Senior Democratic senators have laid out detailed plans for a minimum tax on corporate profits for 200 of America’s biggest companies, as lawmakers from Joe Biden’s party scramble to salvage a deal on his ambitious Build Back Better agenda.

Elizabeth Warren, the progressive Democratic senator from Massachusetts; Angus King of Maine; and Ron Wyden, the Democratic senator from Oregon who chairs the Senate finance committee, published a new proposal on Tuesday evening intended to close tax loopholes and raise revenue for the Treasury.

The lawmakers said the measure would require companies that report more than $1bn in profits to shareholders pay at least 15 per cent of those back in taxes. They added that the proposal would apply to about 200 corporations. King later told reporters the plan would raise between $300bn and $400bn in revenue over a 10-year period.