Biden Tax Plan Targets Profitable Companies That Pay Almost Nothing

WASHINGTON—Profitable companies like Amazon.com Inc. could no longer use legal breaks to drive their U.S. tax bills almost to zero under Joe Biden’s proposal to increase and overhaul corporate taxes.

On top of higher tax rates, Mr. Biden would impose a 15% minimum tax on profits reported to investors, a move that would limit companies’ use of popular tax breaks. That minimum tax would raise $400 billion over a decade by the campaign’s estimate, and $166 billion according to the Tax Policy Center.

“Vice President Biden has been clear that...