President Biden Pushing Corporations to Pay Their Fair Share While They Lobby for More Loopholes
Washington D.C – The Washington Post reported yesterday that lobbyists representing several of the most profitable companies in the world—including AT&T, Amazon, Duke Energy, Ford, and FedEx—are trying to undermine the 15% corporate minimum tax created by the Inflation Reduction Act.
The 15% tax is hardly a drop in the bucket for the world’s biggest companies—especially when 55 of those companies paid nothing in taxes on their 2020 profits while nurses, teachers, and firefighters pay what they owe, which is far more than that.
Unrig Our Economy campaign director Sarah Baron released the following statement:
“While working people across the country pay their taxes, the wealthiest corporations in the world have avoided paying what they owe—if any taxes at all. President Biden and Congressional Democrats closed these loopholes, and now corporate special interests have released their lobbying hounds to undermine our progress at the final hour. Americans deserve a government that puts their needs over corporate profits—and that starts by making sure the wealthiest pay their taxes. Given House Republicans’ rhetoric on the need to reduce the deficit—the tax could generate more than $222 billion in federal revenue over the next ten years—I eagerly await their full-throated rebuttal to corporations’ attempts to undermine the new law.”