Opinion To Fight Inflation Tax the Rich and Corporate Profiteers HEAD TOPICS

Opinion To Fight Inflation Tax the Rich and Corporate Profiteers

10/23/2022 5:01:00 AM

We don' t need to crash the economy to get inflation under control We need to get our rich under control

Source

Common Dreams

We don't need to crash the economy to get inflation under control. We need to get our rich under control. We don't need to crash the economy to get inflation under control. We need to get our rich under control. U.S. lawmakers like Senator Ed Markey from Massachusetts haveintroducedlegislation calling for an excess-profits tax “to protect consumers from profiteering and stand against economic inequality.” The Ending Corporate Greed Act that Markey is co-sponsoring with Senator Bernie Sanders and New York Representative Jamal Bowman would subject firms with over $500 million in annual revenues to a 95 percent tax on profits over and above their 2015-2019 profit levels, adjusted for inflation. This proposed excess-profits tax would stay in effect through 2024. The tax would apply to profits, not revenue, and companies that have increased prices because they actually do face rising expenses would pay no tax under this legislation. Those corporations subject to the new excess-profits levy, the bill’s sponsors point out, would only be those that raise prices “to further enrich their CEOs and wealthy shareholders.” Read more:
Common Dreams » Deadly crash in Layton leaves 1 man dead, 1 woman injured 7 people injured following two-vehicle crash in Southeast Austin Services announced for Carrollton police officer killed in crash NASA is testing ways to crash land on Mars Digital Trends

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To get a sense of how vast Australia really is, just ask Nedd Brockmann. He found out the hard way. Read more >> Deadly crash in Layton leaves 1 man dead, 1 woman injuredWhat witnesses believe was a t-bone accident has left one person dead and another injured on Highway 89 in Layton. The road remains reduced to one lane of travel. 7 people injured following two-vehicle crash in Southeast AustinA two-vehicle crash in Southeast Austin resulted in seven injuries Thursday night. Services announced for Carrollton police officer killed in crashOfficer Steve Nothem, 36, is the Carrollton department’s first officer to die in the line of duty. NASA is testing ways to crash land on Mars Digital TrendsNASA’s Mars team is testing a new method of getting equipment onto the martian surface -- using a deliberate crash landing. 1 killed in 3-vehicle crash on SR 93 in LaytonA 75-year-old man was killed in a three-vehicle collision on Thursday, according to Layton Police. Rescuers in southwest Ohio search for aircraft in pond after receiving reports of crashReports say the search will resume Friday morning after the aircraft, reportedly a glider, couldn't be found Thursday night. $17.LAYTON, Utah —  Police tell FOX 13 News two vehicles were involved in the initial crash that happened near Ft.Southeast Austin Thursday night.Officer Steve Nothem (Carrollton Police Department) Nothem was assisting another officer on a DWI investigation on Bush Turnpike about 10:30 p. 9 billion in second-quarter profits, triple the fossil-fuel giant’s first-quarter earnings. U. Driver Alert: EB Highway 193 is closed at Ft.S. at 5946 E Stassney Ln. lawmakers like Senator Ed Markey from Massachusetts have introduced legislation calling for an excess-profits tax “to protect consumers from profiteering and stand against economic inequality. WB is reduced to one lane.” The Ending Corporate Greed Act that Markey is co-sponsoring with Senator Bernie Sanders and New York Representative Jamal Bowman would subject firms with over $500 million in annual revenues to a 95 percent tax on profits over and above their 2015-2019 profit levels, adjusted for inflation. Nothem, 36, is the first Carrollton officer to die in the line of duty. This proposed excess-profits tax would stay in effect through 2024. @UDOTRegionOne @UtahDOT @UtahTrucking — UDOT Traffic (@UDOTTRAFFIC) October 21, 2022 Witnesses told police the initial crash was a t-bone accident between a pickup truck and an SUV. Six of the people involved were transported to local hospitals. The tax would apply to profits, not revenue, and companies that have increased prices because they actually do face rising expenses would pay no tax under this legislation. Those corporations subject to the new excess-profits levy, the bill’s sponsors point out, would only be those that raise prices “to further enrich their CEOs and wealthy shareholders. Afterward, a third car struck the truck, sustaining minor damage.” That would include financial giants like JPMorgan Chase. DAILY NEWSLETTER All the news you need to know, every day By clicking Sign Up, I confirm that I have read and agree to the. JPMorgan’s 2021 profit hit $59. The SUV driver, a 50-year-old woman, was transported to the hospital with non-life-threatening injuries out of an abundance of caution. Jackson Road. 6 billion, well above the bank’s $37.4 billion annual average profit for 2015 through 2019. Both directions of Highway 89 have been reduced to one lane of travel while officials investigate. The bank would have paid an additional $18.8 billion in taxes had the Ending Corporate Greed Act been law last year.. European progressives are also pushing for excess-profits taxes.m. The higher prices corporate giants are charging, they , reflect their “monopolistic or oligopolistic power to set market terms.” Norway, a European nation with an excess-profits tax already in effect, expects this levy to jump tax revenue by as much as 50 percent in 2022. Other progressives on the global tax scene have a different but related inflation fix : a “one-off wealth tax.” Such taxes have a long history and, in the years right after World War II, led to some real fiscal successes. Over those years, eight different European nations levied time-limited wealth taxes. Nothem joined the department in March 2020 after working as a police officer in Wisconsin. These levies typically gave each nation’s richest a fixed number of years to pay off a one-time tax on their personal fortunes. Finland, for instance, gave its richest five years to pay a 21 percent tax on their wealth as of 1945. Italy’s wealthiest had seven years to pay off a 60 percent tax on their 1947 fortunes. West Germany’s 50 percent wealth tax rate, notes Shane Markowitz of Slovakia’s Institute of European Studies and International Relations, helped “curtail inflation, promote social cohesion, and ultimately finance the postwar economic boom.” Central banker interest-rate hikes, by contrast, “curtail” inflation by promoting social disorder and economic breakdown. In economies like ours, mega-billion-dollar corporations effectively have monopoly power over the marketplace. They can raise prices independently of the actual costs — for things like wages — they actually face. We’re seeing what antitrust expert Hal Singer of Georgetown University’s McDonough School of Business calls “a severing of the relationship between wages and prices in so many sectors of the economy.” Our pharmaceutical giants, for instance, hardly bother looking “at the wages of its chemists” when pricing their products. If firms “were simply passing along higher costs,” adds Singer, “then we wouldn’t expect to see their profits go up. ” But profits today are going up, he notes, and at historically high levels. Our Federal Reserve’s top brass has no interest in confronting — or even acknowledging — the monopoly power that’s driving these price hikes. And the deeper the coming recession may be, some of the Fed’s cheerleaders seem to believe, the better. A “level of unemployment that puts employers back in the driver seat,” as real estate CEO Jordan Kaplan noted this summer on a corporate earnings call, .