Click For Photo: https://i.dailymail.co.uk/1s/2019/04/11/23/12169324-0-image-a-21_1555021604435.jpg
Democratic presidential candidate Elizabeth Warren is proposing a new tax on corporate profits that's designed to prevent business giants from taking advantage of the existing tax code to effectively pay a zero rate.
The 7% tax on corporate profits above $100 million is the latest in a series of ambitious policy proposals from the Massachusetts senator. It's in line with her broader push to rein in such industries as the financial sector and technology firms .
Campaign - Proposal - Firms
Her campaign estimates the proposal would hit roughly 1,200 firms.
Those corporations would pay the tax on top of any liability under current tax rules, which, as Warren said in a Thursday blog post on her plan, is necessary because 'our corporate tax code is so littered with loopholes that simply raising the regular corporate tax rate alone is not enough.'
Pitch - Corporate - Profits - Tax - Warren
Dubbing her pitch 'the Real Corporate Profits Tax,' Warren wrote: '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.'
The proposal would raise about $1 trillion of new revenue over 10 years, according to economists advising Warren's campaign. She didn't specify what that money would pay for. The new tax would be imposed on corporations' total profits in the U.S. and overseas.
Wealth - Tax - Warren - January - Nation
The so-called wealth tax Warren proposed in January on about 75,000 of the nation's highest-earning households would raise an estimated $2.75 trillion over 10 years, money that she later said would go partly toward creating a government-supported...
Wake Up To Breaking News!