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Making of Bidenomics

The idea of a global minimum tax rate has merits

Topics
corporate tax cut | Joe Biden | US companies

Business Standard Editorial Comment  |  New Delhi 



The administration’s response to the Covid challenge has been extraordinary. The pandemic looks comparatively under control, thanks to the pace of vaccination, and the economic recovery is getting stronger than anticipated earlier. After a massive $1.9-trillion relief package, the Biden administration has unveiled a $2 trillion infrastructure plan. While the fiscal push will boost growth in the near term, its longer-term implications are not yet settled. In a way, the administration is challenging some of the popular economic policy wisdom. Several economists have argued that fiscal intervention at this scale could result in overheating. The Biden administration now plans to increase the corporation tax rate from 21 per cent to 28 per cent. The US is also advocating a global minimum corporate tax rate, which could have far-reaching implications.

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First Published: Sun, April 11 2021. 23:04 IST

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