Huge Tax Hikes Proposed For Tech Giants
Elizabeth Warren has announced plans to include a tax in a proposed reconciliation bill that will require corporations paying a 7 per cent tax on earnings above $100 million.
Microsoft reported $61.2 billion last year, while Amazon reported $21.3 billion.
“I believe the revenues should come from billionaires and giant corporations that have evaded paying their fair share for far too long,” Warren said during a press call.
“Our Real Corporate Profits Tax Act would create a fairer system and strengthen our economy by ensuring that highly profitable corporations stop getting away with cheating the system.”
Senator Angus King, an independent from Maine, added during the call that “$100 million is the starting point.”
“All we’re saying is that large profitable corporations that are reporting these profits to their shareholders should pay some minimum amount,” King said.
“7 per cent is what we’re talking about. I see this as simple tax fairness.”
The senators say such a tax would result in $700 billion in revenue over 10 years.
The Senate is expected the pass the bipartisan package this week.