Tax Reform 2021 and 2022: U.S. and OECD/G20 Developments and Resources
March 29, 2022
Significant tax reform proposals have been put out by the Biden administration, members of the Senate Finance and House Ways & Means Committees, and the OECD/G20 Inclusive Framework on BEPs.
Below are links to the proposals and related resources.
Biden Administration
Office of Management and Budget, Budget of the U.S. Government Fiscal Year 2023, (March 28, 2022).
U.S. Department of the Treasury, General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals, (March 2022).
U.S. Department of the Treasury, U.S. Department of the Treasury Releases Greenbook, Outlining Tax Proposals Will Help Build a Better America, (March 28, 2022).
Statement by President Joe Biden on the FY 2023 Budget, (March 28, 2022).
Remarks by President Biden Announcing the Fiscal Year 2023 Budget, (March 28, 2022).
On-the-Record Press Call by OMB Director Shalanda Young and CEA Chair Cecilia Rouse on the President’s FY23 Budget, (March 28, 2022).
FACT SHEET: The Biden Administration’s Historic Investment in Pandemic Preparedness and Biodefense in the FY 2023 President’s Budget, (March 28, 2022).
Statement by Treasury Secretary Janet L. Yellen on the President’s Fiscal Year 2023 Budget and Treasury Strategic Plan for Fiscal Years 2022-2026, (March 28, 2022).
Office of Management and Budget, “Budget of the U.S. Government Fiscal Year 2022,” (May 28 2021).
- U.S. Department of the Treasury, “General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals,” (May 2021).
- U.S. Department of the Treasury, “Administration’s FY2022 Budget Tax Proposals Will Promote Shared Growth and Prosperity,” (May 28, 2021).
- Revenue Estimates of the Administration’s Fiscal Year 2022 Revenue Proposals.
- Issues in International Corporate Taxation: The 2017 Revision (P.L. 115-97), Congressional Research Service (May 17, 2021).
- Joint Committee on Taxation, U.S. International Tax Policy: Overview and Analysis (JCX-16R-21) (April 19, 2021).
- President Biden, “Made in America” Tax Plan, announced April 7, 2021.
- U.S. Department of Treasury, Report on The Made in America Tax Plan (April 2021).
- President Biden, “American Families Plan” announced April 28, 2021.
- U.S. Department of Treasury, America Families Plan Tax Compliance Agenda (May 2021).
- U.S. Department of the Treasury, Statement from Secretary of the Treasury Janet L. Yellen On G7 Finance Ministers’ Commitment to Global Minimum (June 5, 2021)
- U.S. Department of the Treasury, Why the United States Needs a 21% Minimum Tax on Corporate Foreign Earnings (September 7, 2021)
- U.S. Department of the Treasury, READOUT: Secretary of the Treasury Janet L. Yellen’s Meeting with G20 Finance Ministers and Central Bank Governors (October 13, 2021)
- President Biden Announces the Build Back Better Framework, October 28, 2021
Senate Finance Committee Chair Wyden
- Senate Finance Committee, Overhauling International Taxation (April 5, 2021).
- U.S. Senate Committee on Finance, Wyden, Brown, Warner Unveil International Taxation Overhaul Discussion Draft
- U.S. Senate Committee on Finance, International Tax Reform Framework Discussion Draft Section-By-Section Description
- U.S. Senate Committee on Finance, International Tax Reform Framework Discussion Draft Legislation
- Corporate Alternative Minimum Tax, Proposed by Senators Warren, Wyden, and King (October 26, 2021)
- Elimination of Deferral (Billionaires Income Tax), Proposed by Senator Wyden (October 27, 2021)
House Ways and Means Committee
- The House Ways and Means Committee, Section by Section Markup of Subtitle I – Responsibly Funding Our Priorities (September 13, 2021).
- The House Ways and Means Committee, Budget Reconciliation Proposal (September 13, 2021).
- Joint Committee on Taxation, Estimated Budgetary Effects Of An Amendment In The Nature Of A Substitute To The Revenue Provisions Of Subtitles F, G, H, I, And J Of The Budget Reconciliation Legislative Recommendations Relating To Infrastructure Financing And Community Development, Green Energy, Social Safety Net, Responsibly Funding Our Priorities, And Drug Pricing (September 13, 2021).
- Joint Committee on Taxation, Description Of The Chairman’s Amendment In The Nature Of A Substitute To The Committee Print Relating To Infrastructure Financing (Subtitle F), Green Energy (Subtitle G), The Social Safety Net (Subtitle H), And Prescription Drug Pricing (Subtitle J) (September 14, 2021).
