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John,
It’s not just billionaires who are getting away without paying their fair share in taxes. It’s major corporations too.
In a new report from Americans for Tax Fairness and the Institute for Policy Studies, utilizing data from ITEP, we found that in the first 5 years of the Trump-GOP tax scam, which handed trillions of dollars in tax breaks to the wealthy and large profitable corporation, 35 corporations paid their top 5 executives more in executive compensation than they paid in federal income taxes. [1]
Those corporations not only paid less to the federal government in taxes than they paid to their top bosses between 2018 and 2022―they actually received corporate tax refunds of nearly $2 billion.
Tesla paid its founder Elon Musk and the other 4 highest-paid executives $2.5 billion while receiving a $1 million tax refund on $4.4 billion in net profits.
T-Mobile paid its top 5 executives $675 million while receiving an $80 million refund on almost $18 billion in profits.
We’re using this critical research to demand Congress pass policies that reverse rampant corporate tax dodging and rein in excessive executive pay including raising the corporate tax rate from 21% to 28% (still lower than the 35% tax rate under President Obama); increase the stock buybacks tax from 1% to 4%; curb bonuses for banking executives; and pass the No Tax Breaks for Outsourcing Act to close loopholes and eliminate tax breaks that incentivize corporations from shifting jobs and profits offshore.
Power our critical research with a donation today to hold greedy corporations and CEOs accountable to the American people.
By raising the corporate tax rate, we would generate $1.3 trillion in new revenue over the next decade that could be used to lower costs for working people on everything from healthcare to housing to food.
By raising the stock buyback tax from 1% to 4%, we’d not only discourage corporations from engaging in the unsavory practice of inflating stock prices to enrich shareholders and CEOs instead of investing those profits back into worker pay, we’d generate $20 billion in tax revenue this year alone.[2]
We’re demanding Congress act to hold large profitable corporations accountable to the American people, ensuring they’re paying more in taxes than they are paying to their top executives.
Donate today to power our critical research and create an economy that works for everyday people, not just the rich and big corporations.
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Together, we will not stop fighting for a tax system and economy that puts working people first.
David Kass
Executive Director
Americans for Tax Fairness Action Fund
[1] New Report from Americans for Tax Fairness and Institute for Policy Studies Reveals 35 Big Corporations That Paid Their Top Executives More Than They Paid in Federal Taxes
[2] General Explanations of the Administration’s Fiscal Year 2024 Revenue Proposals
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