'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,' says SenSanders.
in the midst of multiple global crises by imposing a 95% tax on the windfall profits of major companies.
The bill—spearheaded by Sanders , Sen. Ed Markey , and Rep. Jamaal Bowman —is inspired by previous windfall profits tax plans implemented during World Wars I and II as well as the Korean War. During WWII, Sanders' office noted,"the tax rate reached as high as 95%, which ensured that companies could not profiteer off the war."
"During these troubling times, the working class cannot bear the brunt of this economic crisis, while corporate CEOs, wealthy shareholders, and the billionaire class make out like bandits," he added."The time has come for Congress to work for working families and demand that large, profitable corporations make a little bit less money and pay their fair share of taxes."
The new tax would only apply only to companies with $500 million or more in annual revenue and would be limited to 75% of income per year. Sanders' office estimates that the temporary emergency measure, which would only apply in 2022-24,"coud raise an estimated $400 billion in one year from 30 of the largest corporate profiteers alone.
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