Tax

Elizabeth Warren proposes massive tax on big business, special interest group lobbying

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White House hopeful Elizabeth Warren wants to impose a massive tax on lobbying activities, creating a new levy that she hopes will nudge some of the nation’s biggest companies and special interest groups toward curtailing federal lobbying.

“My new lobbying tax will make hiring armies of lobbyists significantly more expensive for the largest corporate influencers like Blue Cross Blue Shield, Boeing, and Comcast,” Warren said. “Sure, this may mean that some corporations and industry groups will choose to reduce their lobbying expenditures, raising less tax revenue down the road – but in that case, all the better.”

The proposal might face long odds — a seeming longshot in a divided Congress in which both sides of the aisle have deep ties to lobbyists —  but it marks Warren’s latest effort to press her case to voters that she’s the candidate most in tune with looking out for working-class Americans. It also comes amidst growing angst in tech and financial sectors about her growing popularity in polls

Under the the Massachusetts senator’s legislative proposal, companies that spend between $500,000 and $1 million per year on lobbying Congress and federal agencies would pay a 35% tax on those expenditures.

For every dollar above $1 million spent on lobbying, the rate will increase to 60% – and for every dollar above $5 million, it would increase to 75%, Warren explained in a Medium post. Under data compiled from the Center for Responsive Politics, Warren’s proposal would have resulted in companies such as Koch Industries, Pfizer, Boeing, Microsoft, Walmart, and Exxon being subject to the 75% rate for lobbying spending above $5 million in every year over the last decade.

Warren in March unveiled a plan that called for regulators to roll back big tech mergers such as Amazon acquiring Whole Foods and Facebook purchasing the messaging platform WhatsApp and Instagram.

Warren then slammed Facebook CEO Mark Zuckerberg Tuesday after The Verge published leaked audio in which he lamented that if Warren were elected president Facebook would find itself caught in a legal battle with U.S. government….Read more>>

 

Source:-usatoday

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