Politics
Tulsi Gabbard introduces bill to fund small businesses forced to close using profits from big corporations
Tulsi Gabbard introduced legislation on Friday that would redirect excess profits from corporations that were allowed to remain open during the coronavirus crisis to small businesses that have been forced to close due to economic shutdowns.
Representative Tulsi Gabbard (D-HI) introduced legislation on Friday that would redirect excess profits from corporations that were allowed to remain open during the coronavirus crisis to small businesses that have been forced to close due to economic shutdowns.
HR 1267, otherwise known as The Pandemic Crisis Excess Profits Tax, would add a 95 percent tax on corporations’ excess profits. This would be calculated by subtracting their 2020 gross earnings from their average gross earnings from 2016 to 2019, before the coronavirus. Gabbard claims that this would ensure that corporations such as Amazon, Walmart, Zoom and others, are not profiting off economic shutdowns that have helped clear the market of their competition.
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