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Democratic presidential candidate Elizabeth Warren is proposing a new 7% tax on the largest, most profitable U.S. companies, a move that would increase corporate tax collections by about 30% over the next decade.

Her Real Corporate Profits Tax, projected to raise $1 trillion over a decade, would apply to profits above $100 million each year, and it would be based on the world-wide posttax income companies report on their financial statements. The new levy, affecting about 1,200 companies, would come on top of the existing income tax system.

“We need corporate tax reform, but we also need to recognize that enormous companies with armies of lawyers and accountants will always try to exploit any deductions and exemptions that remain,” Ms. Warren wrote in announcing the proposal. “To raise the revenue we need—and ensure every corporation pays their fair share—we need a new kind of tax that big companies can’t get around.”

The corporate-tax proposal is the latest sweeping policy idea from Ms. Warren, a Massachusetts senator who has also proposed an annual wealth tax on the richest Americans, universal child care and $500 billion in new spending on affordable housing.

Ms. Warren’s latest proposal would mark a fundamental change in how the U.S. taxes corporations. It would raise taxes on some companies that make significant global profits but, for a variety of reasons, may pay relatively little to the U.S. government under the current tax law. CONTINUE AT SITE

Mike Garcia, a former naval fighter pilot and Santa Clarita businessman, announced his candidacy for Congress against Congresswoman Katie Hill for the 25th Congressional District Wednesday.

Garcia, a first-generation American citizen, is a highly decorated United States Naval Officer who was  one of the first F/A-18E Super Hornet strike fighter pilots in the Navy. He flew over 30 combat missions during Operation Iraqi freedom over Baghdad, Fallujah, and Tikrit, according to officials.

Garcia graduated in the top three percent of his Annapolis class, receiving an M.A. in National Security Studies at Georgetown University.

His performance during Advanced Jet Pilot Training in the T-45 jet set records and earned him the opportunity to become of the first F/A-18E Super Hornet strike fighter pilots in the Navy, according to officials.As an F/A-18E pilot Garcia was deployed several times on the USS Nimitz, a nuclear-powered aircraft carrier.

He was lauded as one of the best leaders and one of the most naturally talented pilots in the Navy by his troops, his peers and his leadership, Garcia said.Now, he is hoping to face Katie Hill in 2020 for the CA-25 Congressional seat, which includes the cities of Santa Clarita, Simi Valley, Palmdale, Lancaster, and the northern part of the San Fernando Valley.

https://thehill.com/homenews/campaign/438199-republicans-get-top-tier-candidate-in-key-california-house-race

Republicans recruited Mike Garcia, a fighter pilot and first-generation American, to challenge freshman Rep. Katie Hill (D-Calif.) in 2020, setting up a battle for a key House district.

Garcia, the son of a Mexican immigrant and an Iraq War veteran, announced his candidacy for California’s 25th District Wednesday.

He will challenge Hill, a moderate whose victory helped the Democrats retake the House last year and decimate the GOP delegation from the Golden State.

In his campaign announcement, Garcia sought to tie Hill to Rep. Alexandria Ocasio-Cortez (D-N.Y.) and other House progressives in pushing what he called a “Socialist agenda.”

“I have been at the edge where bullets fly and lives are lost,” Garcia said in a press release. “I believe America is the greatest country in the world. I’ve seen men and women lose their lives defending this country. And I am disgusted that politicians in Washington are voting in lockstep with Alexandria Ocasio-Cortez to push a Socialist agenda that jeopardizes everything we’ve risked blood and treasure to defend.”

Hill thanked Garcia and his family for their service and wished him luck.

“I know how tough these primaries can be. With three Republicans now filed to run and likely more who will jump in, I wish them all luck,” she said in an emailed statement. “I am deeply grateful to Mr. Garcia for his service to our nation and thank him and his family for all they have given to keep America safe.”

Republicans had held the seat in California’s 25th District for 25 years until Hill defeated incumbent Rep. Steve Knight.

Garcia touted the endorsements of former Reps. Buck McKeon (R) and Elton Gallegly (R), who previously represented California’s 25th and 24th Districts, respectively.

Garcia, a U.S. naval officer, was one of the first F/A-18E Super Hornet strike fighter pilots in the Navy and flew more than 30 combat missions during Operation Iraqi Freedom, according to his campaign announcement.

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https://thehill.com/homenews/senate/438322-senate-dems-call-for-barr-to-walk-back-spying-allegation

Top Senate Democrats are demanding Attorney General William Barr walk back his accusation that the Trump campaign was spied on by the FBI.

Barr sparked a political firestorm earlier Wednesday when he told senators that he believed “spying did occur” during the 2016 election and that he would be reviewing the probe of President Trump’s campaign.

Senate Minority Leader Charles Schumer (D-N.Y.) accused Barr of “perpetuating conspiracy theories” during his testimony before the Senate Appropriations subcommittee. The hearing was scheduled to discuss the department’s budget but ultimately was dominated by questions about special counsel Robert Mueller’s probe.

“AG Barr must retract his statement immediately or produce specific evidence to back it up,” Schumer said in a tweet.

Sen. Richard Blumenthal (D-Conn.), a member of the Senate Judiciary Committee, added in a statement that Barr had “demanded himself” by “carelessly acting as a mouthpiece for President Trump’s conspiracy theories.”