Senators unveil tax proposal as infrastructure plan faces hurdles in Congress
CBSN
A group of Democratic senators wants to overhaul international taxation, introducing a new proposal Monday that would help pay for President Biden's $2 trillion infrastructure plan. The senators are focused on changing three specifics of the 2017 tax law passed under President Donald Trump, claiming the provisions created new incentives to ship jobs overseas and reforms would also be an investment in American workers.
Their proposal comes as the tax debate is about to heat up in Washington as Biden's plan already faces hurdles in Congress, including with some Democratic lawmakers. "Congress needs to ensure mega-corporations pay their fair share to fund critical investments in the American people," said Senate Finance Chair Ron Wyden of Oregon. "That starts with ending incentives to ship jobs overseas and closing loopholes that allow companies to stash their profits in tax havens, and, instead, rewarding companies that invest in the United States."
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