, Wickersham & Taft LLP

Senate Passes Inflation Reduction Act

Cadwalader, Wickersham & Taft LLP on

Below is a summary of the tax provisions in the Inflation Reduction Act of 2022 (the “IRA”), as passed by the Senate, that are likely to be of most interest to U.S. corporate taxpayers, financial institutions, hedge funds,...more

McDermott Will & Emery

The Inflation Reduction Act: Overview of New Corporate Minimum Tax

McDermott Will & Emery on

On August 7, 2022, the US Senate passed the Inflation Reduction Act of 2022 (the Act), a budget reconciliation bill recently introduced by Senate Majority Leader Chuck Schumer (D-NY) and Senator Joe Manchin (D-WV). The bill...more

Bailey & Glasser, LLP

BG Tax Alert - Take Two: Biden’s Budget Proposes Tax Hikes

Bailey & Glasser, LLP on

On March 28, 2022, President Biden announced his 2023 federal budget (Budget), which is often referred to as the President’s Green Book. While much of the Budget harkens back to the “Build Back Better Framework” (Framework),...more

Proskauer - Tax Talks

The Biden Administration Proposes Changes to the U.S. International Tax Rules

Proskauer - Tax Talks on

Introduction and Summary - On March 28, 2022, the Biden Administration proposed changes to the U.S. international tax rules. In short, the Biden Administration proposed to: Enact a 15% minimum “undertaxed profits...more

Cadwalader, Wickersham & Taft LLP

A Pocket Guide to the 2023 Budget Proposals

Cadwalader, Wickersham & Taft LLP on

On March 28, 2022, the Biden Administration released its budget proposal for Fiscal Year 2023 (the Budget). We summarize below the tax aspects of the Budget of particular interests to U.S. corporate taxpayers, financial...more

Freeman Law

Notable Tax Takeaways from President Biden’s Budget

Freeman Law on

On March 28, 2022, President Joe Biden released his FY 2023 Budget of the U.S. Government (the “Budget”). In a statement regarding the Budget, President Biden stated the following...more

Brownstein Hyatt Farber Schreck

Taxation & Representation, January 11, 2022

Brownstein Hyatt Farber Schreck on

Tax Tidbit - Budget Reconciliation: By the Numbers. Since 1980, Congress has passed 26 budget reconciliation bills, 22 of which have become law. During 11 of those 41 years, Congress did not pass any budget reconciliation...more

Proskauer - Tax Talks

Senator Manchin Announces That He Will Not Support the Build Back Better Act – Where Things Stand Now

Proskauer - Tax Talks on

Yesterday, on December 19, 2021, Senator Joe Manchin (D., W.Va.) said that he opposes the Build Back Better Act, which effectively prevents its passage.  While there are no immediate prospects for the Build Back Better Act to...more

Cadwalader, Wickersham & Taft LLP

Build Back Better Act: Comparison of Senate Finance Committee and House Tax Provisions

Cadwalader, Wickersham & Taft LLP on

Here's a summary of the new tax provisions in the Build Back Better Act proposed by the Senate Finance Committee, as compared to the version that the House passed on November 19, 2021....more

Polsinelli

The Proposed Build Back Better Act Moves Forward After the House Passes a Revised Version of the Bill

Polsinelli on

Overview - Over the past year, several tax law changes have been proposed by the Biden administration and, in September 2021, draft legislative language was circulated, which set forth proposed changes to the Internal...more

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