John,

We never gave up.

Each time Senator Joe Manchin rejected a tax and investment plan that would unrig our economy and invest in working people, we kept pushing. And now, in the 11th hour, our activism is paying off.

Last night Senate Majority Leader Chuck Schumer announced an agreement has been reached with Senator Manchin on three critical areas that we’ve been fighting for:[1]

• A 15% corporate profits minimum tax so that Amazon, FedEx, Nike and other wealthy corporations don’t get away with paying $0 in federal income taxes on billions of dollars in profits;

• Closing the carried interest loophole that allows wealthy Wall Street traders to pay virtually half the tax rate they should be paying;

• Historic investments in the IRS so they can crack down on wealthy and corporate tax cheats who are avoiding paying hundreds of billions of dollars a year they already owe in taxes!

These three tax reforms will raise about $450 billion in new revenue, which will be used to lower healthcare costs for working families and address the climate crisis.

And let’s note another great achievement with this critical legislation: Medicare will finally be allowed to bargain down some exorbitant drug prices, saving seniors and taxpayers hundreds of billions of dollars.

This bill isn’t final until it reaches the president’s desk. Can you pitch in $5 today to keep fighting and get this tax and investment package across the finish line?

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While this is not all that we were fighting for, if passed it will be a major accomplishment for tax fairness, particularly in the face of relentless attacks by Wall Street lobbyists.

Thank you for never giving up.

Frank Clemente
Executive Director
Americans for Tax Fairness Action Fund

[1] “In a major boost to Democrats, Manchin and Schumer announce deal for energy and health care bill,” CNN, July 28, 2022