You may remember Bernie Sanders most recently from his attempt to spend trillions of your dollars to “Build Back Better.” His plan was so grossly out of proportion to his mandate as Budget Committee chairman, even his own party ran away from it. Now he’s back with an idea that sounds even worse. Sanders wants to tax corporate “windfall” profits at 95%. Yes, you read that correctly, 95%. For every dollar a corporation earns over its pre-pandemic five-year average, it will be allowed to keep 5 cents. Bloomberg’s Laura Davison reports:
Senator Bernie Sanders is proposing to tax some profits of the largest U.S. corporations as much as 95% in a new bill that would seek to collect more revenue from the largest U.S companies, including JPMorgan Chase & Co. and Chevron Corp., that are earning more than they did before the pandemic and war in Ukraine.
“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,” Sanders said in a statement.
Sanders said that Chevron would have owed an additional $12.9 billion in taxes under his proposal, based on the oil company’s profits last year. JPMorgan would have owed an extra $18.8 billion, he said.
Companies would pay the current 21% corporate tax rate on earnings up to the amounts they recorded before the pandemic, and then have to pay a 95% rate for profits above those levels. The total tax is capped at 75% of a company’s income in a single year.
Action Line: America needs stability, not witch hunts led by socialists to punish businesses. Joe Biden has empowered the Bernie Sanders wing of the Democratic Party and foisted their radical agenda on America. Is it any wonder Americans are stressed about the risks they face today? Keep up with the risks Americans face by clicking here to subscribe to my free monthly RAGE Gauge alert.
