Democratic presidential candidate Elizabeth Warren is proposing a new tax on corporate profits that's designed to prevent business giants from taking advantage of the existing tax code to effectively pay a zero rate
The 7% tax on corporate profits above $100 million is the latest in a series of ambitious policy proposals from the Massachusetts senator. It's in line with her broader push to rein in such industries as the financial sector and technology firms .
Dubbing her pitch"the Real Corporate Profits Tax," Warren wrote:"It will make our biggest and most profitable corporations pay more and ensure that none of them can ever make billions and pay zero taxes again." The so-called wealth tax Warren proposed in January on about 75,000 of the nation's highest-earning households would raise an estimated $2.75 trillion over 10 years, money that she later said would go partly toward creating a government-supported universal child care program.
Other Democratic presidential candidates have offered proposals designed to address individual income inequality, such as California Sen. Kamala Harris' plan for a lower- and middle-income tax credit and New Jersey Sen. Cory Booker's plan to endow savings accounts for all children. Warren's latest idea, however, is unique as a foray into new corporate taxation policy.
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