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John,
Voting margins in the House are incredibly narrow. Just a few Democrats could sink the Inflation Reduction Act, which passed the Senate on Sunday by a single vote. If this legislation becomes law, it would represent a historic rebuke of 40 years of trickle-down economics.
The bill will also lower costs of prescription drugs, health insurance and home energy bills for millions of Americans.
The House is expected to vote this Friday. Click here to send a message to your U.S. representative right now and urge them to pass the Inflation Reduction Act and make the wealthy and billion-dollar corporations start paying a fairer share of taxes.
This bill is a critical step forward in ensuring billion-dollar corporations start paying a 15% minimum tax rate—many are paying little or nothing in taxes. It’ll invest in the IRS to better catch rich tax cheats. It’ll help the U.S. achieve its goal of cutting carbon emissions by 40% by 2030 and curb drug-company price gouging.
This bill isn’t all that we had hoped and fought for, but it is historic in what it will achieve in unrigging our tax code, lowering costs for millions of Americans, and fighting the climate crisis.
Read Frank’s email below for more details, then click here to send a message to your representative today and urge them to pass the Inflation Reduction Act.
Thank you for taking action today.
Sarah Christopherson
Legislative and Policy Director
Americans for Tax Fairness Action Fund
-- Frank's email --
John,
Passage of the Inflation Reduction Act by the U.S. Senate on Sunday represents a historic moment, requiring some of the nation’s most profitable corporations and wealthiest citizens to begin to contribute a fairer share of taxes. It will be voted on in the House of Representatives on Friday, and we need your help to get it over the finish line!
When passed by the House and signed into law by President Biden, this legislation will improve the lives of Americans by bringing down the costs of prescription drugs, health insurance and home energy bills and by tackling the climate crisis that threatens our communities with wildfires, floods and droughts.[1]
It will also represent a historic rebuke of failed supply-side economics. Hopefully, it signals an end to 40 years of Congress cutting taxes on the rich and corporations based on the false notion that the benefits will trickle down to working people.
This bill is fully paid for by curbing drug-corporation price gouging and by making corporations and the wealthy pay a fairer share of taxes. No taxes will be raised on anyone making less than $400,000 a year.
The House is expected to vote on this historic legislation later this week. Write to your representative today and urge them to vote YES on the Inflation Reduction Act to finally make the rich and corporations start paying more of their fair share.
The Inflation Reduction Act will:
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Create a 15% minimum income tax on corporations with $1 billion in profit, many of which like―Amazon, FedEx and Netflix―currently pay little or nothing.
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Substantially increase the IRS’s budget and staffing levels to better catch rich tax cheats and improve customer service. More funding for IRS audits of wealthy individual and corporate taxpayers to make sure they pay what they owe can raise between $200 and $400 billion. The richest 1% evade paying $160 billion in taxes each year.
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Assess a 1% tax on stock buybacks that publicly traded corporations use to enrich wealthy shareholders and CEOs instead of investing in their workforce.
With voting margins very narrow in the House, each of our representatives needs to hear from us before the vote on Friday. Click here to send a message directly to your representative now!
We are on the cusp of a historic moment. And, while this is far from the more robust tax and investment package we supported a year ago, it nevertheless represents big progress in unrigging our tax code and investing in long-held goals of taking on Big Pharma to lower prescription drug costs and addressing the climate crisis.
Thank you for never giving up.
Frank Clemente
Executive Director
Americans for Tax Fairness Action Fund
[1] “Democrats’ Inflation Reduction Act,” Americans for Tax Fairness, Aug. 8, 2022
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