A plan by Tulsi Gabbard (D-HI) would redirect excess profits from multinational corporations allowed to remain open during the Chinese coronavirus crisis to small businesses that have been forced to close due to economic shutdowns.
Gabbard released legislation on Friday, known as the Pandemic Crisis Excess Profits Tax, to ensure that corporations such as Amazon, Facebook, Walmart, and Google are not profiting off economic shutdowns that have helped clear the market of their competition.
Big tech & big box retailers are seeing windfall profits & will emerge from this crisis stronger than ever at the expense of small businesses who are bearing the brunt of gov restrictions. I introduced HRes 1267 that will tax 95% of excess profits to support small businesses… pic.twitter.com/XjCKazW30d
— Tulsi Gabbard ? (@TulsiGabbard) December 18, 2020
“Big tech corporations and big-box retailers are among those who have made excessive profits during the COVID-19 pandemic, while mom and pop shops are being forced to close their doors due to government-mandated restrictions,” Gabbard said in a statement.
The legislation — first adopted during World War I and World War II to prevent corporations from profiting off the wars — would add a 95 percent tax on corporations’ excess profits calculated by subtracting their 2020 gross earnings from their average gross earnings from 2016 to 2019, before the coronavirus.
Breitbart