Top Tweets for #WindfallProfitsTax

Canada’s Big Four oil companies just reported $13.3 billion in profits in three months — more than double what they made during the same period last year sending $6 billion straight to their mostly American shareholders through dividends and stock buybacks. Canada must implement a windfall tax on the oil and gas industry to put these billions to work for Canadians by helping tackle the cost-of-living crisis and invest in renewable energy. https://t.co/HzIUOHRaHQ

As companies shell out big bucks for 30-second Super Bowl commercials, remember that many said they were forced to raise prices due to inflation. Also remember that average profit margins in nearly every sector in the S&P 500 are running near or above 10-year highs. Hello???

The wealthy have dismissed claims that corporate greed is the missing link between a US high performance economy and inflation. If the economy is doing well, why do prices remain high? The answer from Republicans? It’s Biden’s mismanagement of the economy. ABSOLUTE NONSENSE and they know it. When 2 months ago I suggested it was corporate greed, i was called a communist for suggesting a windfall tax on what was clearly a campaign of corporate price gouging from companies who in many cases been bailed out by taxpayer dollars in 2020. Let’s strip it back to basics. Prices are simply the sum of costs and corporate profits. That’s it, it’s not rocket science or ‘nuanced’ as corporate America would have you believe. *While labor and nonlabor input costs have played a role in price increases, corporate profits drove 53 percent of inflation during the second and third quarters of 2023 and more than one-third since the start of the pandemic. Comparatively, over the 40 years prior to the pandemic, they drove just 11 percent of price growth. The harsh truth is, the Pandemic was nothing other than an opportunity for corporations to PROFIT, but not before taking a generous helping of corporate welfare at the expense of taxpayers from pandemic bailouts. The stars had aligned perfectly. Trumps 2017 tax cuts had slashed corporate taxes from 35% to 21%. Now it was time to double dip and price gouge hard pressed families who were the real victims of the pandemic. Corporate profits as a share of national income has skyrocketed to 29% since the start of the pandemic. All as workers share of corporate income has yet to recover. The plain and simple fact is, Republicans and their rich friends are using Joe Biden as a human shield for their wanton GREED. It is now an indisputable FACT, 50% of the increase in prices YOU PAY (and have paid during these difficult times), to feed and take care of your loved ones, has gone straight into the pockets of fat cat CEOs and shareholders. It’s time to wake up now. It’s time to realize that the pandemic has merely provided the opportunity to shift even more wealth from average American families to the rich. YOU HAVE BEEN ROBBED YET AGAIN #DemsAct #DemVoice1 #wtpBLUE #ONEV1 #FAM46