Wealthy corporations have never had it so good―raking in record profits while paying virtually nothing in federal income tax.
John,
Large, profitable corporations such as Amazon[1] and Netflix[2] are raking in record profits while paying little in federal income taxes, according to new reports.
But there is a solution. Implementing a 15% Corporate Profits Minimum Tax would stop this massive tax avoidance scheme while raising $320 billion in revenue to invest in working families.[3]
Together, let’s build an economy that puts people ahead of corporate profits.
Sarah Christopherson
Legislative and Policy Director
Americans for Tax Fairness
[1] “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
[2] “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
[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
-- Frank's email --
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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