Throughout the first year of the Biden administration, one tax policy theme was consistent. The President and Treasury Secretary Janet Yellen were focused on increasing the tax burden on U.S. companies—particularly multinational companies.  As Secretary Yellen put it last year, “It is about making sure that governments have stable tax systems that raise sufficient revenue to invest in essential public goods and respond to crises, and that all citizens fairly share the burden of financing government.”

But while much of the policy focus has been on proposals embedded in the Build Back Better agenda, which has not yet made its way through Congress, a meaningful tax hike for multinational companies has already been adopted.