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John,
The Senate is expected to vote next week on a tax and investment plan that includes three critical tax reforms that we’ve been fighting for.
The bill includes a 15% corporate profits minimum tax to ensure large corporations like Amazon, FedEx and Nike don’t get away with paying little to nothing in federal income taxes each year. This will raise $313 billion in revenue over 10 years.
The bill will partially close the carried interest loophole abused by Wall Street money managers that allows them to pay just a 20% tax rate on their earnings from managing other peoples’ money. That’s about half of the up to 37% tax rate they should be paying. This will raise $14 billion over a decade.
And, the bill makes historic investments―$80 billion over 10 years―in the IRS, which will transform the agency. This will dramatically improve the quality of IRS services to the public―the agency has lost tens of thousands of employees over the last decade due to GOP budget cuts. And it will allow the IRS to crack down on wealthy and corporate tax cheats, which will raise another $124 billion in new revenue. People making less than $400,000 a year will not be the subject of audits from these new funds.
Much of this revenue will be used to make transformational investments in a clean energy economy that will lower energy costs, increase the production of clean, renewable energy and reduce carbon emissions by roughly 40% by 2030.
We’re expecting a vote next week on this critical tax and investment legislation. Chip in today to keep fighting until this bill reaches the president’s desk!
Your activism has been critical in keeping the pressure on Congress to act. Now, let’s finish the job!
Sarah Christopherson
Legislative and Policy Director
Americans for Tax Fairness Action Fund
-- Frank's email --
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]
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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;
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Closing the carried interest loophole that allows wealthy Wall Street traders to pay virtually half the tax rate they should be paying;
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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?
If you've saved your payment information with ActBlue Express, your secure donation will go through immediately:
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
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