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2022-04-01 Home Front: Politix

Bernie Sanders' Ukraine War Tax: 95% tax on ‘windfall profits’! Boynie says it's a revival of WWII tax on ‘corporate greed’

In which the honourable senator from the little state of Vermont postures for the crazy left wing of the Democratic party, because there is no way that travesty will garner enough votes to pass out of committee.

[CommonDreams] U.S. Sen. Bernie Sanders on Friday unveiled the Ending Corporate Greed Act, which aims to end corporate price gouging in the midst of multiple global crises by imposing a 95% tax on the windfall profits of major companies.

"The working class cannot bear the brunt of this economic crisis, while corporate CEOs, wealthy shareholders, and the billionaire class make out like bandits."
The bill—spearheaded by Sanders (I-Vt.), Sen. Ed Markey (D-Mass.), and Rep. Jamaal Bowman (D-N.Y.)—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.".

The Senate Budget Committee chair argued that "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."

In addition to the existing federal tax rate—which congressional Republicans cut from 35% to 21% under former President Donald Trump—Sanders' bill would establish a 95% tax on a company's profits that exceed its average profit level for 2015-19, adjusted for inflation.

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."

Posted by Bubba Fleash3237 2022-04-01 00:00|| || Front Page|| [11137 views ] Top
File under: Tin Hat Dictators, Presidents for Life, & Kleptocrats

#1 Well, it's not a bad idea. They can and do have a political agenda, and that political agenda can and does including promoting wars for their own profit.

You think Lockheed and Raytheon are in favor of peace? Nobody is that naive.

Posted by Omomolet Phutch9064 2022-04-01 03:09|| 2022-04-01 03:09|| Front Page Top

#2 It's a stupid idea. "Windfall" profits grab will kill industry investments and dividends that retirees depend on. Stupid. But let's drag in Raytheon and Lockheed to make the straw man, right?

Posted by Frank G 2022-04-01 07:17|| 2022-04-01 07:17|| Front Page Top

#3 If US corporations hadn't done miracles never seen in the annals of industry, would the US have won the war?

Posted by M. Murcek 2022-04-01 07:44|| 2022-04-01 07:44|| Front Page Top

#4 Thou shall covet, thou shall bear false witness, thou shall steal - three commandments of socialism.

Posted by Procopius2k 2022-04-01 07:55|| 2022-04-01 07:55|| Front Page Top

#5 It's April Fools' Day every day of the year for Bernie!

Posted by magpie 2022-04-01 09:30|| 2022-04-01 09:30|| Front Page Top

#6 How about a 95% tax on wealth held -- directly or through holding companies -- when leaving an elected office? Or even just the inflation-adjusted increase in wealth?

Posted by Rob Crawford 2022-04-01 11:47|| 2022-04-01 11:47|| Front Page Top

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