Dear John,
If you paid more than $0 in federal income taxes in 2022, you paid more than Target, Whirlpool, or T-Mobile. If you paid anything at all in 2021, you paid more than AT&T; and if you paid taxes in 2018, you paid more than Amazon.
Since Trump and the GOP handed corporations billions of dollars in tax cuts in their 2017 Tax Scam, 109 major corporations have had at least one year in which they paid $0 in corporate taxes.
So why are people who work for a living paying more in income taxes than huge companies with multi-billion dollar revenues?
It doesn’t have to be like this. It’s the result of an intricately rigged tax system, lobbied for and co-written by corporate lawyers who grease the wheels of the legislative process with massive donations.
Fortunately, Sen. Bernie Sanders and Rep. Jan Schakowsky have introduced the Corporate Tax Dodging Prevention Act to unrig the system. This bill would do much to bring some semblance of fairness back to the tax system.
Send a direct message to your members of Congress and tell them to pass the Corporate Tax Dodging Prevention Act now! You can send a pre-written letter, or personalize it to make it your own.
How would this legislation work? First, it will reset the top corporate tax rate at 35%, which was the rate for nearly 25 years from 1993 until 2017.
It will also cut off corporations’ use of off-shore tax havens such as Samoa or the Cayman Islands, as off-shore earnings would no longer be taxed at lower rates than domestic income. It will prevent American companies from shifting income between countries to avoid taxes.
If passed, the bill will prevent multinational corporations from hiding their U.S. earnings by manipulating their debts, and it will prevent American corporations from hiding their U.S. status by using foreign post office box addresses.
And, whereas the Trump tax scam actually gives tax breaks for sending jobs overseas -- this legislation would eliminate such shameless corporate give-aways. The bill also plugs other specific loopholes.
Multi-billion dollar corporations must step up to the plate and pay their taxes just like the rest of us. We must ensure that Congress sides with ordinary Americans, and not sell out to the wealthiest people and corporations in the country.
Send your message today and tell Congress: Pass the Corporate Tax Dodging Prevention Act. Keep American profits in the U.S. tax system now.
Thank you for watching out for the interests of ordinary Americans!
Robert Reich
Inequality Media Civic Action
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