After passing historic corporate tax reform in the Inflation Reduction Act earlier this year, Congress now risks erasing those tax-fairness gains in a lame-duck tax package rife with costly corporate giveaways. Legislation currently under discussion would extend—at a cost of up to $600 billion—three expired or expiring provisions of 2017’s Trump-GOP tax law benefitting big […]
At least half a dozen big corporations lobbying Congress to slip a tax cut into an upcoming must-pass omnibus budget bill have paid little or no federal income taxes over the past three years, an analysis released today by Americans for Tax Fairness (ATF) reveals. Last week, a group of prominent corporate CEOs organized as […]
February 8, 2022 To: Interested Parties Fr: John Anzalone and Matt Hogan, Impact Research Re: Raising taxes on the wealthy and corporations is a winning issue for Democrats With Democrats facing a challenging political environment and President Biden’s Build Back Better Agenda stalled in Congress, the party is hungry for issues to focus on that […]
November 29, 2021
6 REASONS FOR THE CORPORATE PROFITS MINIMUM TAX
The Corporate Profits Minimum Tax (CPMT) will ensure that big corporations making the most profits pay a reasonable amount of tax every year—without eliminating critical incentives for research, clean energy and affordable housing. In 2020, 55 big firms— including FedEx, Nike and Salesforce.com—paid zero federal income tax, despite over $40 billion in combined profits. Dozens […]
15% Floor Will Help Shut Down World Tax Havens That Bleed American Jobs The Biden Administration has secured an international agreement to begin to end the world race to the bottom on corporate tax rates, saving American jobs and public revenue and paving the way for domestic reforms that will require U.S. corporations to pay […]
The House Ways and Means Committee tax bill makes important improvements to estate- and gift-tax rules that would curb some of the worst abuses of the ultra-rich and provide some limits on the creation of family dynasties, but further reforms are needed. Following is an explanation of current loopholes in estate- and gift-tax law, how […]
Dear Speaker Pelosi, Majority Leader Schumer, and Chairs Neal and Wyden: The undersigned organizations advocate for the health, well-being, and economic security of Black, Latinx, Asian, Indigenous, and other communities of color. We write to make clear how important it is to communities of color that Congress enact a robust budget reconciliation package of at […]
June 11, 2021
THE CASE FOR A 28% CORPORATE TAX RATE
TOPLINES Raising the corporate tax rate from 21% to 28%, as President Biden proposes, is a moderate reform that would raise nearly $900 billion for vital public investments—including many helpful to business. Because of loopholes, most corporations are not paying the 21% rate, let alone paying anything close to their fair share of taxes. Last […]
By 29-point Margin, Voters Say Raising Taxes On Wealthy Helps Economy A new national poll by ALG Research and Hart Research released today finds strong support for raising taxes on the wealthy and corporations, that it is a top-tier priority issue for voters, and that highlighting it boosts support for President Biden’s economic plans. The […]
Americans for Tax Fairness Executive Director Frank Clemente issued the following statement on news that President Biden has dropped his demand that a bipartisan infrastructure package include an increase in the corporate income tax rate to 28%: “It appears that President Biden has not abandoned his campaign pledge to raise the corporate income tax rate […]