Warren Unveils Plan For $1 Trillion In New Taxes On Big Corporations

[turbinetree]

By Cameron Joseph
April 11, 2019 10:13 am

Sen. Elizabeth Warren (D-MA) unveiled a major plank in her platform to tax the rich on Thursday, introducing plans for a new tax on all corporations that clear $100 million in annual profits.

Warren’s “real corporate profits tax” is aimed at large corporations like Amazon that have generated huge profits in recent years while almost entirely avoiding federal taxes through a series of loopholes and credits.

“Because of relentless lobbying, our corporate income tax rules are filled with so many loopholes and exemptions and deductions that even companies that tell shareholders they have made more than a billion dollars in profits can end up paying no corporate income taxes,” Warren wrote in a Medium post unveiling the plan. “Let’s bring in the revenue we need to invest in opportunity for all Americans. And let’s make this year the last year any company with massive profits pays zero federal taxes.”

The plan would institute a seven percent tax on profits over $100 million in addition to current taxes. An economic analysis released by Warren’s campaign estimated that at least 1,200 companies would be forced to pay new taxes under the plan, generating a net revenue boost of at least $1 trillion for the government.

https://talkingpointsmemo.com/dc/warren-unveils-plan-for-1-trillion-in-new-taxes-on-big-corporations

[InAbLuEsTaTe]

1. YESSSSS!!!!! Way overdue... why Elizabeth is a voice we should be listening to.

You want to know how we pay for Bernie's MFA plan that Elizabeth supports and has co-sponsered?! THAT'S FUCKIN' HOW!!


Bernie & Elizabeth 2020!!!
Welcome to the revolution!!!

[turbinetree]

2. I am really tired of paying for dead beat corporations..........................

while I am on social security and have to pay 20% of my SS income to the feds, and then over 7% to the state on my pensions.............................and to top it all off had to pay over $2000.00 in federal taxes this year because of my wife's and I combined income, and then next year while these corporations get more breaks, our tax rate goes back up under that 1.5 tax plan that the republican fascist put in place.......................

[gratuitous]

3. Oh no!

"How will those large corporations survive if they have to pay taxes? Job creators! Taxes! Aaaaahhhh!" At least, that's what we can expect to hear from teevee talking heads who can't muster up an ounce of concern or spare a second of air time for the victims of our current economic system. But boy, can they feel sorry for put-upon billionaires and fatcat corporations!

We can also expect to hear how unpopular this sort of proposal is, since it polls at a measly 75-80% favorability with the public.

[Hoyt]

4. Is this another $1 Trillion over 10 years tax? That's $100 Billion a year.

Barely enough to cover 10% of annual Deficit. Gonna have to do better than that, although obviously better than anything GOPers propose.