What do FedEx, Nike and Hewlett-Packard have in common? Each paid $0 in federal corporate income taxes last year
John,
President Biden is meeting resistance in the U.S. Senate on his $2 trillion corporate tax plan―even while it’s supported by the majority of the American people. He wants to use that revenue to finance major job-creating investments to rebuild crumbling infrastructure, shift to a green energy economy, build affordable housing, and help families afford home and community-based caregiving for seniors and people with disabilities.
We just might have the silver bullet that can get moderate senators like Joe Manchin on board.
Our friends at ITEP just released a report showing that 55 corporations, whose profits exceeded $40 billion in 2020, paid $0 in federal corporate income taxes last year.[1]
Thank you for all that you do to fight for a tax system that invests in our country’s future.
Frank Clemente
Executive Director
Americans for Tax Fairness
[1] “55 Corporations Paid $0 in Federal Taxes on 2020 Profits,” ITEP, April 2, 2021
-- Andrea's email --
John,
Corporate America has never had it so good. A new report from our friends at ITEP shows that 55 of the largest U.S. corporations paid $0 in federal income taxes in 2020 on more than $40 billion in profits.[1]
Had they paid the current corporate tax rate of just 21%, they would have paid $8.5 billion in taxes. Instead, they received $3.5 billion in rebates!
President Biden has proposed a corporate tax reform plan that would begin to fix our rigged tax system―increasing the corporate tax rate to 28% while adding a 15% minimum rate so none of these corporate tax dodgers can get away with paying nothing in federal income taxes.
Together, we’re fighting to ensure corporations that are making record profits pay their fair share in taxes. When they do, we can invest in a future that includes all of us.
Thank you,
Andrea Haverdink
Digital Director
Americans for Tax Fairness
[1] “55 Corporations Paid $0 in Federal Taxes on 2020 Profits,” ITEP, April 2, 2021
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