The U.S. Department of the Treasury released a key document that explains the Administration’s revenue proposals included in the Budget – the General Explanations of the Administration’s FY2022 Revenue Proposals, or “Greenbook.” The Greenbook further describes revenue measures previously announced by President Biden, including:

AMERICAN JOBS PLAN

Reform Corporate Taxation

• Raise the Corporate Income Tax Rate to 28 Percent
• Revise the Global Minimum Tax Regime, Disallow Deductions Attributable to Exempt Income, and Limit Inversions
• Reform Taxation of Foreign Fossil Fuel Income
• Repeal the Deduction for Foreign-Derived Intangible Income (FDII)
• Replace the Base Erosion Anti-Abuse Tax (BEAT) with the Stopping Harmful Inversions and Ending Low-Tax Developments (SHIELD) Rule
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