Three key senators released legislation that would require some U.S. companies to pay a minimum 15 percent rate on profits they report to their shareholders, in lawmakers' latest bid to find consensus behind revenue-raising measures to fund President Joe Biden's economic agenda.

The proposal, sponsored by Senate Finance Committee Chairman Ron Wyden and Senators Elizabeth Warren and Angus King, would require that companies which report more than $1 billion in profits to shareholders pay at least a 15 percent tax rate, even if they qualify for lots of tax breaks.

Democrats are planning to use this as an alternative to raising the corporate income tax rate, after opposition to such a move from Senator Kyrsten Sinema. Under the new plan, the regular corporate tax rate would stay at 21 percent.

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