Tell Congress: Greedy tax dodging corporations must pay their fair share in taxes

Recent corporate earnings reports paint a dire picture of corporations with sky-high profits paying little in taxes―or even getting money back (negative tax rates):

General Electric = $7 billion in profits; -6% federal income tax rate
T-Mobile = $11 billion in profits; 0.4% federal income tax rate
General Motors = $6 billion in profits; 4% federal income tax rate
Tesla = $3 billion in profits; 1.5% federal income tax rate

Billion dollar corporations are taking advantage of loopholes to pay tax rates far below the statutory corporate rate of 21%, and even lower than the 13.6% rate that the average American household paid in a recent year.

Just look at this chart, which shows how corporate tax rates have plummeted over the last 70 years:

Meanwhile, over the last 45 years, CEO pay has soared 1,209% compared to just a 15% increase for the average worker. This fuels socially unsustainable income and wealth gaps that disproportionately impact Black, Latino, and American Indian/Alaska Native workers who have generally been stuck in lower-paying jobs by centuries of racial discrimination.

While congressional Republicans and high-priced Wall Street lobbyists are demanding even more corporate tax breaks to benefit their millionaire and billionaire benefactors, President Biden is proposing that we raise the corporate tax rate from 21% to 28% and the stock buyback tax from 1% to 4%.

Stock buybacks are a gimmick used by corporations to artificially inflate their stock price by buying up their own shares, further enriching CEOs and wealthy shareholders. Because over 90% of all corporate stock is owned by the wealthiest 10% of Americans―and over half is owned by the top 1%―whenever corporations use this market maneuver they’re almost exclusively further enriching the already rich.

Corporate priorities couldn’t be clearer. Even as General Motors was claiming last year that it couldn’t afford to pay striking UAW workers what they deserved, the company was spending $11 BILLION on stock buybacks to make their already wealthy shareholders even wealthier.

We’re fighting for a tax system that rewards work and makes large profitable corporations pay their fair share.

Sign now to tell Congress that greedy tax dodging corporations must pay their fair share in taxes.