Tax

• [New] President Biden's American Families Plan would make two big changes in the tax treatment of investment income such as long-term capital gains and dividends. / Tax Policy Center
• [New] Biden plans to replace incentives that reward excess profits from intangible assets, increase the global minimum tax for US multinationals, and have corporations that earn $100 million or more in profits pay a 15% alternative minimum tax. / Business Insider
• [New] President Biden's tax plan will be felt hard by the highest earning Americans in the UK but may halt an exodus in the event of increased UK taxes. / London Business News | Londonlovesbusiness.com
• [New] The American Families Plan would also make the existing $ 2,000-per-child tax credit permanently refundable, meaning it would be more accessible to families on the lowest end of the income spectrum who previously did not pay enough taxes to qualify for the maximum credit. / Forbes
• [New] If Congress fails extend the CDCTC expansion, more than 6 million families could see their taxes go up at the end of the year - many by thousands of dollars - making obtaining affordable child care more difficult. / The White House
• [New] If Congress does not act, millions of American families and workers will see their taxes go up at the end of the year. / The White House
• [New] In all, the American Families Plan includes $1.8 trillion in investments and tax credits for American families and children over ten years. / The White House
• [New] Another plan just released today - the American Families Plan (AFP) - proposes large investments in children and higher education and is financed by progressive taxes on capital incomes accruing to the richest households. / Economic Policy Institute
• [New] The American Families Plan will be funded by raising the top marginal tax rate for the wealthiest Americans to 39.6% from its current 37%. / www.theepochtimes.com
• [New] Plans for an EU-wide tax targeting digital companies, expected to generate €1.5 billion a year, were called into question, as the U.S. earlier this month counter-pitched a global levy on the world's largest companies. / Politico
• [New] In the US, it is quite likely that the federal tax rates on investment income and capital gains will rise. / Financial Times
• [New] Global context: Combined with Biden's coming proposals on capital gains tax and raising the top marginal income tax rate to 39.6%, America could end the year with one of the most progressive tax systems in the world. / Politico
• [New] In a measure that is expected to reverse years of tax cuts that have benefited the wealthiest in society, tax on investment gains will be almost doubled, from 20% to 39.6%, for Americans with earnings of $1m or more. / The Guardian
• [New] The fear of losing jobs and investment is easily the dominant reason why average corporate tax rates in the developed world have dropped from nearly 50% to less than 25% over the past four decades. / The Fraser Institute
• [New] The overall corporate tax rate in the United States (including an average of state corporate taxes) will rise to more than 32%, the highest rate among developed countries. / The Fraser Institute
• [New] Government's increasing reliance on fuel sales for tax revenue could become precarious in the years ahead as South African motorists begin buying electric vehicles at scale. / Engineering News
• [New] Bitcoin and other cryptocurrencies posted sharp losses on Friday, on concerns that United States President Joe Biden's plan to raise capital gains taxes will curb investments in digital assets. / Al Jazeera
• [New] President Joe Biden will roll out a plan to raise taxes on the wealthiest Americans, including the largest-ever increase in levies on investment gains, to fund about $1 trillion in childcare, universal pre-kindergarten education and paid leave for workers. / Reuters
• There will be about $12 billion more in taxes from some large companies over the next five years with the new digital service tax, limits on interest expense and other measures to limit international tax avoidance. / financialpost
• The so-called American Families Plan may come in at around $1.5 trillion in new spending aimed at curbing poverty, expanding tax credits for families, and establishing a new universal pre-K initiative. / Business Insider

Last updated: 02 May 2021