Corporate and Business Taxes: Repeals the most egregious tax breaks in the 2017 Trump-GOP tax law (the Tax Cuts & Jobs Act, or TCJA). Increases the corporate tax rate from 21% to 28%, aims to reduce outsourcing and create jobs here at home, and reduces tax dodging from profit shifting to tax havens. Individual Taxes: […]
Big Business Gets Extra Goodies, Cutting What’s Available for Working Families Struggling Through Holiday Season; Multinational Corporations, Fancy Restaurants, Movie Studios All Score Pricey Gifts Like a misguided Santa shortchanging the poor side of town in order to give more to the rich kids, Congress in its year-end pandemic relief bill included over $220 billion […]
Costly tax breaks for the wealthy and corporations would only further heighten the economic inequalities already exacerbated by the pandemic Today, Americans For Tax Fairness, a coalition of more than 400 endorsing organizations released a letter to Congress urging them to oppose any tax breaks for the wealthy and corporations as they debate a year-end […]
Dear Member of Congress: The Americans for Tax Fairness coalition of more than 400 endorsing organizations is heartened by the news that lawmakers on both sides of the aisle are again trying to reach agreement on a coronavirus relief package. Millions of Americans face a dark and dangerous winter as key provisions of the CARES […]
TOPLINES Rich tax cheats evade about $400 billion in taxes every year, stealing funding from vital public services like healthcare, education and infrastructure that benefit working families. The wealthiest 1% are responsible for some 70% of the nation’s estimated $570 billion “tax gap”—the difference between taxes owed and taxes paid. Our rigged tax system […]
September 14, 2020
THE PROMISE: IT WILL BE A MIDDLE-CLASS TAX CUT
“Our framework ensures that the benefits of tax reform go to the middle class, not to the highest earners.” – President Trump, Oct. 11, 2017 [USA Today] “The rich will not be gaining at all with this plan.” – President Trump, Sept. 13, 2017 [The Guardian] Source: Institute on Taxation and Economic Policy (ITEP), […]
September 14, 2020
THE PROMISE: SMALL BUSINESSES WILL RECEIVE A BIG TAX CUT
“The large number of pass-through returns, [98 percent], are all $500,000 or less. Those people will get substantial reductions — small and medium-size businesses.” – Treasury Secretary Steven Mnuchin, Nov. 17, 2017 [CNBC] Source: Internal Revenue Service, SOI Tax Stats 2018, “Qualified Business Income Deduction.” https://www.irs.gov/statistics/soi-tax-stats-individual-income-tax-returns-with-small-business-income-and-losses More than one-third of this so-called “small” business tax […]
The Unity Task Force of the Biden and Sanders presidential campaigns released a 110-page set of recommendations on July 8 covering a wide array of public policy proposals, including progressive tax proposals. Below is Americans for Tax Fairness’s analysis of the proposals and a statement from Frank Clemente, ATF’s executive director. “We welcome the Unity […]
The Unity Task Force of the Biden and Sanders presidential campaigns released a 110-page set of recommendations on July 8 covering a wide array of public policy proposals, including progressive tax proposals. Below is Americans for Tax Fairness’s summary of the tax proposals and a statement from Frank Clemente, director of Americans for Tax Fairness. […]
As action shifts to the U.S. Senate for a new round of COVID-19 financial relief and recovery legislation, Americans for Tax Fairness and its coalition partners sent letters to the U.S. Senate today calling for the repeal of the costly “Millionaires Giveaway” that was part of the CARES Act passed in March (and repealed in […]