New York – Today, Congressman Jamaal Bowman, Ed.D. (NY-16) introduced The Ending Corporate Greed Act, led by Senator Bernie Sanders (I -VT) in the Senate, along with Senator Ed Markey (D-Mass.).
“Since the start of this pandemic, corporations have remained incredibly selfish in their business practices, squeezing their consumers who rely on them for essential goods and services including but not limited to gas, food, prescription drugs, banking and more,” said Rep. Jamaal Bowman, Ed.D. (NY-16). “Unemployment may be at an all time low, but wages aren’t keeping pace. As a result people in America, for a third year in a row, are struggling to keep up with the rising costs of living. Meanwhile, corporations are exploiting the pandemic and Russia’s invasion of Ukraine to justify price gouging. Congress must do its part to check corporate greed before it completely robs people in America of their ability to live a life in pursuit of liberty, justice and happiness. As billionaires and corporations continue to get richer while the average person struggles to afford gas, food and utility costs - we must begin to hold those responsible to account.”
“The American people are sick and tired of the unprecedented corporate greed that exists all over this country. They are sick and tired of being ripped-off by corporations making record-breaking profits while working families are forced to pay outrageously high prices for gas, rent, food, and prescription drugs,” said Sen. Sanders. “We cannot allow big oil companies and other large, profitable corporations to continue to use the war in Ukraine, the COVID-19 pandemic, and the specter of inflation to make obscene profits by price gouging Americans at the gas pump, the grocery store, or any other sector of our economy. During these troubling times, the working class cannot bear the brunt of this economic crisis, while corporate CEOs, wealthy shareholders, and the billionaire class make out like bandits. The time has come for Congress to work for working families and demand that large, profitable corporations make a little bit less money and pay their fair share of taxes.”
“Big Oil continues to fill their pockets as Americans are left emptying theirs at the pump,” said Senator Markey (D-Mass.).“Just this week, Exxon reported nearly $110 billion in profits for this quarter, a seven-year high. We cannot let mega-corporations use war as an opportunity to take advantage of everyday Americans. This kind of profiteering is unacceptable, and that’s why I’m joining my colleagues in saying enough is enough—we need the Ending Corporate Greed Act.”
Specifically, The Ending Corporate Greed Act would:
- Address corporate greed and pandemic profiteering by:
- Imposing a 95% tax on the windfall profits of corporations with more than $500 million in revenue until 2024
- Lower prices for people in America and fight inflation by:
- Taxing profits above big corporations' average profits over the last 5 years leaving them with no incentive to increase prices more than economically necessary
The United States has issued broad-based windfall profits taxes before – specifically during WWI, WWII, during the Korean War and in the 1980s. These windfall profit taxes were implemented to prevent corporations from profiting from war, disruption, and upheaval. Given the conditions we face in America and around the world, we need to follow that precedent. If this tax had taken effect in 2021 more than $300 billion would have been raised from the 25 largest corporate profiteers. Some of those taxes would have included:
- $27.5 billion from Amazon
- $66.1 billion from Berkshire Hathaway
- $12.9 billion from Chevron
- $18.8 billion from JP Morgan Chase
For a one-pager on the legislation, click here.
For a fact sheet on the legislation, click here.
For full bill text, click here.
Original co-sponsors of the bill include: Reps. Tlaib, Newman, Schakowsky and Jayapal
The bill has also been endorsed by: Economic Policy Institute, American Economic Liberties Project, Groundwork Action, Sunrise Movement, Friends of the Earth, Food & Water Watch, and the Center for Biological Diversity.