Biden Budget Crafts ‘Top-Up Tax’ to Meet Global OECD Agreement

An exterior view of the building of U.S. Department of the Treasury is seen in Washington, on March 27, 2020. Olivier Douliery/AFP via Getty Images

The U.S. Treasury Department has proposed a measure to ensure that the 15 percent global corporate minimum tax is properly instituted.

As part of President Joe Biden’s $5.8 trillion 2023 budget documents published on March 28, the Treasury put forward the new Undertaxed Profits Rule (pdf). This would replace the present U.S. Base Erosion Anti-Abuse Tax, or BEAT.