December 7, 2022
Congress Urged To Boost Corporate Taxes, Not Cut Them
In Letter to Congress at Start of Lame Duck, Nearly 60 National Groups Oppose Loophole Extensions that Could Cost $600 Billion Reflecting growing public demand for tax fairness, 58 national organizations yesterday sent a letter to Congress urging it to reject the extension of three corporate tax loopholes that could cost up to $600 billion […]
Major corporations enjoying record profits from low tax rates and inflated prices are lobbying Congress to renew three major tax breaks before the end of the year, two that expired this year and a third expiring next year. These tax giveaways—which could cost $600 billion in lost revenue if extended over 10 years—were given expiration […]
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 […]
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 […]
Congress Should Reinstate The Top Corporate Tax Rate To 35% The 2017 Trump-GOP tax law slashed the corporate tax rate from 35% to 21%—the lowest top rate in eighty years and a lower marginal rate than a worker making $45,000 a year pays. This corporate-rate cut is by far the single most expensive part of […]
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 […]
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 […]
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 […]
Ford & GM Savings Went In Part to Huge Compensation for Executives & Boards The two U.S.-based automakers claiming they can’t afford union demands for better pay certainly can’t blame their tax bills: over the past five years Ford and General Motors have paid an average combined tax rate of just 1% on over $42 […]
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 […]