IV 

116TH CONGRESS 

2D SESSION H. RES. 1267 

Expressing the sense of the House of Representatives that Congress must 

pass a pandemic excess profits tax on large corporations who have 

achieved windfall profits due to the COVID–19 public health crisis. 

IN THE HOUSE OF REPRESENTATIVES 

DECEMBER 17, 2020 

Ms. GABBARD submitted the following resolution; which was referred to the 

Committee on Ways and Means, and in addition to the Committee on 

Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned 

RESOLUTION 

Expressing the sense of the House of Representatives that 

Congress must pass a pandemic excess profits tax on 

large corporations who have achieved windfall profits due 

to the COVID–19 public health crisis. 

Whereas big technology corporations and big box retailers will 

emerge from the coronavirus crisis stronger than ever before, and with a greater economic advantage over smaller 

businesses; 

Whereas at a time when small businesses and Americans 

across the country are suffering catastrophic economic 

consequences due to the COVID–19 pandemic and government-mandated restrictions, certain corporations such 


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2 

•HRES 1267 IH 

as Amazon, Walmart, Zoom, and others have seen windfall profits due to the pandemic; 

Whereas ninety-nine percent of all businesses in the United 

States are small businesses, accounting for forty-four 

percent of the U.S. gross domestic product (GDP), employing forty-seven percent of our country’s workforce; 

Whereas according to a December national survey assessing 

the pandemic’s economic impact to small business, onein-four small businesses will have to close their doors in 

the next six months if current economic conditions don’t 

improve; 

Whereas large technology companies like Amazon, Alphabet, 

Apple, and Facebook posted record profits during the 

COVID–19 pandemic; 

Whereas it would be neither fair nor good for the United 

States economy for large corporations who have gained a 

competitive advantage over small businesses due to government-mandated restrictions, to maintain such a competitive advantage in the post-pandemic economy; 

Whereas given most Americans and small businesses are 

struggling or shutting their doors while big corporations 

are seeing a windfall of excess profits due to the crisis, 

it is time to reinstate the wartime excess profits tax that 

was used during WWI and WWII to prevent certain corporations from crisis profiteering and opportunistically 

enriching themselves; 

Whereas excess profits taxes were originally adopted by Congress to ‘‘siphon off war profits’’ from company’s profiting as a result of the war and provide assistance to 

those who were struggling and who needed help the most; 


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•HRES 1267 IH 

Whereas the economic impacts of the coronavirus pandemic 

continue to ravage small businesses and Americans 

across the country, and it is unethical and unconscionable 

that some corporations achieve windfall profits directly 

because of the pandemic crisis while everyone else suffers; 

Whereas the Federal Government is spending trillions of dollars in emergency assistance to help struggling individuals and businesses, pushing the country further into 

debt; and 

Whereas corporations who are experiencing obscene financial 

benefit and competitive advantage over other smaller corporations as a result of the pandemic have a responsibility to assist with the relief efforts for those struggling 

the most: Now, therefore, be it 

1 Resolved, That it is the sense of the House of Rep2 resentatives that Congress should reinstate a pandemic ex3 cess profits tax on large corporations who have made ex4 cess profits due to the pandemic and related government 

5 restrictions by using average gross earnings from 2016, 

6 2017, 2018, and 2019 and subtract the average from total 

7 2020 gross earnings, and apply a 95-percent tax rate to 

8 the excess profits which shall be directed to fund economic 

9 relief to small businesses. 

Æ 


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