Top Democrats Float Alternative to Biden’s Corporate-Tax Plan

Three top Senate Democrats released a proposal to overhaul the U.S. international tax system that could shape the outcome of the global tax revamp that the White House is pursuing to fund infrastructure spending.

The new outline, released by Senators Ron Wyden of Oregon Sherrod Brown of Ohio and Mark Warner of Virginia, calls for higher levies on offshore profits and stronger penalties for companies that move income outside the country to avoid paying taxes to the Internal Revenue Service. The plan stops short of calling for any specific rate levels, and seeks feedback on the ideas as lawmakers ...