Assignment : tax reform | Business & Finance homework help
After conducting thorough research, it appears that the most viable and financially attractive proposal for U.S. corporate taxpayers is one put forth by the Biden Administration which includes raising the federal corporate tax rate from its current 21% to 28%. This combined with other proposed measures such as eliminating certain carve-outs and deductions available to businesses, would generate additional revenue that could be used to fund a range of investments in infrastructure, education, clean energy and more – all of which have been identified as essential long-term drivers of economic growth.
In order to successfully implement this proposal it must first be approved by both houses of Congress before being signed into law by President Biden himself. After approval has been granted then companies must begin paying taxes at the higher rate going forward; this will likely cause some initial financial pain for corporations but over time these costs should be offset by increased economic activity generated by their new investments initiatives. Additionally, further legislation may be needed in order to ensure proper oversight and compliance with any/all new regulations related to corporate taxation as well as providing incentives for companies who make meaningful contributions towards achieving Biden\’s larger vision for America’s future prosperity.