Transcription of General Explanations of the - United States Secretary of ...
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General Explanations of the Administration s Fiscal Year 2022 Revenue Proposals Department of the Treasury May 2021 This document is available online at: i General Explanations of the Administration s Fiscal Year 2022 Revenue Proposals TABLE OF CONTENTS REVENUE PROPOSALS .. 1 AMERICAN JOBS PLAN .. 2 Reform Corporate Taxation .. 3 Raise the Corporate income Tax Rate to 28 Percent .. 3 Revise the Global Minimum Tax Regime, Disallow Deductions Attributable to Exempt income , and Limit Inversions .. 4 Reform Taxation of Foreign Fossil Fuel income .. 9 Repeal the Deduction for Foreign-Derived Intangible income (FDII) .. 11 Replace the Base Erosion Anti-Abuse Tax (BEAT) with the Stopping Harmful Inversions and Ending Low-Tax Developments (SHIELD) Rule .. 12 Limit Foreign Tax Credits from Sales of Hybrid Entities.
Housing and infrastructure tax credits would support low-income housing, economic development, and public school and transportation infrastructure. The American Jobs Plan would eliminate all fossil fuel subsidies that linger in the Code, while
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