Tell Congress No More Corporate Tax Breaks

From the Coalition on Human Needs (http://www.chn.org):

Millions of working families are feeling the effects of inflation every time they go to the grocery store or the gas station. While many of us are tightening our purse strings, corporations are enjoying record profits from inflated prices while continuing to pay historically low tax rates.

In 2021, corporations recorded annual profits of $2.8 trillion, up 25% from the year before. And, in 2022, they’re enjoying the highest profit margin in over 70 years.

Now, even as major, profitable corporations are price-gouging the American people, they are demanding that Congress give them a new round of tax breaks before year’s end that could cost up to $600 billion over ten years.

Go to https://actionnetwork.org/letters/tell-congress-raise-dont-cut-corporate-taxes-during-the-lame-duck-session to send a message directly to Congress demanding no more corporate tax breaks!

Here are the three major tax loopholes big corporations are trying to expand:

• Changing the Research & Experimentation tax deduction to allow corporations to write off research expenses all at once instead of more realistically over time. Cost―$155 billion over 10 years
• Expanding the Net Interest Deduction tax break to allow corporations to deduct a bigger share of their interest costs from borrowing money by changing how the deduction is calculated. Cost―$200 billion over 10 years
• Extending 100% Bonus Depreciation, which would allow corporations to write off immediately the full cost of assets that hold their value a long time. Cost―$250 billion over 10 years

Instead of doubling down on the failed 2017 tax overhaul that gave corporations a 40% tax cut, Congress should raise the corporate income tax rate from 21% to at least 28%. This would raise nearly $900 billion over 10 years, coming mostly out of the pockets of wealthy shareholders.

Progressive tax reforms would raise nearly $2 trillion and could be used to improve the lives of working families: expanding the Child Tax Credit to lift millions of children out of poverty; making health care, child care and housing more affordable; shoring up Medicare and Social Security; and more.

Wages are stagnant and millions of families are suffering due to rising costs. Tell Congress to raise corporate tax rates and invest in vulnerable communities.

We cannot allow Congress to further reduce taxes for corporations during the lame-duck session while families are struggling.