Sanders Wants 95% Windfall Tax on Large Companies to Cut High Prices
Bernie Sanders once again wants to tax big corporations. This time, he’s proposing a 95% tax on the record profits firms are raking in amidst 40-year-high inflation, ballooning costs, and a pandemic. On Friday, Sanders introduced the “Ending Corporate Greed Act,” cosponsored by fellow progressive Senator Ed Markey, with New York Rep. Jamaal Bowman introducing the legislation in the House.
Under Sanders’ plan, companies that make over $500 million in annual revenue would be taxed 95% on their “windfall profits.” That amount would be calculated based on their average profit level in the five years leading up to the pandemic. Deemed a “temporary emergency measure,” the tax would only be in place from 2022 to 2024. In a release, Sanders said the levy would bring in $400 billion in just one year.
“We cannot allow big oil companies and other large, profitable corporations to continue to use the war in Ukraine, the COVID-19 pandemic, and the specter of inflation to make obscene profits by price gouging Americans at the gas pump, the grocery store, or any other sector of our economy,” Sanders said in a release. https://www.businessinsider.com/sanders-windfall-tax-large-companies-cut-high-prices-2022-3
Submitted March 26, 2022 at 04:54PM by Fatherthinger
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