National Guard troops are departing the nation’s capitol. Those deployed to protect the district began the process of leaving Washington on Sunday. Retired Lieutenant General Russel Honoré said the mission of securing the capitol has been accomplished—137 days after the events of Jan. 6.
Infrastructure is still a hotly debated topic on Capitol Hill. President Joe Biden slashed the infrastructure proposal down to $1.7 trillion from the original $2.25 trillion. But Republicans say many of the cuts they requested weren’t made. The Republicans’ counter proposal costs $568 billion. Biden has indicated tax hikes on the wealthy and raising the corporate tax rate to 28 percent as ways to pay for the massive infrastructure plan.
The global minimum tax is also expected to go up. The White House says it’s a top priority of Biden’s. But what effect does a higher global minimum tax have on the markets? It’s seen as a way to level the playing field. Reuven Avi-Yonah, law professor and director of the international tax program at the University of Michigan, told Fast Company that’s because if all countries had the same tax rate, there would be no benefit for companies to create offshore subsidiaries.
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