Yellen Says Tax Plan Recoups $2 Trillion in Overseas Profits (2)
By Christopher Condon and Laura Davison
April 7, 2021, 6:33 PM
Treasury Secretary Janet Yellen unveiled a detailed sales pitch for the Biden administration’s proposed new corporate-tax code, a plan that she said would be fairer to all Americans, remove incentives for companies to shift investments and profit abroad and raise more money for critical needs at home.
Expanding on the tax proposals released last week in President Joe Biden’s $2.25 trillion economic package, the Treasury said the changes, over a decade, would bring back about $2 trillion in corporate profits into the U.S. tax net, with about $700 billion in federal revenue streaming in from ending incentives to shift...