Get Inflation Under Control. Pass the Ending Corporate Greed Act!
Petition to Congress:
Congress must pass the Ending Corporate Greed Act in order to help struggling families and stop large corporations from price gouging. During the spike in inflation, corporations have seen record profits while regular people try to keep up with each price increase.
Inflation is still out of control.1 Why? Because the big corporations that are driving price increases are allowed to continue price gouging consumers.
The GOP wants the public to think government spending and debt relief is driving inflation. But corporate greed is really what’s fueling price increases. Corporations have recorded their widest profit margins since the 1950s, all while working families are struggling to keep up with rising costs.2 If we want to tackle inflation we must stop corporations from driving up prices.
Sign our petition today calling on Congress to pass the Ending Corporate Greed Act to halt the price gouging.
The Federal Reserve has spent months increasing interest rates in its misguided strategy for controlling inflation. This backward approach has only driven the economy closer to a recession while inflation continues to hurt working class Americans. Soaring gas prices helped Chevron raise their profits by 240%.3 Companies from Amazon to Hershey to steel companies to grocery store chains have seen historic profits during this time of increased inflation.4
While working class people have struggled to afford each price increase we’ve seen this year, CEOs of large corporations have boasted about historic corporate profits.5
We know progressive tax policies can work to help families and reign in corporations — that’s why we need to pass the Ending Corporate Greed Act.
The bill would tax mega corporations a whopping 95% specifically on profits made above their average profits during the five years before the pandemic — in order to discourage price gouging.6 We need Congress to act now to help struggling families and put a check on the out of control profits of these corporations.
Sign our petition urging Congress to stop corporations from price gouging with the Ending Corporate Greed Act!
Sources:
- CNN, “Fed’s preferred measure of inflation shows prices surged again last month,” September 30, 2022.
- Bloomberg News, “US Corporate Profits Soar With Margins at Widest Since 1950” August 25, 2022.
- Guardian, “Revealed: top US corporations raising prices on Americans even as profits surge” April 27, 2022.
- Ibid.
- American Economic Liberties Project, “The Ending Corporate Greed Act is Key in Lowering Corporate Incentives to Price-Gouge” March 25, 2022.
- Senator Bernie Sanders, “Summary of the Ending Corporate Greed Act” March 2022.