Transcription of General Explanations of the
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General Explanations of the Administration's fiscal year 2023. Revenue Proposals Department of the Treasury March 2022. TABLE OF CONTENTS. TABLE OF CONTENTS .. i Notes .. iii REVENUE PROPOSALS .. 1. Reform Business and International Taxation .. 2. Raise the Corporate Income Tax Rate to 28 Percent .. 2. Adopt the Undertaxed Profits Rule .. 4. Provide Tax Incentives for Locating Jobs and Business Activity in the United States and Remove Tax Deductions for Shipping Jobs 9. Prevent Basis Shifting by Related Parties through Partnerships .. 11. Conform Definition of Control with Corporate Affiliation Test .. 13. Expand Access to Retroactive Qualified Electing Fund Elections.
In the Administration’s Fiscal Year 2023 Budget, the President proposes a number of reforms ... The Tax Cuts and Jobs Act of 2017 replaced a graduated tax schedule (with most corporate income taxed at a marginal and average rate of 35 ... for the Administration’s infrastructure proposals and other longstanding fiscal priorities. A
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