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ACTION NEEDED
Friend, Corporations are enjoying record profits from inflated
prices while paying historically low tax rates. But that's apparently
not enough for greedy price-gouging corporations.
Large profitable corporations, and some members of Congress, are seeking
to add even more corporate tax cuts in year-end legislation. The
two-year cost of these tax breaks would be about $100 billion and up to
$600 billion over 10 yearsâthe true goal of corporations.
Write to your senators and representative now and tell them: raise,
don't cut, corporate taxes during the lame-duck session!
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SIGN THE PETITION
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Here are the three major tax loopholes big corporations are trying to
expand:
* Changing the Research & Experimentation tax deduction to allow
corporations to write off research expenses all at once instead of more
realistically over time. Cost = $155 billion over 10 years
* Expanding the Net Interest Deduction tax break to allow corporations
to deduct a bigger share of their interest costs from borrowing money by
changing how the deduction is calculated. Cost = $200 billion over 10
years
* Extending 100% Bonus Depreciation, which would allow corporations to
write off immediately the full cost of assets that hold their value a
long time. Cost = $250 billion over 10 years
Instead of doubling down on the failed Trump-GOP tax scam, Congress
should raise the corporate income tax rate from 21% to at least 28%
(still far lower than the 35% corporate tax rate from just 5 years ago).
This would raise nearly $900 billion over 10 years, coming mostly out of
the pockets of wealthy shareholders.
Congress should close offshore corporate tax loopholes, which encourage
large corporations to dodge taxes by shifting operations and jobs
offshore and their profits to tax havens. This form of legal tax dodging
costs the federal government an estimated $60 billion in lost tax
revenue every year. By closing these loopholes, as President Biden and
leading Senate Democrats have proposed, we could raise as much as $1
trillion in corporate tax revenue over 10 years.
Congress should strengthen the corporate minimum tax, so it applies to
far more than 100 or so profitable corporations making over $1 billion a
year. This would raise approximately $90 billion over 10 years.
Click here to send a message directly to your members of Congress and
demand they raise, not cut, corporate taxes in year-end legislation.
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The nearly $2 trillion these progressive tax reforms would raise could
be used to improve the lives of working families: making healthcare,
childcare and housing more affordable; expanding the Child Tax Credit to
lift millions of children out of poverty; shoring up Medicare and Social
Security; and more.
SIGN THE PETITION
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Thank you for your attention,
The whole Common Dreams team
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