U.S. Treasury details plan that could secure another $ 2.5 trillion in revenue

U.S. Treasury details plan that could secure another $ 2.5 trillion in revenue
U.S. Treasury details plan that could secure another $ 2.5 trillion in revenue
The United States Treasury Department released details of the tax proposal on Wednesday, which will help finance the $ 2 trillion infrastructure investment package announced last week by US President Joe Biden. In a statement, the agency said that if approved by Congress, the plan could generate about $ 2.5 trillion in additional revenue to the government in up to 15 years.

Among other measures, the project includes an increase in corporate tax from 21% to 28%; creation of a minimum level of taxes paid by large companies; attempt to create a global minimum tax; implementation of a minimum limit of 15% for corporate income tax; improved supervision of tax payments.

In the note, the Treasury estimated that, in all, the repatriation of profits from American companies abroad will guarantee about US $ 2 trillion to the US in the next decade, with about US $ 700 billion generated from the suspension of incentives for earned profits internationally.

The proposal also has an important environmental component, with the elimination of subsidies for fossil energy fuels, which can guarantee more than US $ 35 billion to public coffers in 10 years. “The main impact would be on the profits of the oil and gas companies. Research suggests little impact on gasoline or energy prices for US consumers and little impact on our energy security, ”says the text.

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