The original Biden plan got tossed in a shredder as Democrats hunt for new revenue sources that can get 50 Senators' votes.

Companies would owe 15% minimum, regardless of deductions. Democrats hope to gain an extra $400 billion in revenue.

Senate plan would impose steeper levies on American companies shifting profits overseas.

Middle-class tax cuts and increased social spending would be made possible by rolling back the Trump-era tax cuts for corporations and wealthy households.

The move is necessary to avoid default on debt payments, but some politicians see supporting a debt-limit increase as equivalent to approving Biden's proposed federal budget.

The plan expands the social safety net and addresses climate change, paid for by raising taxes on the wealthy and corporations.

Despite a Twitter-user outcry, and loss of value for some cryptocurrency-related assets, market observers point out that this matches IRS treatment of cash transactions.

Lawmakers will attempt to structure the legislation to prevent tax loopholes for IP and other intangible assets.