Americans for Tax Fairness • AFL-CIO • Americans for Financial Reform • Communications Workers of America • Economic Policy Institute • Institute on Taxation and Economic Policy • United Auto Workers June 28, 2019 The Honorable Richard E. Neal Chairman, House Committee on Ways & Means U.S. House of Representatives Washington, D.C. 20515 The Honorable […]
Americans for Tax Fairness • AFL-CIO • Americans for Financial Reform • Communications Workers of America • Economic Policy Institute • Institute on Taxation and Economic Policy • United Auto Workers June 28, 2019 The Honorable Charles Grassley Chairman, Committee on Finance U.S. Senate Washington, D.C. 20510 The Honorable Ron Wyden Ranking Member, Committee on […]
April 8, 2019
COSTLY CORPORATE TAX CUTS BENEFIT FEW WORKERS
Table of Contents INTRODUCTION.. 1 Figure 1: Corporate Tax Revenues Collapse from TCJA.. 3 Figure 2: Corporate Profits Up, Corporate Tax Revenues Down. 3 Figure 3: Few Employers Have Announced Raises or One-Time Bonuses. 4 Figure 4: Corporate Tax Cuts Going Mostly to Wealthy Shareholders & CEOs. 4 EXAMPLES OF HOW CORPORATIONS ARE SPENDING THEIR […]
Read the full report here. Introduction All but a handful of 280 large, profitable corporations spent more money making their wealthy shareholders richer through dividends and stock buybacks than they paid in federal income taxes in the five years after the enactment of the Trump-GOP tax law, according to a new analysis by Americans for […]
Read the full report here. Introduction On this Tax Day 2024—the deadline for working Americans to settle up with Uncle Sam–neither the nation’s richest individuals nor its biggest corporations are paying their fair share of taxes. Simply put, the U.S. tax code is rigged against ordinary people. Many billionaires and big, profitable corporations go tax-free […]
Those firms not only paid less to the federal government than their top bosses between 2018-22— they paid less than nothing to Uncle Sam, instead receiving almost $2 billion in cumulative refunds. Dozens of big profitable corporations paid their top executives more in compensation than they paid in federal income taxes over a recent five-year […]
March 5, 2024
State Of The Union Talking Points On Tax Fairness
President Biden is calling on Congress to pass a Billionaire Minimum Income Tax to end the scandal of billionaires and other super-wealthy individuals paying a lower tax rate than teachers, nurses and firefighters—and sometimes paying nothing at all. It’s time to reward work, not wealth. As of the end of last year, the wealth of […]
February 7, 2024
Big Corporations Paid Shockingly Little In Taxes Last Year
New Data Reveal 5 Huge Firms—GE, GM, Meta, Tesla & T-Mobile—Paid Super Low Rates Or Even Got Refunds Despite Billions in Profits WASHINGTON – Some of America’s marquee corporations with billions in profits each—General Electric, General Motors, Meta (owner of Facebook), Tesla and T-Mobile—paid little in federal income taxes last year and in some cases […]
Big corporations are lobbying Congress to extend the Trump-era bonus depreciation rules that allowed them to immediately write off 100% of their eligible costs each year through 2022. They claim that without this tax cut (which they seek to make retroactive to the beginning of 2023), they will be forced to roll back business investments. […]
After passing historic corporate tax reform in the Inflation Reduction Act in 2022, Congress now risks erasing those tax-fairness gains with expensive new corporate tax breaks. A package of bills reported out by the House Ways & Means Committee on a party line vote in May would extend—at a long-term cost of over $1 trillion—three […]