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Hi,
Amazon had record profits in 2020 -- but paid just a fraction of it in federal income taxes.1 And ExxonMobil is busy lobbying against higher corporate taxes.2
These and other massive corporations want to report their gigantic profits to investors, so they can show off for Wall Street. But then they turn around and exploit all kinds of accounting gimmicks to report profit numbers to the IRS that are as low as possible, to make their tax bill as small as possible.
That's why Senator Elizabeth Warren just introduced the Real Corporate Tax Act of 2021. If passed, this would stop the kind of double-dealing that lets these corporations avoid paying any federal income taxes and make them do their part!3
Sign the petition: Tell Congress to support the Real Corporate Tax Act of 2021!
Even before the devastating COVID-19 pandemic hit, millions of Americans were already struggling to make ends meet. Now, with millions of workers without a good-paying job, families struggling to find affordable housing and child care, people afraid to go to the doctor in fear of what it may cost -- it is time to make corporations finally do their part to support hard-working people.
For too long, some of the biggest, most profitable corporations in America have figured out a scheme to skip out on the bill.
But Senator Warren’s new proposal -- which she partnered on with independent Angus King -- would fix this. We know that corporations like ExxonMobil, Amazon, and Big Pharma have a tight grasp on many of the Senators we'd need on board to pass the Real Corporate Tax Act.
And that's why, with the conversation moving forward in the Senate, we need to show the grassroots movement behind this push to make corporations pay their fair share.
Will you join us? Sign the petition: Support the Real Corporate Tax Act of 2021!
Thanks for being in this fight,
Maria and the team at Demand Progress
Sources:
1. Institute on Taxation and Economic Policy, "Amazon Has Record-Breaking Profits in 2020, Avoids $2.3 Billion in Federal Income Taxes," February 3, 2021.
2. Business Insider, "Here's Biden's tax plan that corporations like Apple, Disney, and ExxonMobil are scrambling to squash right now," September 7, 2021.
3. Sen. Elizabeth Warren, "Senators Warren and King, Representative Beyer Announce Legislation To Prevent The Biggest And Most Profitable Corporations From Paying Nothing In Federal Taxes," August 9, 2021.
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