Bernie Sanders Wants WWII-Style Tax on 95 Percent of Corporate Windfall Profits

On Friday, Sen. Bernie Sanders (I-Vermont) introduced a bill that would capture nearly all of the excess profits being raked in by major U.S. corporations as they exploit ongoing crises to pad shareholders’ and executives’ pockets. The Ending Corporate Greed Act would levy a 95 percent tax on excess profits for corporations that make more than $500 million in yearly revenue until 2024, and would apply to about 30 top companies. The bill, cosponsored by Sen. Ed Markey (D-Massachusetts) and introduced by Rep. Jamaal Bowman (D-New York) in the House, would raise an estimated $400 billion in one year. Unlike…

Supreme Court Could Restrict US Agencies’ Regulatory Power in Air Pollution Case

On Feb. 28, 2022, the U.S. Supreme Court will hear oral arguments in West Virginia v. EPA, a case that centers on the U.S. Environmental Protection Agency’s authority to regulate greenhouse gas emissions that drive climate change. How the court decides the case could have broad ramifications, not just for climate change but for federal regulation in many areas. This case stems from actions over the past decade to reduce greenhouse gas emissions from power plants, a centerpiece of U.S. climate change policy. In 2016, the Supreme Court blocked the Obama administration’s Clean Power Plan, which was designed to reduce…

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