US Senate's company tax plan boosts penalty on sending profit abroad

The proposal is one legislative piece of a $3.5 trillion tax and spending package that Democrats are now crafting to implement the bulk of President Joe Biden's longer-term economic plans

American companies would face steeper penalties for shifting profits abroad in a plan from Senate Democrats that offers the clearest picture yet of the higher levies that big firms could be paying from next year.
 

In draft legislation released Wednesday, Senate Finance Committee Chairman Ron Wyden is outlining his vision for how to reform the global tax system for multinational corporations, which Democrats say have been subject to lax rules that for decades have allowed them to shift profits and jobs outside the U.S.

“Overhauling the international tax code is central to our efforts to restore fairness,” Wyden said in a