Bowman and Sanders Introduce Legislation to Combat Corporate Greed and Excessive Profits

Bowman Introduces Legislation

Amid record inflation, Congressman Jamaal Bowman (D-NY) and Senator Bernie Sanders (I-VT) have introduced legislation aimed at addressing corporate greed and excessive profits. The legislation, titled the "Corporate Greed and Excessive Profits Prevention Act," is designed to curb soaring prices, inflation, and income inequality.

Key Provisions of the Legislation

The legislation includes several key provisions aimed at combating corporate greed and excessive profits, including:

• Excess Profits Tax: Imposes a windfall tax on corporations that have profited significantly during the pandemic, directing the revenue towards programs to help lower-income families.
• Price Gouging Prohibition: Prohibits price gouging by corporations during emergencies and crises, ensuring that essential goods and services remain affordable for consumers.
• Increased Corporate Tax Rates: Raises the corporate tax rate on large corporations to generate additional revenue for essential government programs, such as healthcare and education.

Bowman and Sanders argue that the legislation is necessary to address the growing gap between the wealthy and the working class, and to hold corporations accountable for profiteering during a period of economic hardship for many Americans.