In recent weeks, a number of Democratic lawmakers have released proposals to make substantial changes to the corporate tax system. Most notably, we have seen tax proposals from President Joe Biden and from Senator Ron Wyden, chair of the tax-writing Senate Finance Committee.
In particular, both Biden and Wyden are proposing major changes to the international tax system— changes that in important ways reverse the rules ushered in by the 2017 tax law.
Biden and Wyden are broadly proposing to move in the same direction, raising the U.S. corporate rate while simultaneously raising taxes on foreign earnings. Still, there are important differences between Biden’s proposals and those outlined by Chairman Wyden.
KPMG LLP (KPMG) is pleased to invite you to watch this one-hour video webcast replay that compares and contrasts the international tax changes in the Biden and Wyden proposals and the process and prospects for potential enactment. Senior professionals from the KPMG Washington National Tax practice:
- Provide an overview of the key tax proposals in both the Biden and Wyden plans
- Outline the similarities and differences in the proposals, as well as how they compare to current tax rules
- Consider the next steps and the time line for the legislative process.