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John,
Just one provision in the Trump tax cuts has saved 23 wealthy corporations $50 billion―so far.[1]
We just learned that a U.S. Chamber of Commerce-led coalition is fighting to renew that tax break―known as Bonus Depreciation.[2] It would cost U.S. taxpayers $250 billion over 10 years.[3]
This is one of three massive corporate tax breaks that we defeated last December. It expires later this year and we’re fighting back against corporate lobbying efforts meant to renew it.
Rush a donation today to fight back against the $250 billion Bonus Depreciation tax break that wealthy corporations from manufacturing, telecom, and even the car rental industry are lobbying to renew.
Last week, we sent more than 23,000 letters to Congress opposing another of these corporate tax breaks: the Research and Experimentation (R&E) tax deduction, which would cost taxpayers another $155 billion in handouts to wealthy corporations.
Together, we’re countering deep corporate pockets with grassroots lobbying―showing that people-power can defeat corporate greed.
Thank you,
Sarah Christopherson
Legislative and Policy Director
Americans for Tax Fairness Action Fund
[1] “Twenty-Three Corporations Saved $50 Billion So Far Under Trump Tax Law’s “Bonus Depreciation” that Many Lawmakers Want to Extend,” Institute on Taxation and Economic Policy, Nov. 10, 2022
[2] “Hoping to Keep it Full,” Politico Pro Morning Tax, Mar. 23, 2022 [behind a paywall]
[3] “In Blocking Renewal of Three Corporate Tax Breaks, Congress is Poised to Win One for Tax Fairness,” Americans for Tax Fairness, Dec. 20, 2022
-- Frank's email --
John,
Last week, ATF supporters sent more than 23,000 letters to Congress to oppose renewal of a $155 billion tax handout to corporations that was part of the Trump tax cuts in 2017. The Research and Experimentation (R&E) tax deduction was one of three corporate tax breaks that we blocked from being renewed in Congress last December.[1] But wealthy corporations never gave up lobbying for their hundreds of billions of dollars in tax breaks, and they launched a new effort to renew the R&E tax break this year.[2]
Now, a coalition of 16 corporations and corporate-aligned groups―including the U.S. Chamber of Commerce, AT&T, Verizon, and others―has announced a new lobbying campaign attempting to renew the second of these Trump corporate tax breaks: the Extending 100% Bonus Depreciation tax break, which is expiring this year.[3] This one costs $250 billion more.[1]
We’re leading the fight against these Trump-GOP tax breaks for corporations. Rush a contribution right now to fight back against the U.S. Chamber of Commerce and their new corporate lobbying campaign. Together, let’s show that people-power can defeat corporate greed.
The Trump-GOP tax scam instituted, on a temporary basis, 100% bonus depreciation, which allows businesses to write off the full cost of an asset in the year of its purchase, instead of slowly over time, as more accurately reflects genuine loss of value. That provision of the Trump tax scam will expire later this year and, if renewed, would cost U.S. taxpayers $250 billion over 10 years.
According to our allies at the Institute on Taxation and Economic Policy (ITEP), 23 corporations have saved $50 billion in taxes, just from this Bonus Depreciation tax break.[4]
In 2021, AT&T raked in $29 billion in profits and received a tax refund of $1.2 billion. That’s right! Instead of paying their fair share in taxes, AT&T had a federal tax rate of -4% in 2021. That same year, Verizon―which is also lobbying to keep this outrageous corporate tax break―paid less than a 7% tax rate on more than $27 billion in profits.[5] That’s roughly half the tax rate paid by most working people.
We’re fighting back against greedy corporations that are spending millions of dollars lobbying Congress to receive billions of dollars in tax breaks. Donate today to fight back against corporate greed and against corporate tax handouts that cost U.S. taxpayers hundreds of billions of dollars.
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Thank you for showing the power of our grassroots movement for change.
Frank Clemente
Executive Director
Americans for Tax Fairness Action Fund
[1] “In Blocking Renewal of Three Corporate Tax Breaks, Congress is Poised to Win One for Tax Fairness,” Americans for Tax Fairness, Dec. 20, 2022
[2] “Lawmakers revive push for more generous R&D tax credit,” CQ, Mar. 17, 2023
[3] “Hoping to Keep it Full,” Politico Pro Morning Tax, Mar. 23, 2022 [behind a paywall]
[4] “Twenty-Three Corporations Saved $50 Billion So Far Under Trump Tax Law’s ‘Bonus Depreciation’ that Many Lawmakers Want to Extend,” Institute on Taxation and Economic Policy, Nov. 10, 2022
[5] “These 19 Fortune 100 Companies Paid Next to Nothing—or Nothing at All—in Taxes in 2021,” Center for American Progress, Apr. 26, 2022
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