HILL TAX BRIEFING: Democrats Detail Tax Hike Alternatives

Democratic lawmakers Tuesday rolled out a pair of proposals to tax corporations and the wealthy without raising standard tax rates, their latest bid to find consensus behind revenue-raising measures to fund President Joe Biden’s economic agenda.

Senate Finance Chairman Ron Wyden (D-Ore.) joined with Sens. Elizabeth Warren (D-Mass.) and Angus King (I-Maine) on Tuesday to release a proposed 15% minimum tax for corporations, which would apply to companies that report more than $1 billion in profits to shareholders.

The minimum tax would apply to about 200 companies, according to a summary, and King estimated it would raise $300 billion to ...