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Tax on Excess Profits of Large Corporations

This act introduces a new tax on the excess profits of large corporations with annual gross receipts exceeding $500 million. The aim is to tax profits that surpass the average from 2015-2019, which could impact product and service prices, as well as company investments.
Key points
A new 95% tax on corporate profits exceeding their inflation-adjusted average profits from 2015-2019.
The tax applies to companies with annual gross receipts over $500 million, excluding certain types of corporations (e.g., investment funds).
The act is set to expire at the end of 2024, indicating it's a temporary measure.
article Official text account_balance Process page
Expired
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No votes cast
Additional Information
Print number: 117_S_3933
Sponsor: Sen. Sanders, Bernard [I-VT]
Process start date: 2022-03-28
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Ending Corporate Greed Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_3933.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-03-28.

What are the main provisions?

Key points include:

  • A new 95% tax on corporate profits exceeding their inflation-adjusted average profits from 2015-2019.
  • The tax applies to companies with annual gross receipts over $500 million, excluding certain types of corporations (e.g., investment funds).
  • The act is set to expire at the end of 2024, indicating it's a temporary measure.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Sanders, Bernard [I-VT].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Taxes Economy