| 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. |
"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."