U.S. Treasury Calls for More Taxes On Foreign Corporate Profits

President Joe Biden’s Treasury Department is calling for a “more robust minimum tax” on profits earned by U.S. corporations overseas to remove incentives for companies to shift earnings outside U.S. borders.

Making such a change is critical to maintaining domestic tax revenues and protecting American workers, Kimberly Clausing, the Treasury’s deputy assistant secretary for tax analysis, said in prepared remarks to the Senate Finance Committee on Thursday.

Clausing’s comments are at the core of discussions among Democrats as they look to draw up legislation that would increase taxes on corporations and wealthy Americans. Biden is planning to propose ...