House passes $1 trillion bipartisan infrastructure bill, sends measure to Biden for signature
AP file
- Biden's plan bolsters the IRS to improve collections and close the gap between taxes owed and taxes paid.
- A 15% minimum income tax would be applied to large corporations, along with a 1% surcharge on corporate stock buybacks. The U.S. would also be aligned with an agreement reached by more than 100 countries designed to deter multinational companies from stashing profits in low-tax countries.
- The bill would create a new surtax on multimillionaires and billionaires and close a provision that allows some wealthy taxpayers to avoid paying the 3.8% Medicare tax on their earnings.
- A $10,000 cap on state and local tax deductions would be raised to $72,500. Tax analysts say the change would largely benefit high-income households.
AP file
- Biden's plan bolsters the IRS to improve collections and close the gap between taxes owed and taxes paid.
- A 15% minimum income tax would be applied to large corporations, along with a 1% surcharge on corporate stock buybacks. The U.S. would also be aligned with an agreement reached by more than 100 countries designed to deter multinational companies from stashing profits in low-tax countries.
- The bill would create a new surtax on multimillionaires and billionaires and close a provision that allows some wealthy taxpayers to avoid paying the 3.8% Medicare tax on their earnings.
- A $10,000 cap on state and local tax deductions would be raised to $72,500. Tax analysts say the change would largely benefit high-income households.
