As Holiday Shoppers Face High Prices, Big Stores & Bosses Rake in Tax Breaks

Today, in the midst of a holiday shopping season marred by high prices, Americans for Tax Fairness (ATF) released a new report highlighting the tax savings enjoyed by the nation’s biggest retailers and their CEOs from the Trump tax bill. The study found that eight big stores had collectively paid little more than half the corporate tax rate in the years following the 2017 Trump-GOP tax law taking effect. Also, the top retail bosses could have together saved up to $35 million on their individual returns thanks to one element of the law that was extended this past summer. 

“America’s giant retailers are enjoying massive tax savings, paying little more than half the tax rate they paid before the Trump tax law. While at the same time prices have soared for consumers and retail workers remain stuck in low-wage jobs, big-store CEOs and shareholders have reaped higher profits and lower taxes,” said David Kass, ATF’s executive director. “If we want a system that alleviates economic stress on average Americans instead of exacerbating it during the holiday season, we need to raise taxes on big corporations and the rich and invest in workers and families with expanded public services.”

RETAIL CEOs BENEFIT FROM TRUMP TAX CUTS EXTENDED THIS SUMMER