Senate Democrats unveil corporate tax for Biden agenda - Reuters
Oct 27, 2021 37 secs

The proposal, part of a two-pronged legislative strategy to curtail tax avoidance by corporations and the wealthy, was put forward by Senator Elizabeth Warren and Senate Finance Committee Chairman Ron Wyden, both Democrats, along with Senator Angus King, an independent who caucuses with the Democrats.

The lawmakers said it would dovetail with the global corporate minimum tax agreed by 136 countries, which is aimed at corporations that pay little or no tax by gaming the international tax system.

Democratic Senator Kyrsten Sinema, a moderate who had opposed raising the corporate tax rate, said the proposal unveiled on Tuesday represented a "common sense" step toward ensuring that highly profitable companies pay what she called a "reasonable minimum corporate tax" on their profits.


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