Title: 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.
Policy area: Taxation

Summary:
This resolution expresses the sense of the House of Representatives that Congress should reinstate a pandemic excess profits tax on large corporations that have made excess profits due to the COVID-19 (i.e., coronavirus disease 2019) pandemic and direct tax revenues to fund economic relief to small businesses.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 1267 Introduced in House (IH)]

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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 
        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, one-in-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;
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
    Resolved, That it is the sense of the House of Representatives that 
Congress should reinstate a pandemic excess profits tax on large 
corporations who have made excess profits due to the pandemic and 
related government restrictions by using average gross earnings from 
2016, 2017, 2018, and 2019 and subtract the average from total 2020 
gross earnings, and apply a 95-percent tax rate to the excess profits 
which shall be directed to fund economic relief to small businesses.
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