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Press release: https://home.treasury.gov/news/press-releases/jy0110  
Report: https://home.treasury.gov/system/files/136/MadeInAmericaTaxPlan_Report.pdf
 
Media summaries:  
NY Times, "Biden’s Tax Plan Aims to Raise $2.5 Trillion and End Profit-Shifting" https://www.nytimes.com/2021/04/07/business/economy/biden-tax-plan.html  
NY Times, "What’s in Biden’s Tax Plan?" https://www.nytimes.com/2021/04/07/business/economy/tax-plan-biden.html
Wall Street Journal, "Biden Softens Tax Plan Aimed at Profitable Companies That Pay Little" https://www.wsj.com/articles/biden-softens-tax-proposal-aimed-at-profitable-companies-that-pay-little-11617809422?st=wxaw9npdx9mdnyb&reflink=desktopwebshare_permalink
Bloomberg, "Yellen Says Tax Plan Recoups $2 Trillion in Overseas Profits" https://www.bloomberg.com/news/articles/2021-04-07/yellen-sees-tax-plan-reclaiming-2-trillion-in-overseas-profits

Treasury summary:  

WASHINGTON – Today, the U.S. Department of the Treasury released the Made in America Tax Plan Report to provide additional depth on the plan first announced last week as part of President Biden’s American Jobs Plan, a comprehensive proposal aimed at increasing investment in infrastructure, the production of clean energy, the care economy, and other priorities.

This report describes President Biden’s Made in America tax plan, the goal of which is to make American companies and workers more competitive by eliminating incentives to offshore investment, substantially reducing profit shifting, countering tax competition on corporate rates, and providing tax preferences for clean energy production.

Importantly, this tax plan would generate new funding to pay for a sustained increase in investments in infrastructure, research, and support for manufacturing, fully paying for the investments in the American Jobs Plan over a 15-year period and continuing to generate revenue on a permanent basis.  
 
The Made in America tax plan implements a series of corporate tax reforms to address profit shifting and offshoring incentives and to level the playing field between domestic and foreign corporations. These include:
1. Raising the corporate income tax rate to 28 percent;
2. Strengthening the global minimum tax for U.S. multinational corporations;
3. Reducing incentives for foreign jurisdictions to maintain ultra-low corporate tax rates by encouraging global adoption of robust minimum taxes;
4. Enacting a 15 percent minimum tax on book income of large companies that report high profits, but have little taxable income;
5. Replacing flawed incentives that reward excess profits from intangible assets with more generous incentives for new research and development;
6. Replacing fossil fuel subsidies with incentives for clean energy production; and
7. Ramping up enforcement to address corporate tax avoidance.   
 
These are the major elements of the Made in America tax plan, but the proposal contains several additional tax incentives that would directly benefit U.S. corporations, passthrough entities, and small businesses. These include, for example, a marked increase in the resources available through the Low-Income Housing Tax Credit and other housing incentives. This report, however, is focused on the elements of the package directly related to corporate tax reform and reforming energy incentives.

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