Democrats Unveil a Corporate Minimum Tax, Eyeing $400 Billion
- Proposal would apply 15% tax to corporate financial profits
- Plan could be used to fund Joe Biden’s spending bill
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Three key senators released legislation that would require some U.S. companies to pay a minimum 15% rate on profits they report to their corporate shareholders, in lawmakers’ latest bid to find consensus behind revenue-raising measures to fund President Joe Biden’s economic agenda.
The proposal, sponsored by Senate Finance Committee Chairman Ron Wyden and Senators Elizabeth Warren and Angus King, would require that companies that report more than $1 billion in profits to shareholders pay at least a 15% tax rate -- even if they qualify for lots of tax breaks.