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John,
Billionaire business owners are seeing their wealth skyrocket while they continue to pay their employees very low wages.
Take Nike for example. The typical Nike employee would have to work 15 hours to afford a single pair of Air Jordan sneakers.[1] Nike’s co-founder, Phil Knight, has seen his wealth grow by 83.5%―to nearly $25 billion―during the pandemic and can afford two new pairs of Air Jordans every second!
FedEx founder and CEO Fred Smith is worth $5.3 billion―seeing his wealth nearly double during the pandemic. And yet, FedEx ranks #100 lowest in median worker wages among S&P 500 corporations.
We’re holding greedy billion-dollar corporations accountable, demanding they pay their fair share in taxes, so we can lower costs for working people on healthcare, childcare, eldercare, education, housing and more!
Check out our latest infographic below, which shows how Nike, FedEx, Amazon, and Netflix are raking in record profits while dodging taxes. Then pitch in today to bring this infographic to millions of people and fight for a 15% tax on U.S. corporations’ offshore profits AND on profits billion-dollar corporations report to shareholders here at home.
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Thank you for fighting for an economy that works for working people, not just billionaires and billion-dollar corporations.
Frank Clemente
Executive Director
Americans for Tax Fairness
[1] “Corporate Price Gouging and Tax Dodging,” Americans for Tax Fairness, March 17, 2021
-- Sarah's email --
John,
Billion-dollar corporations are using rising inflation caused by the pandemic (and now the Russian war on Ukraine) to price gouge consumers. They are raking in record profits and paying little to nothing in federal income taxes.
This year, Nike has increased the price of its iconic Air Jordan sneakers by 10.5% after revenues were up 12% as of September of last year.[1] Nike made $9 billion in profits from 2018 to 2020 but paid just 3.3% in federal income taxes!
FedEx has raised its rates in 2022 by 5.9% for home delivery and 7.9% for freight. And yet, in a December quarterly earnings call with shareholders, FedEx told its wealthy investors that their operating income had risen 11% over the previous quarter. Between 2018 and 2020 FedEx actually paid no federal income taxes on $8.2 billion in profits!
Check out our latest infographic below highlighting the massive earnings of billion-dollar corporations such as Nike, FedEx, Amazon, and Netflix. Then pitch in to bring this graphic to millions of people and demand Congress make billion-dollar corporations pay a minimum 15% tax on reported domestic profits and on offshore profits.
Nike and FedEx aren’t alone in raking in massive profits while price gouging consumers.
Last month, Amazon announced that it was increasing its annual Prime membership by 16.8% after seeing its profits soar by 75% (!!!) in 2021 over 2020. Between 2018 and 2021 Amazon paid a federal income tax rate of just 5.1% on $78 billion in profits!
And, Netflix is raising its standard plan rate this year by 10.7% despite seeing its U.S. profits increase by 96% in 2021! Netflix reaped $10.5 billion in profits between 2018 and 2021 and paid less than 1% in federal income taxes.
To combat this greedy price gouging and corporate freeloading, we’re demanding Congress pass a 15% Corporate Profits Minimum Tax, which would raise $320 billion over 10 years, and a 15% tax on foreign profits earned by U.S. corporations, which would raise an additional $310 billion.[2]
That’s $630 billion we can use to help working families afford healthcare, childcare, eldercare, education, housing and more.
Pitch in today to bring our latest infographic to millions of people and demand greedy, price gouging corporations pay their fair share in taxes!
Sarah Christopherson
Legislative and Policy Director
Americans for Tax Fairness
[1] “Corporate Price Gouging and Tax Dodging,” Americans for Tax Fairness, March 17, 2021
[2] “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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