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FEDERALhearing transcript

High Impact

Joint Economic Committee Hearing on 'Building Back Better' Tax Proposals

Original title: ``BUILDING BACK BETTER: RAISING REVENUE TO INVEST IN SHARED PROSPERITY''

January 1, 2022

tax policy corporate tax economic growth Build Back Better small business federal revenue

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The Frame

What this does

The hearing outlines the legislative framework for proposed federal tax changes that aim to increase revenue from corporations and wealthy individuals while potentially altering tax rates for small businesses earning under $400,000.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Small business owners

The proposed plan includes a corporate tax rate reduction to 18 percent for businesses with incomes under $400,000.

Multinational corporations

The plan seeks to increase federal revenue through changes to corporate tax structures and global tax competition policies.

What changed

Last recorded activity January 1, 2022.

What's next

Next step not available in the current record.

Summary

This document is a transcript of a virtual hearing held by the Joint Economic Committee on October 6, 2021, to discuss the tax revenue components of the 'Build Back Better' plan. The hearing featured testimony from economic experts and government officials regarding the potential impacts of proposed corporate tax changes on small businesses and the broader economy.

Key Facts

The hearing was held on October 6, 2021, by the Joint Economic Committee.
The 'Build Back Better' plan proposes reducing the corporate tax rate to 18 percent for incomes under $400,000.
The Treasury Department projects that 97 percent of small businesses would be protected from increased taxes under the plan.
Current federal revenue is stated to be 16.4 percent of the U.S. economy.
The plan aims to end the 'race to the bottom' on global corporate taxes.
The hearing included testimony from four expert witnesses and multiple submissions for the record.

Frequently Asked Questions

What is the goal of the 'Building Back Better' tax proposals?

The proposals aim to raise federal revenue by increasing taxes on corporations and wealthy individuals while providing tax cuts for working families and small businesses.

How would this plan affect small businesses?

According to the Treasury Department, 97 percent of small businesses would be protected from tax increases, with some potentially receiving a tax cut through a reduced corporate rate of 18 percent for incomes under $400,000.

Why It Matters

News Coverage

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Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

Global Tax Strategy

The hearing highlights a shift toward international cooperation to prevent corporate tax avoidance, referred to as ending the 'race to the bottom'.

U.S. Department of the Treasury

Connected Entities

personChye-Ching Huang“Executive Director of the Tax Law Center, NYU Law”Map →

personWendy Edelberg“Director of the Hamilton Project, Brookings Institution”Map →

personWilliam McBride“Vice President of Federal Tax and Economic Policy, Tax Foundation”Map →

personKimberly Clausing“Deputy Assistant Secretary for Tax Analysis, U.S. Treasury”Map →

personMike Lee“Ranking Member of the Joint Economic Committee”Map →

personDonald S. Beyer Jr.“Chairman of the Joint Economic Committee”Map →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100

Significance75
How much this matters to a regular citizen
Controversy60
Intensity of disagreement among stakeholders
Entertainment10
Compellingness for a non-policy-wonk reader
Buzz20
Current news / social attention level

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