Elizabeth Warren wants to raise $1 trillion in revenue with a new 7% tax on corporate profits over $100 million
Elizabeth Warren, the economic policy pacesetter in the Democratic presidential primary field, wants to raise $1 trillion in government revenue from a new 7% surtax on profits of the largest corporations.
The Trump tax cut, following entreaties from corporations for a more globally competitive U.S. system, reduced the top corporate rate to 21% from 35%. But deductions remaining in the IRS code allow some large corporations to reduce their effective rates far below that — in some cases all the way to zero.Warren cited two high-profile examples: Amazon has reported $10 billion in 2018 profits but
Because stock values and executive compensation turn on those public reports, Warren reasons, corporations don't obscure their real profits to shareholders with the write-offs they use for the IRS. Those include large deductions for depreciation, the value of stock options and overseas tax shelters. Warren aides said they were unaware of previous attempts to enact a tax of this kind. But they pointed to polls showing strong public support for making large corporations pay more — even within a GOP increasingly dependent on blue-collar voters.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Uber looks to raise about $10 billion in IPO, seeks valuation of up to $100 billion--reportsUber Technologies is looking to offer around $10 billion worth of stock in its initial public offering, with most of the shares being sold directly by the...
Read more »
Aramco sets record with $100 billion demand for landmark bondOrders for Saudi Aramco's debut international bond topped $100 billion on T...
Read more »
Aramco sells $12 billion bonds out of record $100 billion demandSaudi Aramco is set to raise $12 billion with its first international bond issue...
Read more »
Bridgewater Founder’s Foundation Gives Connecticut $100 Million DonationDalio Philanthropies, run by the founder of the world’s largest hedge fund, is giving Connecticut a $100 million donation for education and entrepreneurial programs, the largest gift ever for the state.
Read more »
Uber Aims for Public Valuation of as Much as $100 Billion, Below ExpectationsUber Technologies is aiming for a valuation in its impending initial public offering of as much as $100 billion, below previous expectations, after its competitor Lyft stumbled in its early days of trading as a public company.
Read more »
Saudi Aramco stuns with $100 billion demand for debut global bondSaudi Aramco's bond sale could be one of the largest ever in emerging markets after drawing in $100 billion in orders.
Read more »
Switzerland's Raiffeisen to cut jobs, aims for $100 million savingsRaiffeisen Switzerland is cutting up to 200 jobs as it targets 100 million Swiss...
Read more »
R. Kelly charged fans $100 and performed for 28 seconds after asking media to go easy on himKelly allegedly spent 35 minutes thanking fans for their support, taking selfies, dancing, and smoking cigars.
Read more »
Lyft takes a big hit after reports Uber is seeking a valuation of up to $100 billionLyft shares dropped on Wednesday after it was reported that Uber is seeking a valuation between $90 billion and $100 billion.
Read more »
A millionaire couple is tearing through an NYC street to build a $100 million mansion with a 60-foot pool, and neighbors are resorting to wearing $400 headphones and tranquilizing their pets to deal with the noiseA millionaire couple is tearing through an NYC street to build a $100 million mansion with a 60-foot pool, forcing neighbors to wear $400 headphones inside and tranquilize their pets.
Read more »