U.S. Senator Elizabeth Warren is proposing a new 7 percent tax on corporate prof...
WASHINGTON - U.S. Senator Elizabeth Warren is proposing a new 7 percent tax on corporate profits that exceed $100 million, her presidential campaign said on Thursday.
Companies would not pay the new tax, which would be in addition to existing corporate taxes that companies already pay, on their first $100 million in profits. Warren hopes to challenge Republican President Donald Trump, who has focused on tax cuts for corporations, which he says have allowed the economy to flourish and lowered the unemployment rate.
“This new tax applies to the profits very large American companies report to their investors — with no loopholes or exemptions,” Warren wrote in her proposal.
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