Elizabeth Warren unveils a plan to tax big corporations
By Katie Lobosco and MJ Lee, CNN
via WRAL (NC) - Apr 11, 2019
CNN — Democratic presidential candidate Elizabeth Warren is proposing a new tax on big corporations, bolstering the Massachusetts Democratic senator's progressive campaign against the powerful and wealthy ahead of the 2020 election.
The new tax would hit the 1,200 most profitable companies in the country, including Amazon, according to Warren. The tech giant is one of the most valuable companies in the world and earned a record $10 billion last year, but didn't have to pay anything in federal income taxes.
"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," Warren wrote in a post to Medium Thursday.
The proposal is designed to tap into public outrage over tax breaks offered to corporations like Amazon, which pulled out of a plan to build a new headquarters in New York City amid political backlash about the incentives state and city politicians offered to land the deal.
Under Warren's plan, corporations would have to pay an additional 7% tax on any earnings above $100 million.
Amazon would have wound up paying $698 million in taxes last year, Warren estimated.
But that low bill isn't because Amazon's evading taxes. The US system allows for a variety of deductions and for money-losing companies to reduce their future taxable income -- both tools used by the tech giant...