Tax Reform 2021 and 2022: U.S. and OECD/G20 Developments and Resources

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 21^st 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

• OECD, OECD Secretary-General Tax Report to G20 Finance Ministers and Central Bank Governors, 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, Tax Challenges Arising from the Digitalisation of the Economy – Global Anti-Base Erosion Model Rules (Pillar Two): Inclusive Framework on BEPS, December 20, 2021.

• OECD, Overview of the Key Operating Provisions of the GloBE Rules, December 20, 2021

• OECD, FAQs on Model GloBE Rule, December 20, 2021

• OECD, OECD releases detailed technical guidance on the Pillar Two model rules for 15% global minimum tax, March 14, 2022

• 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