Posted on 12/18/2020 6:45:49 PM PST by E. Pluribus Unum
A plan by Tulsi Gabbard (D-HI) would redirect excess profits from multinational corporations allowed to remain open during the Chinese coronavirus crisis to small businesses that have been forced to close due to economic shutdowns.
Gabbard released legislation on Friday, known as the Pandemic Crisis Excess Profits Tax, to ensure that corporations such as Amazon, Facebook, Walmart, and Google are not profiting off economic shutdowns that have helped clear the market of their competition.
“Big tech corporations and big-box retailers are among those who have made excessive profits during the COVID-19 pandemic, while mom and pop shops are being forced to close their doors due to government-mandated restrictions,” Gabbard said in a statement.
The legislation — first adopted during World War I and World War II to prevent corporations from profiting off the wars — would add a 95 percent tax on corporations’ excess profits calculated by subtracting their 2020 gross earnings from their average gross earnings from 2016 to 2019, before the coronavirus.
Big tech & big box retailers are seeing windfall profits & will emerge from this crisis stronger than ever at the expense of small businesses who are bearing the brunt of gov restrictions. I introduced HRes 1267 that will tax 95% of excess profits to support small businesses… pic.twitter.com/XjCKazW30d
— Tulsi Gabbard 🌺 (@TulsiGabbard) December 18, 2020
The corporations’ excess profits would then be directed to aid struggling small businesses that have been forced to close their doors due to economic shutdowns while giant conglomerates have been allowed to conduct business as usual. Gabbard said:
Because of this, these large corporations will be better positioned with a competitive advantage over small businesses in a post-pandemic economy. Congress must reinstate the WWII-era excess profit tax used at that time to prevent war-time profiteering, and dedicate the funds...
(Excerpt) Read more at breitbart.com ...
Walmart was ready for the lockdown. They had prepared. The day after it was announced they had professional signs everywhere and arrows on the floor.
Event 201 was a dry run. They were just waiting for an excuse to put it into action.
Now that they have us where they want us, they are never going to let us up.
The lockdown is forever, or at least until they have the death camps operational.
One day, she says something really smart. And then the next, she makes it clear she does not understand anything whatsoever about the problem she is pretending to solve.
“I’m stunned at how stupid some “conservatives” are not to recognize what this ploy is all about.”
I doubt it’s a ploy. She’s a D from Hawaii. They are economic illiterates. No. Worse than illiterate because at least illiterate people just haven’t learned anything at all (right or wrong) about the subject. Whatever she has learned is actively and positively wrong.
If, as appears to be the case, big corporations made higher profits at the expense of small businesses due to government action, then it seems only fair that there should be a redistribution.
Where does the federal government derive the authority to direct profits from business?
Price controls are robbery. They create empty shelves, encourage hoarding, and lengthen the recovery time.
https://fee.org/articles/price-gouging-during-disasters-is-actually-a-good-thing/
See previous post on this thread.
To do that, Trump has to cop to his bogus and dangerous vaccines.
Gabbard just tore off her fig leaf.
Yeah I’m fed up to. That’s why I keep calling to be opened up fully. Not taking the communists bait
No. This is just another ploy by dims to gain even more control over the economy.
Define "big corporation". Whatever it is now it will reduced even further to raise more money for their stupid causes.
Think redistribution. They will go after any corporation they can remotely link with slavery....directly or indirectly.
And when that is insufficient they will redefine the law to include all corporations.
Think gun and ammo manufacturers.
They will use this law to go after any company they don't like to put them out of business.
Think, friend....think.
NO-—IT DOES NOT.
Would you like to be forced to pay a person making less money than you-—for any reason?????
IF so-—Make a charity gift-—but NEVER make it a law.,
First, exterminate Tulsi. She is an elected liability
Regardless of what the previous post (#66) said, it’s the law. Laws should apply to Amazon and Jeff Bezos too.
I won’t lose sleep over it one way or the other but I would like them sued for it and have to pay money to the state. Why? Because Bezos is a big lib and he owns the Washington Post. I want him to pay. I want him humbled just a little. I know he’ll be humbled in time but I don’t mind seeing it a little in this lifetime.
Price gouging is the free market at work. High prices make it worthwhile to quickly bring in needed items.
I’ve seen it in certain situations like hurricanes — families needing to evacuate need gas, hotels, etc. It is criminal and should be considered criminal.
With Amazon we’re taking about monopolistic practices, and I agree with you there. I firmly believe there is dark money propping up these behemoths to for the purpose of subjugation of people and economies.
But price gouging by itself is healthy for a community when it’s a response to market forces of supply and demand.
I am generally a free market person but in situations of emergency, it’s different. I’ve seen price gouging in those situations.
In case you hadn't noticed they already did that when they forced all the small businesses to close and let the big businesses stay open.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.