Hardworking Americans pay more in federal income taxes than mega corporations like Target, Amazon and T-Mobile. You read that right.
Trump's 2017 tax scam passed cut corporate tax rates, enabling 109 major Americans corporations to pay $0 in federal taxes in some years. For example, in 2022, Target, Whirlpool, T-Mobile and Dish didn't pay a single dollar in corporate income taxes. In 2021, AT&T didn’t. In 2017 and 2018, Amazon didn’t either.
That means if you paid more than $0 in federal income taxes since 2017, you've paid more federal income taxes than some of America’s largest and most profitable corporations.
Our wealthiest corporations continue to pay little to nothing in federal income taxes as a result of Trump's tax overhaul, which he rigged to benefit himself and his wealthy friends and donors over working families.
Here's how we fix this. We've got to show our support for the Corporate Tax Dodging Prevention Act, introduced by Senator Bernie Sanders and Representative Jan Schakowsky, and demand that it be passed as soon as possible in both houses of Congress. Let's start right now — sign the petition to show your support.
The Corporate Tax Dodging Prevention Act would prevent corporations from using off-shore tax havens, get rid of tax breaks for companies source labor overseas, and close loopholes in the tax code that allow corporations to get away with paying little to nothing in taxes.
Here are some specific actions this legislation would take towards economic equality:
- Restore the top 35 percent corporate tax rate -- the rate that was in place from 1993-2017
- End the rule allowing American corporations to pay a lower tax rate on offshore earnings than domestic income
- Close loopholes allowing American corporations to shift income between foreign countries to avoid U.S. taxes
- Repeal the “check-the-box” and “CFC Look-Thru” offshore loopholes
- Prevent multinational corporations from stripping earnings out of the U.S. by manipulating debt expenses
- Stop American corporations from pretending to be foreign by using a tax haven post office box as their address.
Congress must put the interests of working Americans ahead of billionaires and corporations. It’s past time for ultra-rich corporations to pay what they owe in taxes, just like everyone else.
Thanks for taking action with us!
- Democratic Values Team
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