US 2025 Budget includes international tax measures

On March 11, 2024, US President Joe Biden submitted the country’s 2025 Budget, including key international tax measures.

The Budget proposes to raise the corporate income tax rate to 28 percent, the corporate alternative minimum tax rate on billion-dollar corporations from 15 percent to 21 percent, and the tax rate on US multinationals’ foreign earnings from 10.5 percent to 21 percent.
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The Budget also seeks to reform international taxation by revising the global minimum tax regime, limiting inversions, and making related reforms; and adopting the undertaxed profits rule. It also seeks to revise the rules that allocate Subpart F income and GILTI between taxpayers to ensure that Subpart F income and GILTI are fully taxed, among other proposals.