Wealthy corporations have never had it so good―raking in record profits while paying virtually nothing in federal income tax.
John,
Wealthy corporations have never had it so good―raking in record profits while paying little if anything in federal income taxes.
Two new reports show that Netflix paid a tax rate of just 1.1% on $5.3 BILLION in profits in 2021[1] while Amazon avoided more than $5 billion in corporate income taxes on $35 billion of income.[2]
The solution? President Joe Biden and Senator Elizabeth Warren's 15% Corporate Profits Minimum Tax (CPMT) to ensure no large, profitable corporation gets away with paying virtually nothing in federal income tax!
The CPMT would apply a 15% minimum tax to the profits that about 200 corporations report to investors, which is different from what they report to the IRS. Only corporations with annual net income over $1 billion would be subject to the tax.
The CPMT, which has already passed the House and is awaiting action in the U.S. Senate, will raise about $320 billion over 10 years―money that can be used to lower healthcare costs, make childcare more affordable, invest in education, housing and more.[3]
Together, we’re fighting for an economy that works for everyone, not just the wealthy few.
Thank you,
Frank Clemente
Executive Director
Americans for Tax Fairness
[1] “Netflix Posts a Record $5.3 Billion in Profits and a Federal Tax Rate of Just 1.1 percent,” Institute on Taxation and Economic Policy, Feb. 1, 2022
[2] “Amazon Avoids More Than $5 Billion in Corporate Income Taxes, Reports 6 Percent Tax Rate on $35 Billion of US Income,” Institute on Taxation and Economic Policy, Feb. 7, 2022
[3] “Fact Sheet: President Biden’s Build Back Better Plan Lowers Costs for Families and is Fully Paid For,” Americans for Tax Fairness, Nov. 23, 2021
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