Re: “Pain in the pocketbook” [July 31, A1]:
The stories of Seattle-area residents struggling with high prices are heartbreaking. All of us should have what we need to care for our families. Now is the time for smart action to tame inflation.
The Economic Policy Institute recommends a temporary excess-profits tax. Data from the Bureau of Economics show abnormally high corporate profits are causing 54% of recent inflation. This tax would be on corporate profits that are above normal, and that come from taking advantage of the pandemic and the war in Ukraine. The purpose is to tamp down the price gouging.
U.S. Sens. Bernie Sanders and Ed Markey (co-sponsor) have introduced a bill for such an excess-profits tax, S.3933 — Ending Corporate Greed Act. The version in the House of Representatives is H.R.7443. By coming together to support this legislation, we can make a difference.
Connie Voget, Seattle