Danielle,
Somebody has to keep this country running. Somebody has to pitch in and fund our roads, bridges, and schools. But for too long, some of the biggest, most profitable corporations in America have figured out a scheme to skip out on the bill.
It's how Amazon raked in $11 billion in profits in 2018 without paying any federal income taxes. It's how 55 companies last year that all together made $40 billion in pretax income ended up getting $3.5 billion back from the government in rebates. Who gets left holding the bag? Hardworking Americans and small businesses who actually pay their taxes.
I've got a plan to put a stop to it — and it's closer than ever to becoming a reality.
This week, I introduced the Real Corporate Profits Tax Act of 2021 to ensure America's largest corporations pay their fair share and prevent them from paying nothing in federal taxes.
My partner on this in the Senate is Angus King. He's an independent who caucuses with the Democrats, he helped negotiate the bipartisan infrastructure deal that just passed the Senate, and we're working together to pitch this tax as a way to help pay for the investments we still need to make in our families.
Now, we just need to show that there's a grassroots movement on our side. Add your name to support the Real Corporate Profits Tax Act — and let's get this done, Danielle.
Our plan hits at the root cause of why so many big companies have been able to avoid paying federal income taxes.
These corporations want to report their gigantic profits to investors, so they can show off for Wall Street. But then they turn around and exploit all kinds of accounting gimmicks to report profit numbers to the IRS that are as low as possible, to make their tax bill as small as possible — or even nonexistent. (Looking at you, Amazon.)
So our tax is on the numbers that the corporations report to investors, before all the gimmicks — seven cents on every dollar above $100 million in book profits, with a credit for some of the taxes they may have already paid. It would apply to just about 1,300 public companies and any private company that reports that much income to their shareholders.
The Real Corporate Profits Tax would bring in nearly $700 billion in revenue over 10 years to support critical investments in our workers, families, and communities.
And the biggest, most profitable corporations in America wouldn't be able to get away with the kind of double-dealing that lets them avoid paying any federal income taxes.
Add your name if you're on board with making these corporate giants pay their fair share, and let's fight to make it happen.
Thanks for being a part of this,
Elizabeth |
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