Senators Introduce Legislation for 95% Windfall Tax on Large Corporations
Sen. Bernie Sanders, I-Vermont, and Ed Markey, D-Massachusetts, are taking a bold stand against corporate greed with their new legislation in the Senate. The Ending Corporate Greed Act aims to impose a 95% windfall tax on the excess profits of large corporations that are overcharging for their products.
This legislation, which is also being introduced in the House by Rep. Jamaal Bowman, D-New York, is inspired by historical precedents such as the windfall profits tax levied during World War I and II, as well as the Korean War. The tax rate reached as high as 95% during World War II to deter companies from engaging in war profiteering.
The bill targets large corporations with $500 million or more in revenue annually and would only apply to profits exceeding their average levels from 2015-2019, adjusted for inflation. This windfall profits tax would be a temporary emergency measure, applying only in 2024, 2025, and 2026.
Sen. Sanders emphasized the need to address the rampant price gouging by large corporations, stating, “The American people are sick and tired of being ripped off by large corporations that continue to make record-breaking profits by charging outrageously high prices for gas, rent, food, and prescription drugs.”
With an estimated $300 billion in potential revenue from just 10 of the largest corporations in 2023, the Ending Corporate Greed Act seeks to hold companies accountable for their excessive profits and ensure that consumers are not unfairly burdened by inflated prices. It is a call to action to end corporate greed and prioritize the well-being of the American people.