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Tulsi Gabbard introduces bill to fund small businesses forced to close using profits from big corporations

Tulsi Gabbard introduced legislation on Friday that would redirect excess profits from corporations that were allowed to remain open during the coronavirus crisis to small businesses that have been forced to close due to economic shutdowns.4Ari HoffmanSeattle, WADecember 19, 2020 6:54 PM2 Mins Reading

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Representative Tulsi Gabbard (D-HI) introduced legislation on Friday that would redirect excess profits from  corporations that were allowed to remain open during the coronavirus crisis to small businesses that have been forced to close due to economic shutdowns.

HR 1267, otherwise known as The Pandemic Crisis Excess Profits Tax, would add a 95 percent tax on corporations’ excess profits. This would be calculated by subtracting their 2020 gross earnings from their average gross earnings from 2016 to 2019, before the coronavirus. Gabbard claims that this would ensure that corporations such as Amazon, Walmart, Zoom and others, are not profiting off economic shutdowns that have helped clear the market of their competition.https://platform.twitter.com/embed/index.html?creatorScreenName=tpostmillennial&dnt=false&embedId=twitter-widget-2&frame=false&hideCard=false&hideThread=false&id=1339957325499691009&lang=en&origin=https%3A%2F%2Fthepostmillennial.com%2Ftulsi-gabbard-legislation-fund-small-businesses&siteScreenName=TPostMillennial&theme=light&widgetsVersion=ed20a2b%3A1601588405575&width=550px

Gabbard said in a statement that “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.”

The corporations’ excess profits would be redirected to struggling small businesses that have been forced to close their doors due to economic shutdowns. Similar legislation was first adopted during World War I then again during World War II to prevent corporations from profiting off the wars.