U.S. Treasury Calls for More Taxes on Overseas Profits
- Clausing says businesses can still compete with higher rates
- Sanders proposes a 35% corporate rate, above Biden’s 28%
A person jogs past the U.S. Treasury building in Washington, D.C.
Photographer: Samuel Corum/BloombergThis article is for subscribers only.
President Joe Biden’s Treasury Department is calling for a “more robust minimum tax” on profits earned by American corporations overseas to remove incentives for companies to shift earnings outside U.S. borders.
Making such a change is critical to maintaining domestic tax revenues and protecting American workers, Kimberly Clausing, the Treasury’s deputy assistant secretary for tax analysis, said in prepared remarks to the Senate Finance Committee on Thursday.