|
John,
This Thanksgiving, while families are gathering around the dinner table and stretching their grocery budgets, corporate giants like Walmart and Target are preparing for an even bigger feast. Under Trump’s proposed corporate tax plan, five of the largest grocery chains, including Walmart, Kroger, and Costco, could pocket an outrageous $1.7 billion in annual tax breaks.[1]
The Center for American Progress Action Fund reveals that Trump’s proposal to slash the corporate tax rate from 21% to 15% would hand the largest 100 U.S. corporations a staggering $48 billion tax windfall. Grocery chains alone reported over $29 billion in profits last year while food prices for ordinary families soared. Now they’re set to take even more, leaving families to foot the bill.
Trump’s plan would impose tariffs on imported goods, increasing the cost of everyday essentials and costing the average family $4,000 a year. Meanwhile, Walmart executives and shareholders will reap the benefits of new tax breaks while working families struggle to pay for Thanksgiving dinner.
Congress must reject these outrageous giveaways and ensure corporations like Walmart, Kroger, and Target contribute their fair share of taxes.
Families shouldn’t have to sacrifice to make corporate profits soar. We must stop Trump’s $1.7 billion giveaway to Big Grocery. Tell Congress: Raise, don't lower, the corporate tax rate.
The last time Trump slashed corporate taxes in 2017, corporations went on a $1 trillion stock buyback spree instead of investing in workers.[2]
Walmart alone spent $19 billion on buybacks in the past five years, while families saw no relief from rising grocery prices. Now Trump wants to repeat history, handing even bigger tax breaks to grocery chains at a time when families are already stretched thin.
The scale of these giveaways is staggering. CAP Action estimates the tax cuts for just five grocery corporations would exceed what the federal government spends annually on vital programs like school meal funding. Instead of supporting children and families, Congress would be rewarding corporate greed. This is not what America stands for.
Thanksgiving should be about fairness, family, and giving back, not about corporations hoarding billions in tax breaks.
Tell Congress to reject Trump’s corporate giveaways and protect American families.
Together, we can fight for a tax system that supports everyday Americans, not just billion-dollar grocery giants.
David Kass
Executive Director
Americans for Tax Fairness Action Fund
[1] Trump’s $50 Billion Tax Giveaway to the 100 Largest Corporations
[2] The Economic Effects of the 2017 Tax Revision: Preliminary Observations
|
