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Janet Yellen sees Biden tax plan bring back $2.6t in overseas profits

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US 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 $US2.25 trillion ($3 trillion) economic package, the US Treasury said the changes, over a decade, would bring back about $US2 trillion ($2.6 trillion) in corporate profits into the US tax net, with about $US700 billion in federal revenue streaming in from ending incentives to shift profits overseas.

US Treasury Secretary Janet Yellen is pushing a plan that will…



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