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Washington Post reporter explains how taxes in Biden infrastructure plan would affect multinational corporations

Washington Post economics reporter Jeff Stein on Monday delved into how taxes in President BidenJoe BidenAtlanta mayor won't run for reelection South Carolina governor to end pandemic unemployment benefits in June Airplane pollution set to soar with post-pandemic travel boom MORE's infrastructure proposal could dramatically change how multinational corporations operate.

While appearing on Hill.TV's "Rising," Stein noted that former President TrumpDonald TrumpVeteran accused in alleged border wall scheme faces new charges Arizona Republicans to brush off DOJ concern about election audit FEC drops investigation into Trump hush money payments MORE's 2017 tax law, whether inadvertently or not, encouraged corporations to move their operations overseas.

"So there's going to be a lot of measures in the Democratic plans ... dramatically increasing what corporations pay on their overseas operations," Stein said.

Stein also said that Treasury Secretary Janet YellenJanet Louise YellenWaPo reporter: Treasury continuing recovery plan amid complaints of labor shortage, inflation Business groups target moderate Democrats on Biden tax plans On The Money: How demand is outstripping supply and hampering recovery | Montana pulls back jobless benefits | Yellen says higher rates may be necessary MORE is working with the Organisation for Economic Co-operation and Development to stop the global corporate tax rate from dropping, as it has for decades in Europe, the U.S. and Asia.

"Instead of trying to just compete with these other countries, what Yellen is trying to do is coordinate an international effort in which the globe agrees to stop this race to the bottom," Stein said. "And the idea there is that even if the U.S. increases its corporate taxes, once that floor is enacted across the world, there will be less of an incentive for, you know, corporations... to go abroad."

According to Stein, this plan is an "interesting inversion" of what Democrats have typically espoused, that higher taxes don't actually cause companies to move abroad.

"Yellen is kind of implicitly acknowledging that Republicans might have a point here," Stein said.