Connect with us
Financial Press


The Wall Street Journal: Democrats’ latest revenue-raising plan: 15% minimum tax on big companies’ income

WASHINGTON — Senate Democrats detailed a 15% minimum tax on large companies’ income on Tuesday, refreshing an earlier revenue-raising proposal as they try to generate enough money to pay for President Biden’s social-spending and climate-change agenda.

The plan, backed by Sens. Elizabeth Warren, D-Mass., Angus King, I-Maine, and Ron Wyden, D-Ore., would affect about 200 companies and could raise hundreds of billions of dollars, the sponsors said.

“Many profitable, U.S.-based corporations pay zero federal corporate income tax,” King said. “Our proposal is about simple fiscal sense and common fairness.”

The plan is designed to raise money from companies without raising the 21% corporate income-tax rate. Democrats had long thought they could raise that rate—set in the 2017 Republican tax law—to at least 25%. The House Ways and Means Committee in September approved about $2 trillion in tax increases without using a corporate minimum tax, instead relying on increases in marginal tax rates on corporations, individuals and capital gains.

But objections from Sen. Kyrsten Sinema, D-Ariz., to the tax-rate increases sent lawmakers searching for alternatives as they attempt to cobble together money to cover nearly $2 trillion in spending over a decade. In addition to the corporate minimum tax, Senate Democrats are also proposing to impose annual taxes on billionaires’ unrealized capital gains; new details on that idea are expected soon.

An expanded version of this report appears on

Also popular on

New York City inches toward COVID-19 becoming endemic.

Houston vs. Atlanta is Rob Manfred’s nightmare World Series.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles


There was blood on the floor across U.S. stocks on Friday, but for meme stocks only a frantic last hour of buying prevented social...


A pair of Iranian hackers have been charged with breaking into a Missouri tech firm’s cloud-computing account and running up a $760,000 bill while...


DocuSign Inc. emerged as a hot pandemic stock play last year as it benefited from the need for digital contract tools, but the company...


Shares of Adobe Inc. sank to their worst performance in more than 20 months Friday, after DocuSign Inc. delivered what some saw as a...