Dear John,

Inflation has been good for business. Corporations are seeing record profits -- their highest profit margin in over 70 years -- from inflated prices.

At the same time, thanks to the Trump-GOP tax scam that passed in 2017 which gave corporations a 40% federal income tax cut, corporations are paying historically low tax rates.

Now, even as these very profitable corporations are price gouging the American people, most notably big oil companies, Congress is considering a new round of corporate tax breaks before year’s end that could cost up to $600 billion over ten years.

America doesn’t need more tax cuts for the rich. Congress should raise the corporate income tax rate, close offshore corporate tax loopholes, and strengthen the corporate minimum tax instead.

Send a message directly to your senators and representative today and demand Congress raise, not cut, corporate taxes during the lame-duck session.

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%, which is still far lower than the 35% corporate tax rate from just five years ago. This would raise nearly $900 billion over 10 years, coming mostly out of the pockets of wealthy shareholders.

Congress should also 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.

Finally, our coalition is calling for Congress to strengthen the corporate minimum tax, so it applies to far more than the 100 or so profitable corporations making over $1 billion a year. If Congress does this, it would raise approximately $90 billion over 10 years.

Altogether, Congress could raise almost $2 trillion through progressive tax reforms that would be used to improve the lives of working families by investing in everything from childcare to affordable housing.

Members of Congress are hearing from their big corporate donors right now. If we want Congress to listen to us and raise corporate taxes instead, we need as many people as possible to put the pressure on. Please send your direct message demanding Congress raise, not cut, corporate taxes during the lame-duck session now.

Together, we will take on powerful interests and make big corporations pay their fair share.

Robert Reich
Inequality Media Civic Action