As part of his candidacy for U.S. president, Joe Biden has put out a tax plan that includes several important proposed measures. Some of the key measures include:

• An increase in the corporate tax rate from 21% to 28%;
• The introduction of a minimum tax at the rate of 15% on companies with USD 100 million or more in annual net income;
• An increase in the tax rate on Global Intangible Low-Tax Income (GILTI) from 10.5% to 21%;
• An increase in the marginal individual income tax rate for top earners from 37% to 39.6%;
• The introduction of a "doughnut hole" for the 12.4% payroll tax that funds Social Security that would provide for imposing the tax on income up to the current contribution basis cap, which is income of USD 137,700 for 2020, with income above USD 400,000 also subject to tax;
• A change in capital gains taxation for individuals with income exceeding USD 1 million, which would include imposing ordinary individual income tax rates on their gains, regardless of how long assets are held;
• The introduction of a cap on itemized deductions for individuals of 28%; and
• Changes in the qualified business income (QBI) deduction so that small business deductions would be phased out for income over USD 400,000.

Further details of the measures will be published once available if any of the measures move forward.