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John,
The 2022 midterm elections offered no mandate for corporate tax cuts, yet the biggest corporations in America are insisting that Congress dole out huge corporate tax cuts by the end of this year. We need your help to stop them.
For years, corporations have been enjoying record-high profits while paying record-low taxes. It’s time for them to start paying their fair share, not get more breaks.
In 2017, the Trump-GOP tax scam gave corporations a 40% federal income tax cut, which is helping to fuel a nearly $2 trillion addition to the federal deficit over 10 years.[1]
We’re fighting back, demanding Congress oppose any new corporate tax cuts. It should raise, not cut, corporate taxes in the lame-duck session. Click here to write to your senators and representative today!
Instead of cutting taxes even further on large profitable corporations, 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 90 or so profitable corporations making over $1 billion a year. This would raise approximately $90 billion over 10 years.
Join Americans for Tax Fairness Action Fund and our allies in demanding Congress oppose any new corporate tax cuts. It should raise, not cut, corporate taxes. Take action today!
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.
We’re fighting for an economy where the rich and corporations pay their fair share so we can do great things.
Thank you for fighting by our side.
Sarah Christopherson
Legislative and Policy 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
-- Frank's email --
John,
As prices rise on everything from food to gas, corporations are raking in record profits. In 2021, they recorded annual profits of $2.8 trillion, up 25% from the year before.[1] And, in 2022, they’re enjoying the highest profit margin in over 70 years!
Now, even as major, profitable corporations are price gouging the American people, they are demanding that Congress give them a new round of tax breaks before year’s end that could cost $100 billion over one year and up to $600 billion over 10 years―their true goal.
Demand that Congress oppose any new corporate tax cuts. Instead of doubling down on the failed Trump-GOP tax scam, Congress should raise taxes on large, profitable corporations. Take action today to keep the pressure on!
Already, along with our national allies, we’ve sent more than 79,000 messages to senators and representatives. But we’re up against the deep pockets of corporations and their Washington, DC lobbyists.
They want Congress to forget that the American people rejected their anti-tax-fairness message on Election Day―ignoring the $209 million spent on tax ads in the lead up to the midterm election.[2]
Click here to write to your senators and representative today and tell them that Congress should raise the corporate income tax rate from 21% to at least 28%, close offshore corporate tax loopholes, and strengthen the 15% corporate minimum tax to apply to far more than 90 billion-dollar corporations. Take action today!
Instead of cutting corporate taxes, we should raise trillions more in tax revenue 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.
Thank you for taking action today.
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] “Statement of Americans for Tax Fairness on Midterm Election Results,” Americans for Tax Fairness, Nov. 9, 2022
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