A High-Level Look at President Biden’s Proposed Tax Plan
As the administration has officially changed over, it’s an opportunity for us to take another look at President Biden’s proposed Tax Plan. As often happens after a change in leadership, businesses need to be aware of cuts, increases, credits and more that could impact your business in the future.
A few things we expect include an increase the corporate tax rate to 28%, some 9% higher than the UK’s rate of 19%. While this would grow revenue at home, we’d expect to see many US businesses look overseas once again to more competitive tax regimes.
Below is a chart outlining the Biden Administration’s proposed changes to current tax plans.
Whether you are a US business with a UK presence already, or are considering expansion, we would be happy to discuss how these changes may affect your plans for international growth.