- H.R. 5376, Build Back Better Act, House Rules Committee, October 28, 2021
- Manager Amendment to Rules Committee Print 117-17 (Build Back Better), Congressman Yarmuth, November 3, 2021
- H.R. 5376, Build Back Better Act, House Rules Committee, November 3, 2021
- Joint Committee on Taxation, Estimated Budget Effects Of The Revenue Provisions Of Title XIII - Committee On Ways And Means, Of H.R. 5376, The “Build Back Better Act,” As Reported By The Committee On The Budget, With Modifications (Rules Committee Print 117-18) (November 4, 2021)
Other Congressional Proposals
- “Stop Tax Haven Abuse Act,” Bill Proposed By Representative Doggett (March 11, 2021).
- “No Tax Breaks for Outsourcing Act,” Bill Proposed by Senator Whitehouse (March 11, 2021).
OECD/G20 Inclusive Framework on BEPS Pillars 1 and 2
- OECD (2020), Tax Challenges Arising from Digitalisation – Report on Pillar One Blueprint: Inclusive Framework on BEPS,
OECD/G20 Base Erosion and Profit Shifting Project. - OECD (2020), Tax Challenges Arising from Digitalisation – Report on Pillar Two Blueprint: Inclusive Framework on BEPS,
OECD/G20 Base Erosion and Profit Shifting Project. - Steering Group of the Inclusive Framework Meeting, Presentation by the United States (April 8, 2021).
- U.S. Department of Treasury, READOUT U.S. Department of the Treasury’s Office of Tax Policy Meetings with Steering Group of the
Inclusive Framework, May 20, 2021. - European Commission, Communication from the Commission to the European Parliament and the Council, Business Taxation for the 21st Century, May 18, 2021.
- G7 Finance Ministers and Central Bank Governors Communiqué, Policy Paper, June 5, 2021.
- Bahamas Ministry of Finance, Ministry of Finance Statement on G7 Agreement on Tax Reform, June 7, 2021.
- OECD, Statement on a Two-Pillar Solution to Address the Tax Challenges Arising From the Digitalisation of the Economy, July 1, 2021.
- OECD, 130 countries and jurisdictions join bold new framework for international tax reform, July 1, 2021.
- Ireland Department of Finance, Ireland broadly supports OECD Inclusive Framework Agreement on key aspects of new international tax rules with reservation – Donohoe, July 1, 2021
- G20 Finance Ministers and Central Bank Governors, Official Communiqué, July 10, 2021.
- European Commission, Press Release Taxation: Historic global agreement to ensure fairer taxation of multinational enterprises, July 10, 2021.
- European Commission, Global Agreement on Corporate Taxation: Frequently asked questions, July 10, 2021
- Ireland Department of Finance, Minister Donohoe launches Public Consultation on the OECD International Tax Proposals, July 20, 2021.
- Switzerland Federal Department of Economic Affairs, Education and Research, The Federal Council Swiss President Guy Parmelin and Federal Councillor Ueli Maurer meet OECD Secretary-General, July 29, 2021
- OECD, Corporate Tax Statistics: Third Edition, July 29, 2021.
- OECD, International community strikes a ground-breaking tax deal for the digital age, October 8, 2021.
- OECD, Statement on a Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy, October 8, 2021
- OECD, Frequently Asked Questions on OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) Statement on the Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy, October 8, 2021.
- OECD, Highlights Brochure on OECD/G20 Base Erosion and Profit Shifting Project Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy, October 8, 2021.
- Italian G20 Presidency, Fourth G20 Finance Ministers and Central Bank Governors meeting, Communiqué, October 13, 2021
IMF/OECD, Tax Policy and Climate Change: IMF/OECD Report for the G20 Finance Ministers and Central Bank Governors, October 13, 2021
OECD, Developing Countries and the OECD/G20 Inclusive Framework on BEPS: OECD Report for the G20 Finance Ministers and Central Bank Governors, October 13, 2021
OECD, Tax and Fiscal Policies after the COVID-19 Crisis: OECD Report for the G20 Finance Ministers and Central Bank Governors, October 13, 2021
The Information Technology Industry Council (ITI), ITI Responds to G20 Finance Ministers’ Update on Global Tax Negotiations, October 13, 2021
European Commission, Statement by Commissioner Gentiloni on the G20’s endorsement of the agreement on international taxation reform, October 13, 2021
OECD, Overview of the Key Operating Provisions of the GloBE Rules, December 20, 2021
OECD, Tax Challenges Arising from the Digitalisation of the Economy –Global Anti-Base Erosion Model Rules (Pillar Two) Examples, Inclusive Framework on BEPS, March 14, 2022
OECD, Tax Challenges Arising from the Digitalisation of the Economy – Commentary to the Global Anti-Base Erosion Model Rules (Pillar Two), Inclusive Framework on BEPS, March 14, 2022