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John,
Glaring disparities in wealth and power have reached a fever pitch, with giant corporations and their army of lobbyists working continuously behind the scenes to tilt the scales in their favor.
The stark reality is that in 2020, 55 of America's most influential corporations managed to exploit tax loopholes, paying absolutely nothing in federal taxes. Despite accruing substantial pre-tax income, these giants, like Amazon and FedEx, made use of various mechanisms to reduce their taxable income to zero.
Major lobbying firms that represent corporations ranging from AT&T, to Duke Energy, and Ford Motor Company have had their run, shaping policies in their favor, dodging taxes, and shifting burdens onto the average American. Enough is enough.
That’s why last year Congress passed and President Biden signed into law legislation enacting a 15% minimum tax on corporate profits for billion-dollar corporations, but as the U.S. Treasury Department finalizes the rules on how the corporate tax will be implemented, those high-priced corporate lobbyists are fighting back.
We must tell the Biden administration we support their 15% corporate profits minimum tax and to stand up to billion-dollar corporations and their lobbyists seeking to maintain and expand tax loopholes now.
Every day of inaction gives these corporations another day to shape our nation in their favor, at the expense of everyday Americans. Their influence reaches into our schools, our healthcare, our environment, and our future but if we had even just a 15% corporate tax rate from major corporations, the financial windfall would be staggering.
Take Warren Buffett’s Berkshire Hathaway for instance. A corporate tax of 15% would have meant a substantial $8.3 billion boost to strengthen Medicare or Medicaid. Similarly, giants like Amazon, Ford Motor Company, and AT&T would have contributed an additional $2.7 billion, $1.8 billion, and $1.5 billion respectively. Imagine the impact on Social Security or investments in education if these corporations paid their fair share.
This is not pocket change, it is a transformational amount of money that presents an opportunity for growth and a safety net for millions of Americans, from investing back into communities and into human needs programs like SNAP, Head Start, LIHEAP, housing assistance, and much more.
At its core, this battle is not about figures on a balance sheet, but the very soul of our democracy. Do we, as a society, capitulate to the pressures of corporate oligarchs or stand up for a just and equitable fiscal system?
Right now, the Biden administration needs our support to stay strong against the immense pressure of corporate lobbyists. Tell the Biden administration we support their 15% corporate profits minimum tax and to stand up to billion-dollar corporations and their lobbyists seeking to maintain egregious tax loopholes.
Let’s continue to stand firm, stay true to the principles of fairness, and ensure that billion-dollar corporations contribute their rightful share to society.
- National DFA Organizing Team
Democracy for America Advocacy Fund
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