Senate Democrats release updated corporate minimum tax proposal

Sen. Elizabeth Warren and Sen. Ron Wyden.
(Image credit: Drew Angerer/Getty Images)

Sen. Elizabeth Warren (D-Mass.), Sen. Ron Wyden (D-Ore.), and Sen. Angus King (I-Maine) on Tuesday released new details about a Democratic plan to impose a 15 percent minimum corporate tax on some of the country's biggest companies.

This tax could be used to help fund the social spending bill Democrats are negotiating, and after the plan was unveiled, Sen. Kyrsten Sinema (D-Ariz.), one of the moderates who had previously objected to a tax-rate increase, said she would support the corporate minimum tax, CNBC reports.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
Catherine Garcia, The Week US

Catherine Garcia has worked as a senior writer at The Week since 2014. Her writing and reporting have appeared in Entertainment Weekly, The New York Times, Wirecutter, NBC News and "The Book of Jezebel," among others. She's a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.