Thread by @sahilkapur

NEW: @EWarren rolls out a new plan to impose a 7% tax on corporate profits above $100 million, “no loopholes or exemptions.”

It would raise $1 trillion in revenue over a decade, per two UC Berkeley economists.

bloomberg.com/news/articles/…

Under Elizabeth Warren’s new plan, @Amazon would pay $698 million in corporate taxes — rather than $0 —on ~$10 billion in profits.

Delving in with @laurapdavison.

bloomberg.com/news/articles/…

Elizabeth Warren’s policy blueprints:

• Wealth tax above >$50 million/yr
• Universal child care
• Break up big tech firms
• Housing $ to cut rent costs
• Corporate profits tax >$100 million

bloomberg.com/news/articles/…

From @EWarren’s plan: “Finally, the IRS will develop rules to ensure that companies cannot evade the tax by splitting up into smaller entities that remain under common control.”

bloomberg.com/news/articles/…

Warren is laying claim to the mantle of policy thought leader in the 2020 Democratic pack. By rolling out a raft of multi-trillion dollar tax hikes early, she’s trying to convey she’s serious about expanding the safety net.

bloomberg.com/news/articles/…

.@Amazon responds to @EWarren, saying that it “pays all the taxes we are required to pay in the U.S. and every country where we operate, including paying $2.6 billion in corporate tax and reporting $3.4 billion in tax expense over the last three years.”

bloomberg.com/news/articles/…