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At the end of May, the US Treasury Department released a ‘Green Book’ explanation of the tax proposals in President Biden’s FY 2022 budget, including tax increases on corporations and high-income individuals proposed earlier this year as offsets for the administration’s $4 trillion economic recovery plan. Foreign companies investing and operating in the United States will want to carefully review the Green Book, which contains important new details regarding tax proposals that would make sweeping changes to the US international tax rules enacted as part of the 2017 tax reform law (Tax Cuts and Jobs Act, or TCJA).

This Insight looks at the key international tax proposals affecting inbound companies.