Article snippet: Senator Elizabeth Warren is proposing another new tax that targets the richest entities in the US economy, this time Amazon and the nation’s other most profitable companies. The Massachusetts Democrat wants to slap a 7 percent levy on profits beyond $100 million. Warren planned to announce the proposal in a Medium post Thursday morning as she continues to roll out major policy initiatives in her Democratic presidential campaign. Warren is using a novel approach with her “real corporate profits tax.” She’s targeting what she said is a disparity between the profits that corporations report to their shareholders and what those same corporations tell the IRS. “Because of relentless lobbying, our corporate income tax rules are filled with so many loopholes and exemptions and deductions that even companies that tell shareholders they have made more than a billion dollars in profits can end up paying no corporate income taxes,” Warren wrote in the post. She described the idea as a “new kind of tax that big companies can’t get around.” The plan would affect about 1,200 corporations and raise approximately $1 trillion over 10 years, Warren said, citing an estimate from University of California, Berkeley economists Emmanuel Saez and Gabriel Zucman. Profits would be taxed regardless of whether they were earned in the US or overseas. The move would prevent companies from shifting profits to low-tax counties to avoid paying US taxes, Warren said. She called out Amazon as a ... Link to the full article to read more