Tell the Biden Administration: Stay firm against corporate lobbyists. Tax billion dollar corporations!
In 2020, 55 of the largest corporations in the U.S. paid $0 in federal taxes, despite having substantial pre-tax income.
In response, last year, Congress passed and President Biden signed a law setting a 15% corporate profits minimum tax on billion dollar corporations. This was done to stop major corporations like Amazon and FedEx from paying little or nothing in federal taxes.
Major lobbying firms that represent corporations such as AT&T, Duke Energy, and Ford Motor Company are pressuring Congress and the Treasury Department to maintain loopholes that would reduce corporations’ tax liability. Some utility corporations are threatening to raise prices on consumers.
If we had a 15% corporate tax in 2021, it could have raised as much as $8.3 billion in taxes from Warren Buffett’s Berkshire Hathaway, $2.7 billion from Amazon, $1.8 billion from Ford Motor Company, and $1.5 billion from AT&T.
That’s $14.3 billion that could be invested back into communities and into human needs programs like SNAP, Head Start, LIHEAP, housing assistance, and much more.
The U.S. Treasury Department is currently finalizing the rules on how the corporate tax will be implemented, but high-priced corporate lobbyists are fighting back. We cannot allow major corporations to continue to get away with not paying their fair share of taxes.
Sign the petition to tell the Biden administration we support their 15% corporate profits minimum tax and want them to stand up to billion dollar corporations and their lobbyists seeking to maintain egregious tax loopholes.