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John,
Congress wants to get out of town for the holidays. And their to-do list ranges from funding the government for the next year to improving the Child Tax Credit to lift 2 million kids out of poverty.
Unfortunately, billion-dollar corporations have a major lobbying campaign underway in Congress right now to pass three costly tax breaks―even as corporations are enjoying the highest profit margin in over 70 years.[1] The ten-year cost of these tax breaks is a staggering $600 billion.[2]
Already, we’ve sent more than 123,000 letters to members of Congress demanding they raise, not cut, corporate taxes during the current lame-duck session. We need to keep the pressure on! Click here to send a message directly to your senators and representative to reject corporate tax cuts in year-end legislation.
In 2017, the Trump-GOP tax scam gave corporations a 40% federal income tax cut, which is helping to fuel a nearly $1.6 trillion addition to the federal deficit over 10 years. To partially offset the enormous costs of that giveaway, Republicans included three business tax increases that are going into effect this year and next. Now they and their corporate allies are trying to repeal them.[3]
Help us make sure Democrats don‘t work with Republicans to make the Trump tax cuts even worse!
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 15% 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.
Congress has less than two weeks left to act before they adjourn for the year and before Republicans take control of the House in the new year. Take action today! Click here to write to your members of Congress and demand they raise, not cut, corporate taxes now.
When corporations pay their fair share in taxes, we can invest in a future that includes all of us―lowering costs on everything from healthcare to childcare to energy and more.
Together, we’re showing that people-power can defeat greedy, billion-dollar corporations.
Thank you,
Frank Clemente
Executive Director
Americans for Tax Fairness
[1] “Congress should raise, not cut, corporate taxes during the lame-duck session,” Americans for Tax Fairness, Nov. 17, 2022
[2] “Year-End 'Extenders' Could Worsen Deficits and Inflation,” Committee for a Responsible Federal Budget, Sep. 20, 2022
[3] “60 National Groups Oppose Corporate Tax Breaks in Year-End Budget Deal,” letter organized by Americans for Tax Fairness, Dec. 6, 2022
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