Democratic presidential candidate Joe Biden plans to pay for $3.2 trillion in policy proposals with new and higher taxes on the wealthy and corporations, including a measure targeting companies like Amazon.com Inc. and Netflix Inc. that have reported paying no federal income taxes in recent years.

The so-called minimum book tax, which his team estimates would raise $400 billion over a decade, would be coupled with increases in the top individual and corporate rates that Biden has already promised, according to a copy of the proposal obtained by Bloomberg News.

The plan also details his call to end loopholes worth hundreds of billions of dollars and other breaks, including stepped up basis so that individuals can no longer pass on appreciated property without having to pay tax on the gain. The document also outlines Biden’s plan to double the global intangible low tax income rate, known as Gilti, and capping the value of breaks for wealthy taxpayers. He also calls for $200 billion in sanctions on countries that “facilitate illegal corporate tax avoidance.”

With the proposal, Biden’s campaign is seeking to show a full list of taxes and other revenue-raising proposals that would pay for all of his spending plans -- a test he has set for his Democratic rivals, especially Senator Elizabeth Warren and her Medicare for All plan.

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