Democratic presidential candidate Elizabeth Warren wants to raise $1 trillion in revenue with a new

[brooklynite]

CNBC

Elizabeth Warren, the economic policy pacesetter in the Democratic presidential primary field, wants to raise $1 trillion in government revenue from a new 7% surtax on profits of the largest corporations.

What the Massachusetts senator dubs the “Real Corporate Profits Tax” would apply to worldwide profits exceeding $100 million. The purpose, she says, is to bolster government coffers by preventing corporate giants from exploiting loopholes to avoid federal taxation following the large tax cut enacted by President Donald Trump and a GOP-controlled Congress in December 2017.

“It will make our biggest and most profitable corporations pay more and ensure that none of them can ever make billions and pay zero taxes again,” Warren wrote in a Medium post published Thursday morning. “To raise the revenue we need — and ensure every corporation pays their fair share — we need a new kind of tax that big companies can’t get around.”

The Trump tax cut, following entreaties from corporations for a more globally competitive U.S. system, reduced the top corporate rate to 21% from 35%. But deductions remaining in the IRS code allow some large corporations to reduce their effective rates far below that — in some cases all the way to zero.

[Ninga]

1. She got my attention during her interview with MNSBC Stephanie Rule. She is very smart

and has a no nonsense toughness that she is not shy about revealing as needed.

I am watching and listening to her carefully.

[Grins]

13. If you liked that interview...

Google and find Warren giving a lecture at Cal. Berkeley in 2007, when she was still at Harvard, before she was a Senator.

The link to it was emailed to me years ago. I started to watch it but was going to give it a pass because it was almost an hour long and I had things to do. So I gave it 5-minutes. And after 5-minuters it was so good I thought "...OK, another 5-minutes..."

Repeat, repeat, repeat - until I watched all of it! An eye-opener!


Title is "The Coming Collapse of the Middle Class"

[Ninga]

15. Thank you so very much!

[janterry]

2. This is exactly what is needed in this country

everyone needs to pay their fair share.

(Are you listening Bezos?)

[Power 2 the People]

6. +1000

[dalton99a]

3. Corporations are hoarding trillions of dollars in cash while laying off people and automating

as much as they can

[LonePirate]

4. Nobody is even close to Warren when it comes to developing beneficial policies.

Sure, other candidates might have a couple or a few great policy proposals; Warren has a truckload of them. She is incredibly intelligent and is laser focused on fixing what is wrong with this country.

[athena]

8. That's why I switched from Harris to Warren.

I still love Harris, and I love Booker and Inslee, and I like what I’ve seen of Buttigieg, but Warren is the one with the best ideas. I used to worry that a small-boned blonde woman couldn’t win in this macho and sexist country, but I now believe that Trump has shown people how ugly and tiring “macho and sexist” can be.

If Warren wins the primaries, we will have a strong, brilliant, well-spoken, thoughtful, and, yes, likable candidate we can all support.

[ananda]

5. I would happily vote for her if she is the nominee!

Though Beto is my fave right now.

[FBaggins]

7. Worldwide profits? How would that work?

A French company that operates globally is going to pay taxes to the US on profits it makes in Argentina?

I rather doubt it.

And if it only applies to US corporations... I hope she's prepared to see those corporations move to other countries.

[dsc]

9. the article says it would tax the profits reported to shareholders

so Amazon would pay on the $10 billion they reported instead of the current 0

[athena]

10. You didn't bother to read the article, did you?

The idea is to tax companies on the profits they report to their investors, rather than what they report to the IRS after using loopholes, so that a company like Amazon that made a profit of $10 billion in 2018 can no longer get away with paying zero corporate taxes.

[FBaggins]

11. More than you read my reply apparently

That doesn’t begin to address my question (which was not “how will we determine their income?)

[athena]

12. I did read your post,

which was picking at a detail and making an outrageous claim.

If you read the WSJ article on the proposal, the tax is on US companies and is designed to prevent them from hiding their profits in offshore tax havens.

As for your second point, if you really think that a company making more than $100 million in profits each year is going to relocate because it doesn’t want to pay a 7% tax (7%!), then I’m not sure why you’re posting on DU when you could be relocating to one of those countries where you could be paying zero tax!

ETA: from the WSJ article:

The IRS would also develop rules to tax foreign companies with U.S. operations and make it harder for U.S. companies to take foreign addresses to avoid the tax.

[FBaggins]

14. I see you had to edit

One wonders if you found it strange that they were implying a strategy for dealing with something you didn't think anyone smart enough to post on DU would imagine could happen?