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 ...
Well gee why stop there? Go after all the investors in those corporations too! I’m sure some politicians have stock in a few of these companies.
While we’re at it, how much money did these corporations give in campaign contributions and to whom?
If by "undone" by setting businesses free, I agree.
If taxing companies that are doing what their business model was designed to do, no.
How about we close the big companies and only allow small businesses to open ;-)
If they can impose huge taxes and stifle business for covid, they can justify doing this for anything:
BLM
LGBT historic discrimination
basic income
and on and on and on.
In the meantime, they cannibalize the economy.
But of course you understand this. I’m just commenting.
Sad others don't get it.
Great minds... :-)
The whole lock down is illegal.
So, are we to solve a problem caused by illegal government actions by another illegal government action?
This whole COVID mess wreaks of being Socialist power grab strategy.
The COVID lockdowns gave the Democrats the excuse to push through Vote By Mail which gave Biden the election. Now they want to use damage done by the COVID lock down to take the power to redistribute profits at will.
The Democrats have created the crisis they have always wanted to take over the government completely.
I usually don’t buy in to conspiracy theories but it is hard to see this COVID non-pandemic any other way.
> Why are Amazon sellers allowed price gouging during a national crisis? <
Some cleaning and disinfecting supplies are at price gouging levels. So we agree there. But I’ve seen little price gouging elsewhere. A box of nails is still priced reasonably, etc, (At least as far as I can tell.)
It pains me to see small businesses slip away. But that was happening even before the pandemic. It was going to happen either way.
Not totally crazy. Maybe on a volunteer basis, after all, these companies voluntarily opened up their wallets in a big way for BLM.
No it doesn’t! We know who is vulnerable and who is not. Open up accordingly. Period!
who decides what an “excess profit” is?
If you are a communist.
There was significant price gouging on anything that was in heavy demand. I know because I had to buy some of it.
The same people who decided that the livelihoods of the people they hate are "non-essential."
To them.
Price gouging is the free market at work. High prices make it worthwhile to quickly bring in needed items.
Taxing Facebook into oblivion sounds good.
Not to me. “Excess profits”? I hear crap like that and it’s just more “we’re all in this together” “you didn’t build that” collectivist crap.
The govt would be instantly addicted to the revenue stream. We’d never get out of lockdown.
We’re already never going to get out of lockdown, but I changed my mind and it’s a bad idea. I am just pissed off that the big box stores get to stay open and the small businesses get destroyed.
Price gouging needs to be shut down hard.
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.