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John,
Even as inflation is easing, prices for consumers aren’t coming down as fast as they should be. That’s because greedy price-gouging corporations are seeking to maintain their obscene profits to enrich shareholders and executives―on the backs of working people.
Clorox, which also sells products like Brita water filters and Burt’s Bees skincare, recently raised its prices by 16%, its CEO telling analysts, “We intend for these price increases to stick.”[1]
Last year, we fought for and won a 15% corporate profits minimum tax on billion-dollar corporations to ensure they’re paying their fair share in taxes. The Treasury Department is currently finalizing the rules that will dictate how the new tax law is applied, but tax dodging corporations are fighting back, lobbying members of Congress and the Biden administration to maintain loopholes that have allowed corporations to get away with paying little to nothing in federal income taxes.
In fact, as recently as 2021, AT&T received a tax refund of $1.2 billion on $29.6 billion in profits. That’s a tax rate of negative 4%![2]
Sign now to tell the Biden administration and the Treasury Department to hold billion- dollar corporations accountable. Urge them to close tax loopholes and require major corporations to pay the full 15% corporate profits minimum tax.
Together, we’re fighting for an economy that works for everyone, not just the wealthy few. And that starts by holding corporate tax dodgers accountable.
Thank you,
Sarah Christopherson
Legislative and Policy Director
Americans for Tax Fairness Action Fund
[1] “How Long Will Companies Keep Raising Prices on Consumer Goods?” New York Times, Aug. 10, 2023
[2] “These 19 Fortune 100 Companies Paid Next to Nothing—or Nothing at All—in Taxes in 2021,” Center for American Progress, Apr. 26, 2022
-- David's email --
John,
Last year, we fought for and won a 15% corporate profits minimum tax on billion dollar corporations―because massive corporations like Amazon and FedEx shouldn’t get away with paying little or nothing in federal income taxes on their massive profits.
But now, just as the Treasury Department is finalizing the rules on how the corporate tax will be implemented, high-priced corporate lobbyists are trying to kill the new law by maintaining tax loopholes abused by greedy, tax dodging corporations.[1]
Sign now to tell the Biden administration and the Treasury Department to stand firm against corporate lobbyists and keep the tax on billion-dollar corporations strong.
Estimates suggest that the 15% corporate profits minimum tax would raise over $220 billion in tax revenue over 10 years.[2] In fact, if we had had a 15% corporate tax in 2021, it could have raised as much as $14.3 billion just from Warren Buffett’s Berkshire Hathaway, Amazon, Ford Motor Company, and AT&T combined.[3]
According to a new report from the Washington Post, Amazon, Ford, AT&T, and FedEx are among the corporations lobbying to gut the new law so they can go on dodging their fair share of taxes. So is Duke Energy, which announced this summer―the hottest on record―that it was significantly raising rates on consumers. At the same time, Duke Energy’s CEO saw her salary jump to $21.35 million in 2022, up almost 30% from 2021.[4]
At a time when corporations are price-gouging consumers while paying executives astronomical salaries, it’s time they started contributing their fair share of taxes.
Sign now to tell the Biden administration that you support a 15% corporate profits minimum tax on billion-dollar corporations and you want them to close more tax loopholes so that major corporations are paying more of their fair share.
We know that when corporations pay their fair share in taxes, we can invest in critical services for working families, from housing to healthcare to childcare and more.
Thank you for taking action today,
David Kass
Executive Director
Americans for Tax Fairness Action Fund
[1] “Biden wants rich companies to pay higher taxes. Some are fighting back.” The Washington Post, Aug. 18, 2023
[2] “Tax Fairness Reforms In the Inflation Reduction Act” Americans for Tax Fairness, Sept. 13, 2022
[3] https://twitter.com/4TaxFairness/status/1691560868822016148?s=20
[4] “Rate Increases and Blackouts: Duke Energy’s Strategy for 2023,” Natural Resources Defense Council, Apr. 6, 2023
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