President Biden released his FY24 budget which would raise the corporate tax rate and align the US with Pillar Two. Pat Brown discusses how the budget likely will not affect debt limit discussions or move the US closer to Pillar Two alignment as he sees few areas of potential bipartisan consensus.
IN THIS EPISODE
Pat Brown, PwC’s National Tax Services Practice Co-Leader
Nita Asher, Host, Policy on Demand
Andrew Prior, Host, Policy on Demand
In case you missed it, watch:
Week in Review with Andrew Prior
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Happening this week
- The Senate is in session this week. The House is not but will return next week.
- There are two Senate hearings this week on the President’s FY 2024 budget – a March 15 Budget Committee hearing with OMB Director Shalanda Young, and a March 16 hearing with Treasury Secretary Janet Yellen.
- February inflation data will be out this week – ahead of next week’s Federal Reserve monetary policy meeting.
- The US Labor Department will release the consumer price index on March 14 and the producer price index on March 15.
- Finally, the OECD will hold a March 16 Pillar 2 virtual public consultation meeting on the GloBE information return and tax certainty.