John,

We are facing a real post-election threat here in Washington. Greedy and very profitable corporations, and their allies in Congress, are seeking to renew three huge tax cuts that were originally included in the Trump-GOP tax scam. Two expired this year and another will expire next year.

The one-year cost of these tax breaks would be about $100 billion and up to $600 billion over 10 years―the true goal of corporations.[1]

Corporations are enjoying record profits from inflated prices while paying historically low tax rates. According to a report from the Economic Policy Institute, swollen corporate profits are responsible for half of the growth in the cost of goods since 2020.[2]

We’re telling Congress that price-gouging corporations should not be rewarded with more tax cuts in any year-end legislation.

Pitch in today to keep the pressure on Congress to raise taxes on wealthy corporations and to use those resources to lower costs for working families on everything from healthcare to housing.

Already, we’ve sent more than 53,000 messages to senators and representatives demanding Congress raise, not cut, corporate taxes during the lame-duck session between now and the end of the year.

Here are the three major tax breaks big corporations are trying to renew:

• Changing the Research & Experimentation tax deduction to allow corporations to write off research expenses all at once instead of over five years, which is more realistic. 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

U.S. corporations are enjoying the highest profit margins in more than 70 years, fueled by price gouging.[3] It’s time they start paying their fair share in taxes.

Pitch in today to fight for investments that lower costs for working people―starting by raising, not cutting, corporate taxes.

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With control of the U.S. House changing hands in January, now is our chance to hold greedy price-gouging corporations accountable.

Thank you,

Frank Clemente
Executive Director
Americans for Tax Fairness Action Fund

[1] “Congress should raise, not cut, corporate taxes during the lame-duck session,” Americans for Tax Fairness, Nov. 17, 2022
[2] “Corporate profits have contributed disproportionately to inflation. How should policymakers respond?,” Economic Policy Institute, Apr. 21, 2022
[3] “US Corporate Profits Soar With Margins at Widest Since 1950,” Bloomberg, Aug. 25, 2022