U.S. Fiscal Year 2025 Revenue Proposals Include Increased Corporate Tax Rate, International Tax Reform, and Others

The U.S. Department of the Treasury has announced the release of the General Explanations of the Administration's Fiscal Year 2025 Revenue Proposals, known as the "Greenbook". The proposals in relation to business taxation and international taxation are outlined as follows:

• Reform Business Taxation:
  • Raise the corporate income tax rate to 28%;
  • Increase the corporate alternative minimum tax (CAMT) rate to 21%;
  • Increase the excise tax rate to 4% on repurchase of corporate stock and close loo…