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The Tax Hub

Daily Tax Newsletter

United States

29 March 2021

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Corporate Tax Dodging Prevention Act Introduced in U.S. Senate

U.S. Senator Bernie Sanders (I-VT) has announced the introduction of the Corporate Tax Dodging Prevention Act. According to a summary, the bill would reform the tax code by:

  • Repealing the Trump corporate tax rate and restoring the top corporate tax rate to 35%;
  • Ending the rule allowing American corporations to pay a lower or zero percent tax rate on offshore earnings compared to domestic income;
  • Eliminating the Interest-Free Deferral of Repatriation Tax Payments;
  • Closing loopholes allowing American corporations to shift income between foreign countries to avoid U.S. taxes;
  • Repealing the "check-the-box" and "CFC Look-Thru" offshore loopholes;
  • Preventing multinational corporations from stripping earnings out of the U.S. by manipulating debt expenses;
  • Preventing American corporations from avoiding U.S. taxes by inverting;
  • Preventing American corporations from claiming to be foreign by using a tax haven post office box as their address;
  • Reforming and tightening the Based Erosion and Anti-Abuse Tax;
  • Preventing extractive and gambling companies from disguising royalty tax payments to foreign governments as foreign income taxes;
  • Preventing the abuse of tax treaty benefits; and
  • Repealing the Tax Break for Foreign Derived Intangible Income.

In addition to the Corporate Tax Dodging Prevention Act, the "For the 99.5% Act" was also introduced, which would establish a new progressive estate tax rate structure on the top 0.5% of Americans who inherit over USD 3.5 million in wealth. This bill also includes measures ending tax breaks for dynasty trusts, closing other loopholes in the estate and gift tax, and providing protections for family farmers by allowing them to lower the value of their farmland by up to USD 3 million for estate tax purposes.

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