News Round Up – October 2021

Corporate minimum tax proposal unveiled by key Senate Democrats (cnbc.com)
New details of a Democratic plan to enact a 15% minimum corporate tax on declared income of large corporations were released Tuesday, October 26, 2021, by three senators, Elizabeth Warren, D-Mass., Angus King, I-Maine, and Senate Finance Committee Chair Ron Wyden, D-Ore.

EXPLAINER: What’s a ‘wealth tax’ and how would it work? (apnews.com)
Biden has pledged that his programs will not add a penny to the deficit, which means selling to Congress and voters a tax on the wealthiest .0005% of Americans. This article some details on the proposed billionaires tax.

Biden revises proposal to have IRS monitor bank accounts more closely. Here’s how it would work. (msn.com)
Biden administration’s proposal to require that all U.S. banks report data to the Internal Revenue Service about any account annual deposits and withdrawals.

Global Corporate-Tax Overhaul Advances as 136 Nations Sign On | Accounting Today
A vast overhaul of corporate taxation won support from 136 countries, as nations resolved key differences over the level of a global minimum rate and an end to new digital taxes that the U.S. has deemed discriminatory.