Washington, DC—Yesterday, Rep. Tulsi Gabbard (HI-02) introduced H.Res.1267, the Pandemic Crisis Excess Profits Tax, which calls on Congress to levy a limited-time tax on the excess profits of large corporations who profited beyond their average profits over the past several years due to the COVID-19 pandemic and to direct the funds collected to support small businesses.
“Big tech corporations and big box retailers are among those who have made excessive profits during the COVID-19 pandemic, while mom and pop shops are being forced to close their doors due to government-mandated restrictions. Because of this, these large corporations will be better positioned with a competitive advantage over small businesses in a post-pandemic economy. Congress must reinstate the WWII-era excess profit tax used at that time to prevent war-time profiteering, and dedicate the funds collected to helping small businesses recover,” said Rep. Tulsi Gabbard. “Small businesses are the backbone of our economy and have borne the brunt of this crisis. We need to support our small businesses and make sure that they are able to thrive and compete.”
Background: H.Res.1267, the Pandemic Crisis Excess Profits Tax resolution calls on Congress to levy an excess profits tax on large corporations, like Amazon, Google, Facebook, and Wal-Mart who have seen windfall profits because of the COVID-19 pandemic.