Once again, major US Tax Legislation is on the agenda in Washington. As the Biden Administration continues to try to advance its rebranded “Build Back Better” plan, many complex policy proposals have been put on the table. These developments are particularly important to businesses as they dovetail with separate work at the OECD to create a global minimum tax (Pillar Two) and to address the increasing digitization of the economy (Pillar One). Keep abreast of legislation and understand its impact through insights from trusted Deloitte tax specialists.
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The Senate voted 51-50 on August 7 to approve the Inflation Reduction Act of 2022, the roughly $740 billion budget reconciliation package that includes some targeted corporate tax increases, a large increase in funding for the Internal Revenue Service, incentives to promote climate change mitigation and clean energy, and provisions to promote health care affordability.
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