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Biden and Democrats Detail Plans to Raise Taxes on Multinational Firms Jim Tankersley and Alan Rappeport © Anna Moneymaker for The New York Times Senator Ron Wyden, Democrat of Oregon, released a new tax plan on Monday. WASHINGTON The Biden administration and top Democrats in Congress began detailing plans for significant changes to how the United States and other countries tax multinational corporations as they look for ways to raise revenues and finance President Biden’s $2 trillion infrastructure proposal. On Monday, Treasury Secretary Janet L. Yellen threw her support behind an international effort to create a global minimum tax that would apply to multinational corporations, regardless of where they locate their headquarters. Such a global tax, she said, could help prevent a “race to the bottom” in which countries cut their tax rates in order to entice companies to move headquarters and profits across borders.

New yorkUnited statesWhite houseDistrict of columbiaJill bidenRon wydenPeter barnesSherrod brownAdam looneyDanielle rolfesCaroline harrisMark warnerJanetl yellenPatrickj toomeyAmr alfikyMorgan stanley