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• The Associated Press reports that “Democratic presidential candidate Elizabeth Warren is proposing a new tax on corporate profits that’s designed to prevent business giants from taking advantage of the existing tax code to effectively pay a zero rate.

“The 7% tax on corporate profits above $100 million is the latest in a series of ambitious policy proposals from the Massachusetts senator. It’s in line with her broader push to rein in such industries as the financial sector and technology firms.”

The Warren campaign estimates the proposal would affect roughly 1,200 companies and “would raise about $1 trillion of new revenue over 10 years.”

The AP says that Warren is calling her proposal “the Real Corporate Profits Tax,” and says, “It will make our biggest and most profitable corporations pay more and ensure that none of them can ever make billions and pay zero taxes again.”
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