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John,
This week represents another major victory in the fight to ensure that major corporations pay a fairer share of taxes. Industry lobbyists fought hard to unwind all of our tax fairness gains from this summer’s Inflation Reduction Act, attempting to renew three huge expiring tax cuts that were originally included in the Trump-GOP tax scam—with a 10-year cost of up to $600 billion![1] With your help, we fought back and won!
But we know the fight isn’t over. Greedy and very profitable corporations, and their allies in Congress, are biding their time, hoping that a GOP-led House will give them their costly tax breaks.
At a time when corporations are enjoying record profits from inflated prices while paying historically low tax rates, we must prepare for the fight ahead and demand Congress raise, not cut, corporate taxes in the New Year. Pitch in today to prepare for the fight ahead!
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This week’s victory is thanks to you and your activism. But we are up against deep corporate pockets, like those of Amazon, Ford, Intel, Microsoft, and Northrop Grumman, that are already lobbying Congress for their expensive corporate tax cuts in the New Year.
Together, we’ll keep fighting and show these greedy corporations that people-power can defeat corporate interests.
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,
Congress is voting this week on a budget that, surprisingly, does NOT include up to $600 billion in tax cuts for corporations.
Until now, passing bipartisan year-end corporate tax breaks has been as common as handing out presents on Christmas morning, but thanks to your activism, that’s beginning to change.
Together, we have changed the national narrative around tax fairness, winning victories this Congress such as a Corporate Minimum Tax to ensure that billion-dollar companies pay at least a 15% minimum tax on the earnings they report to investors. And, just in the last few weeks, we led a coalition-wide effort, sending nearly 200,000 letters directly to members of Congress, demanding they raise, not cut, corporate taxes in the year-end budget.
But this fight is not over. With Republicans set to control the U.S. House in the New Year, corporations are biding their time, hoping that conservatives in Congress are more willing to renew three major expiring tax breaks, which were part of the 2017 Trump-GOP tax scam.
Read more below about the corporate tax cuts we stopped in the year-end budget, then pitch in to fuel the fight ahead to demand Congress raise, not cut, corporate taxes in the New Year.
Here are the three major tax breaks big corporations will try to renew in the New Year:[1]
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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
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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
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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.[2] It’s time they start paying their fair share in taxes.
Make an end-of-year donation to Americans for Tax Fairness Action Fund today to prepare for the fight ahead.
If you've saved your payment information with ActBlue Express, your secure donation will go through immediately:
This week’s victory is thanks to our tireless work, together, demanding the wealthy and corporations start paying their fair share.
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] “US Corporate Profits Soar With Margins at Widest Since 1950,” Bloomberg, Aug. 25, 2022
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