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John,
If you paid federal income taxes last year, you probably paid a higher tax rate than billion-dollar corporations such as Nike, FedEx, Amazon, and Netflix.
For decades corporations have gotten away with paying little to nothing in federal income taxes thanks to high-priced Washington, DC lobbyists rigging our tax system and getting Congress to write outrageous loopholes into law. This has gotten even worse since the 2017 Trump-GOP tax scam.
Between 2018 and 2020, FedEx made $8.2 billion in profits and paid $0 in federal income taxes (it actually got a tax refund). Nike made $9 billion over those years and paid a 3.3% tax rate.[1]
Between 2018 and 2021, Amazon paid just 5.1% in federal income taxes on $78.6 billion in profits [2] while Netflix paid less than 1% on $10.5 billion in profits―well below the current 21% domestic corporate tax rate.[3]
As you can see, it almost doesn’t matter what the tax rate is supposed to be as long as large wealthy corporations have access to outrageous loopholes. That’s why Americans for Tax Fairness Action Fund and our national allies are fighting for a 15% corporate minimum tax on reported domestic profits and a 15% tax on a U.S. corporation’s offshore profits.
Click here to sign the petition and demand Congress implement a 15% tax on U.S. corporations’ offshore profits AND on profits billion-dollar corporations report to shareholders here at home.
We can’t let wealthy corporations like Amazon and Netflix continue getting away with paying little to nothing in federal taxes, especially as they take advantage of inflation to greedily raise prices on everyday Americans. We need Congress to act!
The average individual federal income tax rate for all taxpayers was 13.3% in 2019―well above the amount these giant profitable corporations are paying.[4]
It’s estimated that a 15% Corporate Profits Minimum Tax on corporations with a billion dollars or more in profits would raise $320 billion over 10 years, and a 15% minimum tax rate on foreign profits of U.S. multinational corporations would net nearly $310 billion.[5]
That’s $630 billion we can use to help working families afford healthcare, childcare, eldercare, education, housing and more.
Sign the petition and demand Congress make billion-dollar corporations pay a minimum 15% tax on reported domestic profits and on offshore profits.
Thank you for fighting for a tax system where the rich and corporations pay their fair share.
Sarah Christopherson
Legislative and Policy Director
Americans for Tax Fairness Action Fund
[1] ”Corporate Tax Avoidance Under the Tax Cuts and Jobs Act,” Institute on Taxation and Economic Policy (ITEP), July 29, 2021
[2] “Amazon Avoids More Than $5 Billion in Corporate Income Taxes, Reports 6 Percent Tax Rate on $35 Billion of US Income,” ITEP, Feb. 7, 2022
[3] “Netflix Posts a Record $5.3 Billion in Profits and a Federal Tax Rate of Just 1.1 Percent,” ITEP, Feb. 1, 2022
[4] “Summary of the Latest Federal Income Tax Data, 2022 Update,” Tax Foundation, Jan. 20, 2022
[5] “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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