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John,
According to a new report, during the first 5 years of the Trump-GOP 2017 tax cuts, which handed trillions of dollars in tax breaks to the wealthy and Big Business, 35 large profitable corporations paid their top 5 executives more in executive compensation than they paid in federal income taxes.[1]
Tesla paid Elon Musk and their other top 4 highest-paid executives a combined $2.5 billion over those 5 years and paid a negative tax rate despite $4.4 billion in profits.
T-Mobile paid its top 5 executives $675 million while paying a negative tax rate on almost $18 billion in profits.
Combined, these 35 corporations pocketed $2 billion in tax refunds, paying either low or negative tax rates on their obscene profits.
When corporations pay less in taxes than they pay their top executives, it not only contributes to massive income and wealth inequality, it also starves the federal government of the resources we need to invest in critical programs for vulnerable communities from Medicaid to SNAP to housing assistance to substance use disorder services to home energy assistance and more!
We’re keeping the pressure on Congress to act to raise the corporate tax rate and ensure large profitable corporations are paying their fair share in taxes. Donate to power our grassroots advocacy today!
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Already, more than 30,000 people have taken action demanding Congress pass critical policy solutions that end rampant corporate tax dodging and that rein in excessive executive pay. Together, we’re keeping up the pressure on Congress in our struggle for an economy that works for everyone, not just the rich and powerful.
In solidarity,
Deborah Weinstein
Executive Director, Coalition on Human Needs
[1] More for Them, Less for Us
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