Expressing the sense of the House of Representatives that Congress must pass a pandemic excess profits tax on large corporations who have achieved windfall profits due to the COVID-19 public health crisis.

IV 116TH CONGRESS 2D SESSION H. RES. 1267 Expressing the sense of the House of Representatives that Congress must pass a pandemic excess profits tax on large corporations who have achieved windfall profits due to the COVID–19 public health crisis. IN THE HOUSE OF REPRESENTATIVES DECEMBER 17, 2020 Ms. GABBARD submitted the following resolution; which was referred to the Committee on Ways and Means, and in addition to the Committee on Small Business, for a period to be subsequently determined by the Speak- er, in each case for consideration of such provisions as fall within the ju- risdiction of the committee concerned RESOLUTION Expressing the sense of the House of Representatives that Congress must pass a pandemic excess profits tax on large corporations who have achieved windfall profits due to the COVID–19 public health crisis. Whereas big technology corporations and big box retailers will emerge from the coronavirus crisis stronger than ever be- fore, and with a greater economic advantage over smaller businesses; Whereas at a time when small businesses and Americans across the country are suffering catastrophic economic consequences due to the COVID–19 pandemic and gov- ernment-mandated restrictions, certain corporations such VerDate Sep 11 2014 17:12 Dec 19, 2020 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6300 E:\BILLS\HR1267.IH HR1267 pamtmann on DSKBC07HB2PROD with BILLS 2 •HRES 1267 IH as Amazon, Walmart, Zoom, and others have seen wind- fall profits due to the pandemic; Whereas ninety-nine percent of all businesses in the United States are small businesses, accounting for forty-four percent of the U.S. gross domestic product (GDP), em- ploying forty-seven percent of our country’s workforce; Whereas according to a December national survey assessing the pandemic’s economic impact to small business, one- in-four small businesses will have to close their doors in the next six months if current economic conditions don’t improve; Whereas large technology companies like Amazon, Alphabet, Apple, and Facebook posted record profits during the COVID–19 pandemic; Whereas it would be neither fair nor good for the United States economy for large corporations who have gained a competitive advantage over small businesses due to gov- ernment-mandated restrictions, to maintain such a com- petitive advantage in the post-pandemic economy; Whereas given most Americans and small businesses are struggling or shutting their doors while big corporations are seeing a windfall of excess profits due to the crisis, it is time to reinstate the wartime excess profits tax that was used during WWI and WWII to prevent certain cor- porations from crisis profiteering and opportunistically enriching themselves; Whereas excess profits taxes were originally adopted by Con- gress to ‘‘siphon off war profits’’ from company’s prof- iting as a result of the war and provide assistance to those who were struggling and who needed help the most; VerDate Sep 11 2014 17:12 Dec 19, 2020 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6300 E:\BILLS\HR1267.IH HR1267 pamtmann on DSKBC07HB2PROD with BILLS 3 •HRES 1267 IH Whereas the economic impacts of the coronavirus pandemic continue to ravage small businesses and Americans across the country, and it is unethical and unconscionable that some corporations achieve windfall profits directly because of the pandemic crisis while everyone else suffers; Whereas the Federal Government is spending trillions of dol- lars in emergency assistance to help struggling individ- uals and businesses, pushing the country further into debt; and Whereas corporations who are experiencing obscene financial benefit and competitive advantage over other smaller cor- porations as a result of the pandemic have a responsi- bility to assist with the relief efforts for those struggling the most: Now, therefore, be it Resolved, That it is the sense of the House of Rep- 1 resentatives that Congress should reinstate a pandemic ex- 2 cess profits tax on large corporations who have made ex- 3 cess profits due to the pandemic and related government 4 restrictions by using average gross earnings from 2016, 5 2017, 2018, and 2019 and subtract the average from total 6 2020 gross earnings, and apply a 95-percent tax rate to 7 the excess profits which shall be directed to fund economic 8 relief to small businesses. 9 Æ VerDate Sep 11 2014 17:12 Dec 19, 2020 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\HR1267.IH HR1267 pamtmann on DSKBC07HB2PROD with BILLS