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Even after Biden tax hike, US firms would pay less than foreign rivals

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Even after Biden tax hike, US firms would pay less than foreign rivals

Photo: U.S. President Joe Biden speaks in the State Dining Room of the White House in Washington, U.S., June 18, 2021. Reuters / Carlos Barria. Reporting by Tom Bergin; editing by Brian Thevenot. Reuters – June 22, 2021.

June 22 (Reuters) – U.S. companies pay less income tax than their overseas competitors and would likely continue to do so under a tax hike proposed by President Joe Biden, according to a Reuters analysis of filings by hundreds of U.S. and international firms.

The analysis undercuts arguments by some company executives and trade groups that Biden’s plan would leave U.S. firms paying some of the world’s highest taxes and struggling to compete against foreign rivals. Industry representatives have aggressively lobbied against the proposal, which would increase the corporate tax rate to 28%, from the current 21%. The president also wants a minimum tax of 21% on overseas income, up from 10.5%. […]

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