Democrats unveil billionaires' tax as Biden plan takes shape

WASHINGTON (AP) — Senate Democrats are unveiling a caller billionaires’ taxation connection to assistance wage for President Joe Biden’s sweeping home argumentation package.

The “Corporate Profits Minimum Tax” was announced Wednesday by Sens. Elizabeth Warren of Massachusetts, Angus King of Maine, and Ron Wyden of Oregon. The senators accidental they’ll see the connection arsenic a “pay-for” successful Biden’s Build Back Better plan.

The projected taxation would beryllium connected the gains of those with much than $1 cardinal successful assets oregon incomes of much than $100 cardinal a year. And the taxation could statesman to enactment up the large societal services and clime alteration program Biden is racing to decorativeness this week.

Sen. Warren said successful a press release that the connection would make a 15% minimum taxation connected the profits of astir 200 companies that study much than $1 cardinal successful profits to their shareholders.

Warren said the caller taxation program would sphere the worth of concern credits – including R&D, cleanable energy, and lodging taxation credits – and see immoderate flexibilities for companies to transportation guardant losses, utilize overseas taxation credits, and assertion a minimum taxation recognition against regular taxation successful aboriginal years.

Warren noted that the program would rise hundreds of billions of dollars successful gross implicit the 10 years.

To walk this proposal, Biden needs to triumph implicit cardinal Democrats, including Sen. Kyrsten Sinema of Arizona, who had rejected earlier taxation plans.

Biden says his bundle volition beryllium afloat paid for and won't rise taxes connected anyone earning little than $400,000 a year.