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Club Level Feature: KPMG — President Biden, Brexit and what's next for British American Business Council
[British American Business Council (BABC) Board Member and KPMG U.S. Principal Paul Harnick recently joined KPMG U.S.-U.K. Corridor Leader Howard Wiener and KPMG U.K.'s Michelle Quest for a discussion on the potential impact of the new U.S. administration's policies and Brexit on BABC members' business.]
Paul: What is the Biden administration's proposed tax plan and what could it mean to a BABC member business?
Howard: During his campaign, Biden emphasized the need for certain policy changes, including infrastructure, clean energy, domestic manufacturing, rebuilding U.S. supply chains, housing, racial inequities, childcare, elder care and health care. To offset the costs of these goals, President Biden proposed changes to the Tax Code. President Biden's campaign tax proposals were brief and high level. A few of the highlights affecting businesses and individual investors include:
- Increase the top statutory corporate income tax rate from 21% to 28%
- Create a new 15% corporate minimum tax on global book income of $100 million or more
- Increase the tax rate on certain foreign income from 10.5% to 21%. Increase individual tax rates to 39.6% and tax capital gains and dividends for individuals with over $1 million in income at ordinary income rates
Over the coming months, we can expect additional proposals, as well as refinements to proposals, to be made. With Democratic control of the House of Representatives and effective control of the equally split Senate, Democrats are in control of the U.S. legislative agenda. However, whether, and to what extent, tax legislation will be passed is far from certain. As a general matter, Senate filibuster rules require 60 votes for legislation to be considered for a vote, and convincing at least 10 Republicans to vote with the Democrats will be an extremely tall order. It's important to note, though, that special “budget reconciliation” procedures allow some types of legislation, including tax legislation, to move through the Senate by only a majority vote without being subject to a filibuster. Yet, even in this scenario, the Democrats would need all 50 Democratic senators to agree to any legislation. This effectively leaves every Democratic senator with the power to veto any proposal. Given the broad spectrum of political philosophy among Democratic senators, one could expect negotiations and compromise around any proposals made by President Biden.
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UPCOMING PROGRAMS
The BABCPHL is committed to providing relevant, useful and current content to promote the trade and commercial relationship between the Greater Philadelphia region and the United Kingdom. Information is updated daily and new events are added. Visit and refresh each page with frequency so you don't miss out.
Website »
Future Events »
On-Demand Past Webinar Content »
News/Policy Updates »
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PAST EVENTS
Wednesday, September 30, 2020: WTC Delaware — The British Viewpoint of the UK-US Foreign Trade Agreement Negotiations »
Thursday, October 1, 2020: A Year of Disruption — Emerging Issues in Employment Law and Education, and What They Mean for HR and Global Mobility »
Thursday, October 15, 2020: Losing 2020 Vision — The Blurred Lines of the Pandemic & Risky Business Practices »
Thursday, December 10, 2020: Signature Annual Holiday Event »
Wednesday, February 3, 2021: Low Carbon Virtual Whisky Tasting »
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HUMAN INTEREST FEATURE
Penn Medicine — Patients Still Thriving Years After Groundbreaking Cancer Immunotherapy
Experts Gather this Spring to Share Progress and Chart Future Course
Their options had run out. Multiple rounds of chemotherapy had proven ineffective. The cancer could not be contained. This scenario is familiar to many oncologists and other medical specialists who treat diseases for which there is no cure. Patients face the news with emotions ranging from fear, sadness, hopelessness to determination and, in some cases, bravery.
Doug Olson, a leukemia survivor, rejects the notion of bravery. “When you're told that you are out of options and you see an opportunity, that's your focus. Hope is the most important thing for cancer patients — to have the opportunity to fight back. It's a big part of the consideration when you make a decision to do something that has never been done before.”
Olson speaks from experience. In 2010, he was patient number two to receive an experimental therapy developed at Penn Medicine's Abramson Cancer Center. The treatment, known as CAR T-cell therapy, was an entirely new form of immunotherapy.
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NEW MEMBERS
The BABCPHL is pleased to formally announce and welcome our newest members.
Corporate Members:
Buchanan Ingersoll & Rooney, PC
Craig D. Mills
Executive Shareholder
P: 215.665.3863
E: craig.mills@bipc.com
Two Liberty Place
50 South 16th Street
Suite 3200
Philadelphia PA 19102
Website: www.bipc.com
Mazars USA LLP
Jim Welsh
Pennsylvania Office Managing Partner
P: 267-532-4462
E: Jim.Welsh@mazarsusa.com
501 Office Center Dr.
Suite 300
Fort Washington PA 19034
Website: www.mazars.us
London & Partners
Stephen Feline
Vice President, US East Coast
E: sfeline@londonandpartners.com
902 Broadway
New York NY 10010
Website: www.londonandpartners.com
Pennsylvania Department of Community & Economic Development
David Briel
Executive Director Foreign Direct Investment
Office of International Business Development
P: 717-720-7373
E: dbriel@pa.gov
Keystone Building
400 North Street, 4th Floor
Harrisburg PA 17120
Website: dced.pa.gov
Individual Member:
William M. Smith
Manager, Tax
Wipfli LLP
170 North Radnor-Chester Road
Suite 200
Radnor PA 19087
P: 484-445-0576
F: 484-428-3296
Work Email: bill.smith@wipfli.com
Website: www.wipfli.com
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MIND THE GAP
Did You Know?
Did you know that until Britain adopted the Gregorian calendar in 1752, the official new year was not on January 1, but March 25? Officially in England, 1751 was the shortest year ever, lasting only from March 25 to December 31. Scotland changed its New Year's Day to January 1 in 1600. One thing for sure — no matter when you celebrate — a new year brings new beginnings, a fresh start, and hopefully health, optimism and prosperity. Cheers to 2021 and all good things!
Cocktail Recipe: Raspberry Sparkler
Ingredients:
1 oz. Passion Fruit Vodka (Either SKYY or Smirnoff)
1.5 oz. Pomegranate Juice
3.5 oz. Champagne
6 Raspberries
Instructions:
Muddle 2 Raspberries in a cocktail shaker.
Add your Passion Fruit Vodka and Pomegranate Juice into the shaker.
Add some ice, cap the shaker, and shake vigorously.
Pour into a champagne flute and top off the drink with your Champagne.
Skewer the remaining Raspberries and use for garnish or simply add one or two straight into the glass.
Recipe from VodkaOnly.
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