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US Senate's company tax plan boosts penalty on sending profit abroad

The proposal is one legislative piece of a $3.5 trillion tax and spending package that Democrats are now crafting to implement the bulk of President Joe Biden's longer-term economic plans

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US Senate tax plan | corporate

Laura Davison | Bloomberg 



The Senate Democrats’ international corporate tax proposals don’t yet prescribe specific tax rates, leaving that to lawmakers to fill in as they consider the broader bill. (Photo: Bloomberg)
The Senate Democrats’ international corporate tax proposals don’t yet prescribe specific tax rates, leaving that to lawmakers to fill in as they consider the broader bill. (Photo: Bloomberg)

American companies would face steeper penalties for shifting profits abroad in a plan from Senate Democrats that offers the clearest picture yet of the higher levies that big firms could be paying from next year.

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First Published: Wed, August 25 2021. 22:53 IST

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