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John,
As we prepare to celebrate our nation's independence, our latest report reveals a shocking lack of patriotism from the country's largest corporations.
Our research shows that in 2023, the 100 largest U.S. corporations amassed over $1 trillion in profits while simultaneously slashing 55,000 jobs and barely raising wages above inflation.[1]
The 2017 Trump-GOP tax scam, which slashed the corporate tax rate from 35% to 21%―the lowest in 80 years―helped corporations amass these massive profits. This created a windfall for wealthy shareholders and CEOs.[2]
The numbers are staggering. In the first five years of the Trump tax law, at least 87 of the most profitable corporations earned cumulative profits of $950 billion and paid an effective tax rate below 10%―less than half the already-low 21% rate. Some paid nothing at all, receiving tax refunds totaling nearly $4 billion.
It's time to declare our independence from corporate greed by raising the corporate tax rate back to at least 28%, generating $1.3 trillion over 10 years to invest in our communities, our infrastructure, and our people.
This Independence Day let’s make it clear that it's corporations’ patriotic duty to pay their fair share of taxes. Call on Congress to let the Trump tax cuts for corporations expire and raise the corporate tax rate.
Donald Trump’s tax scam even encourages companies to move jobs offshore. The law allows American corporations to pay zero U.S. taxes on many foreign profits, creating a clear incentive to shift operations and jobs abroad.[3][4]
Meanwhile, corporate taxes have plummeted as a share of federal revenue―from as much as a third in the 1950s to just 9% in 2023. This means the burden of funding our nation's needs has shifted increasingly onto the backs of working Americans.
The Trump tax scam doesn't just hurt workers―it's a boon for wealthy corporate investors. In the first three years of the law, foreign investors alone reaped $134 billion in tax cuts. That's money that could have gone to American workers and communities, not overseas shareholders.
It's a system designed to benefit multinational corporations and their shareholders at the expense of domestic businesses and American workers. Remember, true patriotism isn't just about waving the flag―it's about contributing to the greater good of our nation. It's time for corporations to step up and do their part.
Let's make this Independence Day a turning point for economic justice in America. Call on Congress to let the Trump tax cuts for corporations expire and raise the corporate tax rate.
Thank you for fighting for a fairer America,
David Kass
Executive Director
Americans for Tax Fairness Action Fund
[1] THIS 4TH OF JULY, U.S. CORPORATIONS DISPLAY LITTLE PATRIOTISM
[2] Fact Sheet: Trump-GOP Tax Law Closeup: Reverse Trump's Costly Corporate-Tax-Rate Cut
[3] Trump-GOP Tax Law Encourages Companies to Move Jobs Offshore–and New Tax Cuts Won't Change That
[4] The New International Corporate Tax Rules: Problems and Solutions
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