Massachusetts Sen. Elizabeth Warren says the European Union’s decision to force Apple to pay more than $14 billion in back taxes shows companies are running out of ways to hide their profits, and called for a new tax structure in the U.S. that forces even more money out of large corporations.
“Congress should increase the share of government revenue generated from taxes on big corporations — permanently,” Warren wrote in a New York Times op-ed. “In the 1950s, corporations contributed about $3 out of every $10 in federal revenue. Today they contribute $1 out of every $10, despite their reliance on federal investments to start and expand their businesses.”
Warren is a leading surrogate for Democratic nominee Hillary Clinton on the presidential campaign trail, and Clinton has adopted some of Warren’s rhetoric on corporations and business since she began running for president.
“We’re going where the money is,” Clinton said on the trail in Pennsylvania in August. “We are going after the super wealthy, we are going after corporations, we are going after Wall Street so they pay their fair share.”
Clinton and Warren, who was once considered a potential running mate for Clinton, would appear to be close allies if Clinton wins the White House.
