Loren Ponds, Member of Miller & Chevalier and a former majority tax counsel at the House Ways and Means Committee, commented on President Biden's infrastructure-financing corporate tax plan that would raise the corporate tax rate to 28 percent from 21 percent and increase minimum taxes on U.S. companies' foreign income. "What we want to do in any tax bill is keep U.S. multinationals competitive and of course encourage domestic activity," Ponds said. "Under these proposals, I think there is just a denial of the fact that in 2021, companies operate globally."
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