Warren Proposes Widening Biden’s Net Over Big Tax-Avoiding Firms
- Minimum book tax eyed for raising $700 billion in revenue
- Plan would ensnare many more firms than in Biden’s plan
Senator Elizabeth Warren
Photographer: Al Drago/BloombergThis article is for subscribers only.
Senators Elizabeth Warren and Angus King introduced legislation that would capture taxes from more than 1,000 big U.S. companies that report high profits but may have little taxable income, ensnaring a much larger group than President Joe Biden has proposed though at a lower rate.
Warren, a Massachusetts Democrat, along with King, a Maine independent who caucuses with Democrats, proposed a 7% tax on book profits for corporations with earnings of $100 million or more. The pair hopes to include the new tax in a multitrillion-dollar reconciliation package including much of Biden’s economic agenda, that Democrats hope to advance later this year.