WASHINGTON - Democratic presidential candidate Elizabeth Warren is proposing a new tax on corporate profits that's designed to prevent business giants from taking advantage of the existing tax code to effectively pay a zero rate.
The 7 percent tax on corporate profits above $100 million is the latest in a series of ambitious policy proposals from the Massachusetts senator. It's in line with her broader push to rein in such industries as the financial sector and technology firms.
Warren's campaign estimates the proposal would hit roughly 1,200 firms and would raise about $1 trillion over 10 years. She hasn't specified what that money would pay for.
Warren on Thursday touted the tax as a way to boost smaller businesses and aid competition with behemoths that may currently pay lower effective tax rates.