Uh, not quite.
They only mean to ban some...well, OK, most profits.
But what they mean by "banning" is simply, "if you make a "profit", it will, in it's entirety, revert to government coffers. Then they will "redistribute" it, or something like that.
If you make a "profit", you are engaging in immoral, unethical, and anti-American behavior, and laws to reign this type of behavior in is in the public good. They allow the business to continue, they simply "regulate" the excess.
There will be corollaries to this law, such as taxing anyone with "income" over, say, $250,000 at a rate of 104%, or something like that.
People like entrepreneurs/inventors will be permitted to retain a "living wage" (to be determined by the scions of Political Correctness on the Left), but anything over that reverts to the Treasury.
All overseas bank accounts, of course, will be outlawed, and once this law passes, all monies in those accounts revert to the treasury, as it will be assumed such monies placed in accounts deemed "beyond the reach of government" must, ipso facto, be the result of illegal behavior and are, thus, ill-gotten gains. These monies may, or may not, be "redistributed", depending on how our fearless leaders feel on that particular day.
There will others, rest assured, but I'm sure you get the gist of what they are saying to you.
As the horse Boxer opined in Animal Farm, "The answer, as I see it, is for me to work harder."
Remind your Democrat and otherwise Communist-thinking friends of this.
You have been warned!!!
Elections have consequences!
CA....
And they earnestly believe this. Many people (and whole cultures) hold as a fundamental axiom that acquisition of wealth ONLY occurs by removing it from others, presumably by illicit means. They cannot conceive of the creation of value out of mundane goods/resources/services; the concept of "the whole is greater than the sum of the parts" eludes them. They refuse to end contractual involvement at the end of a contract; if one party benefits from a contract, then by mere prior association others are somehow owed a share of the profits. They believe this.