Schumer: Inflation Reduction Act Has Votes to Pass After Concessions to Sinema

Conservative Democrat Sen. Kyrsten Sinema (Arizona) announced on Thursday that she will support the Inflation Reduction Act (IRA) after Democratic leaders agreed to take out proposals to raise taxes on businesses and the wealthy in order to fund the bill. Sinema said in a statement that, after the Senate parliamentarian reviews the budget package, she will “move forward” with the bill. With Sinema’s support, Senate Majority Leader Chuck Schumer (D-New York) says that the Senate now has all 50 Democrats on board to pass the bill via a simple majority vote, with Vice President Kamala Harris’s vote being the 51st.…

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…

Sanders Urges Tax on Windfall Oil Profits as Companies Exploit Ukraine Crisis

As oil companies seek to profit off of Russia’s invasion of Ukraine, Sen. Bernie Sanders (I-Vermont) is calling for officials to place a tax on oil profits and implement price controls in order to lessen the effects of the crisis on the public. “We can no longer allow big oil companies, huge corporations and the billionaire class to use the murderous Russian invasion of Ukraine and the ongoing pandemic as an excuse to price gouge consumers,” Sanders wrote over the weekend. “It is time to enact a windfall profits tax and reasonable price controls.” Crude oil prices have been jumping…

Translate »