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John,
The response to our call for raising corporate taxes has been overwhelming. But with corporations spending millions on lobbyists to protect their tax breaks, we need to keep up the pressure.
Our "Dirty Dozen" report continues to expose how major corporations from tech giants to oil companies and retail behemoths are avoiding billions in taxes while gouging consumers. Take Netflix, for instance. This streaming giant paid a minuscule 1.6% tax rate on $15.1 billion in profits over five years.[1] Netflix is a major beneficiary of the stock options loophole, which reduced their tax bill by over $1 billion from 2018 to 2022.
The corporate tax avoidance epidemic extends far beyond Netflix. Analysis from the Institute on Taxation and Economic Policy (ITEP) shows that 15 major corporations each avoided over $1 billion in taxes from a single Trump-tax-cut loophole.[2]
This massive tax dodging comes at a steep cost to American families, resulting in less funding for vital public services and infrastructure. And all while many of those same corporations are padding their profits by raising prices on consumers.
We urgently need your help to demand Congress raise the corporate tax rate. The more voices we have calling for tax fairness, the stronger our message to Congress will be.
Tell Congress to raise the corporate tax rate from 21% to 35% (the rate before the Trump tax scam) and close tax loopholes that allow big business to avoid paying their fair share. We must hold these tax-dodging, price-gouging corporations accountable!
Together, we can create an economy that works for everyone, not just CEOs and wealthy shareholders.
Thank you for standing with us,
John Foti
Legislative Director
Americans for Tax Fairness Action Fund
[1] A Dirty Dozen of Big Firms That Underpay Their Taxes, Overpay Their Executives & Shareholders, and Otherwise Harm The Public Good
[2] Fifteen Companies Each Avoided More than $1 Billion in Taxes from a Single Trump Tax Cut
-- David's email --
John,
As working people nationwide struggle with persistently high prices for groceries, gas, and other essentials, major corporations are engaging in a massive tax avoidance scheme that's costing American families billions. Even as inflation has slowed and wages have seen modest increases, prices remain stubbornly high―and our research shows that corporate greed is largely to blame.
Our new "Dirty Dozen" report exposes how 12 corporate giants exemplify a pattern of tax dodging and price gouging that's rigging our economy against working people. These companies are exploiting loopholes, avoiding taxes, and inflating prices―all while posting record profits.[1]
Consider Walmart, where millions of American families shop for necessities. Over the past five years, Walmart paid a mere 16.2% effective tax rate on profits of $83.4 billion. That's far below even the reduced 21% rate enacted by the 2017 Trump-GOP tax law.
And while we pay more at the pump, oil giant Exxon Mobil had a 10.4% tax rate from 2018-2022. That’s a lower tax rate than the average American taxpayer paid in 2021.[2] Instead of providing relief to consumers, the company funneled $91.2 billion into stock buybacks and dividends―enriching wealthy shareholders to the tune of 61 times what Exxon paid in federal income taxes.
This corporate tax avoidance extends far beyond these examples. A new analysis from the Institute on Taxation and Economic Policy (ITEP) reveals that 15 major corporations each avoided over $1 billion in taxes from a single Trump tax loophole.[3] Tech giant Alphabet (Google's parent company) alone reaped nearly $12 billion in tax benefits from 2018 to 2023 through this deduction.
It's time to take bold action against this corporate greed. Demand Congress raise the corporate tax rate to 35% and close tax loopholes that allow big business to avoid paying their fair share. We must hold these tax-dodging, price-gouging corporations accountable!
Supporters of the Trump tax scam slashed the corporate rate from 35% to just 21% and claimed it would lead to higher wages and more jobs. Instead, corporations have used their windfall to enrich CEOs and wealthy shareholders while jacking up prices on working families.
Case in point: AT&T paid a minuscule 2.6% tax rate on $96.3 billion in profits from 2018-2022. Despite promises of job creation, AT&T slashed its workforce by 40%, eliminating over 100,000 positions in the six years following the Trump tax cuts. At the same time, the company spent $77.8 billion on stock buybacks and dividends―31 times more than they paid in federal income taxes.
The bottom line is that by raising the corporate rate and closing loopholes, we can generate hundreds of billions in revenue to invest in programs that actually help American families, like affordable childcare, lower healthcare costs, and clean energy initiatives.
Your voice is crucial in this fight against corporate greed. Tell Congress to raise the corporate tax rate to 35% and close the loopholes that allow rampant tax avoidance!
Thank you for standing up against corporate tax avoidance and fighting for a fairer America.
David Kass
Executive Director
Americans for Tax Fairness Action Fund
[1] Corporate Closeups: A Dirty Dozen of Big Firms That Underpay Their Taxes, Overpay Their Executives & Shareholders, and Otherwise Harm The Public Good
[2] Summary of the Latest Federal Income Tax Data, 2024 Update
[3] Fifteen Companies Each Avoided More than $1 Billion in Taxes from a Single Trump Tax Cut
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