Sen. Elizabeth Warren, D-Mass., speaks to hundreds of supporters at a rally at Wooster High School in Reno, Nev., Saturday, April 6, 2019. Warren said a system that rewards the rich and powerful at the expense of working Americans is at the core of every problem facing the nation. (AP Photo/Scott Sonner)
The Associated Press
WASHINGTON (AP) - 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% 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.
Sen. Elizabeth Warren, D-Mass., speaks to supporters at a rally for her Democratic presidential campaign at Wooster High School in Reno, Nev., Saturday, April 6, 2019 Warren said a system that rewards the rich and powerful at the expense of working Americans is at the core of every problem facing the nation. (AP Photo/Scott Sonner)
The Associated Press
Democratic presidential candidate Sen. Elizabeth Warren, D-Mass., speaks during the We the People Membership Summit, featuring the 2020 Democratic presidential candidates, at the Warner Theater, in Washington, Monday, April 1, 2019. (AP Photo/Jose Luis Magana)
The Associated Press
Democratic presidential candidate Sen. Elizabeth Warren, D-Mass., speaks during the We the People Membership Summit, featuring the 2020 Democratic presidential candidates, at the Warner Theater, in Washington, Monday, April 1, 2019. (AP Photo/Jose Luis Magana)
The Associated Press
Democratic presidential candidate Sen. Elizabeth Warren, D-Mass., speaks at the Heartland Forum held on the campus of Buena Vista University in Storm Lake, Iowa, Saturday, March 30, 2019. (AP Photo/Nati Harnik)
The Associated Press
Democratic presidential candidate Sen. Elizabeth Warren, D-Mass., speaks at the Heartland Forum held on the campus of Buena Vista University in Storm Lake, Iowa, Saturday, March 30, 2019. (AP Photo/Nati Harnik)
The Associated Press
Democratic presidential candidate Sen. Elizabeth Warren, D-Mass., speaks at the Heartland Forum held on the campus of Buena Vista University in Storm Lake, Iowa, Saturday, March 30, 2019. (AP Photo/Nati Harnik)
The Associated Press