The Policy Details The Left Should EmbraceComments
I really struggle to see the validity of arguments for Bernie Sanders over Elizabeth Warren. She simply provides the real policy arguments that he often handwaves away, making her a lot more ready to take on the opposition she knows she will face if she wins, as opposed to Bernie thinking that he can scowl and people will acquiesce.
Democratic presidential candidate Elizabeth Warren rolled out a proposal on Thursday to levy a 7 percent tax on corporate profits above $100 million, which if enacted would raise an estimated $1 trillion from the country’s wealthiest businesses.
There would be “no loopholes or exemptions” for the so-called Real Corporate Profits Tax, Warren said, and it would be paid on top of what corporations owe under U.S. tax law and apply to profits earned domestically and abroad, preventing companies from shifting profits offshore to avoid the tax.
The Massachusetts senator’s plan is part of her initiative to claim the mantle of progressive policy visionary in the large and diverse primary field, and to put meat on the bones of her populist message that corporations and financial elites are rigging the rules at the expense of ordinary Americans.
By pitching a wave of new taxes early in her campaign, Warren is trying to convey that she’s serious about her plans to dramatically expand the economic safety net, including by making health insurance and child care accessible to all Americans.
“Amazon reported more than $10 billion in profits and paid zero federal corporate income taxes. Occidental Petroleum reported $4.1 billion in profits and paid zero federal corporate income taxes,” she wrote in a blog post for Medium.com, where she will unveil her plan. “In fact, year after year, some of the biggest corporations in the country make huge profits but pay zero federal corporate income taxes on those profits.”
This is….incredibly awesome. Is there any downside to pushing this kind of policy? It both would help fund the programs we so desperately need and seek to control capital being able to circumvent governmental control by existing a global and theoretically stateless economy that actually just gives enormous amounts of power to big business. This is the policy the left needs to support.