Democratic House Rep Tulsi Gabbard proposed a bill that would impose an “excess profit” tax on large businesses that were allowed to stay open during the pandemic. Gabbard says that the money would then be redistributed to assist small businesses that were damaged and/or shutdown due to virus regulations. The Hawaii Rep says that large corporations will emerge from the pandemic stronger than ever before while 1 out of every 4 small businesses will close and everyone else is simply suffering.
An “excess profit” tax is not a new concept. In fact, in a Twitter video, Tulsi lays out the pre-existing concept. During World War 1 and World War 2, there was apparently a tax imposed on businesses with the intention of collecting any monies they made as a result of the war. And the “excess” would be tabulated by taking the average of 2016-2019 income for a specific company and then looking at their 2020 income. According to information about the tax floating around the internet, the rate could go as high as 95%. At that high of a rate, it would simply be a confiscation rather than a tax. It is not quite clear if any businesses actually paid the “excess profit” tax back then, but Gabbard would like for businesses to pay it today.
Tulsi Gabbard is widely recognized as a “less crazy” and “less radical” version of a Democrat. But make no mistake, she is a Democrat through and through. In the aforementioned Twitter video, she mentioned the impact on small businesses that the virus has had. But she doesn’t mention the true cause of the problem, which are the regulations. Placing one Government on top of another is a classic hallmark of leftism. Also, Tulsi Gabbard is a proponent of raising the federal minimum wage to $15 an hour, which produces a similar effect to the lockdowns. Small businesses cannot afford the increase in expense but large businesses can, therefore unfairly helping the “rich get richer.”
Tulsi: Redirect Big Tech’s Excess Profits to Struggling Small Businesses