U.S. Sen. Bernie Sanders on Friday unveiled the Ending Corporate Greed Act, which aims to end corporate price gouging in the midst of multiple global crises by imposing a 95% tax on the windfall profits of major companies.

The bill—spearheaded by Sanders (I-Vt.), Sen. Ed Markey (D-Mass.), and Rep. Jamaal Bowman (D-N.Y.)—is inspired by previous windfall profits tax plans implemented during World Wars I and II as well as the Korean War. During WWII, Sanders’ office noted, “the tax rate reached as high as 95%, which ensured that companies could not profiteer off the war.”

…

Other backers of the bill include tax scholar Reuven Avi-Yonah, economists Emmanuel Saez and Gabriel Zucman, and experts and campaigners at the American Economic Liberties Project, Center for Biological Diversity, Food & Water Watch, Economic Policy Institute, Groundwork Action, Patriotic Millionaires, and Roosevelt Institute.