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Temporary 95% Tax on Large Corporations' Excess Profits

This bill introduces a temporary, high tax (95%) on the profits of large corporations that exceed their average pre-pandemic earnings (2015-2019, adjusted for inflation). The goal is to curb excessive profits for companies with annual gross receipts over $500 million. While citizens do not pay this tax directly, the measure aims to discourage price gouging and excessive corporate accumulation.
Key points
A temporary 95% tax is imposed on corporate profits deemed "excessive" compared to their historical earnings baseline.
The tax applies only to very large corporations (over $500 million in annual gross receipts) and is set to expire at the end of 2026.
The law includes specific changes to how corporate taxable income is calculated, including limits on executive pay deductions and depreciation methods.
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Expired
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Additional Information
Print number: 118_S_4642
Sponsor: Sen. Sanders, Bernard [I-VT]
Process start date: 2024-07-09
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-flash-latest
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 118_S_4642.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-07-09.

What are the main provisions?

Key points include:

  • A temporary 95% tax is imposed on corporate profits deemed "excessive" compared to their historical earnings baseline.
  • The tax applies only to very large corporations (over $500 million in annual gross receipts) and is set to expire at the end of 2026.
  • The law includes specific changes to how corporate taxable income is calculated, including limits on executive pay deductions and depreciation methods.
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 2025-12-26.

CATEGORIES

Taxes Economy