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Corporate Tax dodgers Celebrate Thanksgiving

CEOs of companies that pay no taxes celebrate while millions of Americans cannot afford a turkey for Thanksgiving.

"We give thanks for our multi-million dollar salaries, multi-billion dollar companies that pay no taxes, and for Republican crony politicians who keep cutting our taxes."

How much are the corporations worth? How much do their CEOs get paid? How much did they donate to Republicans to get tax cuts for themselves? What does corporate greed have to do with kids going hungry on Thanksgiving?

Corporations versus kids

Corporate Tax dodgers celebrate thanksgiving while millions starve
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Corporate greed and Thanksgiving

Republicans in Congress passed a massive tax cut for corporations, reducing the basic corporate tax rate from 35% to 21%. Dozens of profitable corporations including Duke Energy, FedEx, and T-Mobile.  paid no federal income tax in 2018-2020. - Popular Info

Democrats passed The American Rescue Act in 2021 that expanded the child tax credit. It kept 3.7 million children out of poverty and child poverty rates were cut in half to the lowest level on record. The monthly payments were spent "on basic household needs and children's essentials: the most common item is food."

Republicans and the U.S. Chamber of Commerce specifically argued against extending the expanded child tax credit, saying they was concerned about "large amounts of transfer payments that are not connected to work." They won plunging millions of kids back into poverty

Tax Dodging Corporations

"At least 55 of the largest corporations in America paid no federal corporate income taxes in their most recent fiscal year despite enjoying substantial pretax profits in the United States. This continues a decades-long trend of corporate tax avoidance by the biggest U.S. corporations, and it appears to be the product of long-standing tax breaks preserved or expanded by the 2017 Tax Cuts and Jobs Act (TCJA) as well as the CARES Act tax breaks enacted in the spring of 2020.

The tax-avoiding companies represent various industries and collectively enjoyed almost $40.5 billion in U.S. pretax income in 2020, according to their annual financial reports. The statutory federal tax rate for corporate profits is 21 percent. The 55 corporations would have paid a collective total of $8.5 billion for the year had they paid that rate on their 2020 income. Instead, they received $3.5 billion in tax rebates." - ITEP

Republicans give tax cuts to the rich while cutting Medicare and Social Security

Corporations want more tax cuts

"While corporations are arguing that the immediate deduction of R&D expenditures is necessary to incentivize R&D spending, they are also urging Congress to make the change retroactive. They want the federal government to refund $29.1 billion in estimated taxes corporations paid this year. Since this R&D spending has already occurred, it is not an incentive but a corporate giveaway. 

“We’re hoping, again, [that] we’re going to get a tax law change here at the end of the year with tax extenders which, as you know, will give us a refund of the $1.5 billion that we’ve already paid,” Raytheon CEO Gregory Hayes said during an earnings call last month. Raytheon had $3.9 billion in profits in 2021. It is projecting higher sales and profits for 2022." - Popular Info

Take Away: Demand corporations pay their fair share of taxes.

Deepak
DemLabs

DISCLAIMER: ALTHOUGH THE DATA FOUND IN THIS BLOG AND INFOGRAPHIC HAS BEEN PRODUCED AND PROCESSED FROM SOURCES BELIEVED TO BE RELIABLE, NO WARRANTY EXPRESSED OR IMPLIED CAN BE MADE REGARDING THE ACCURACY, COMPLETENESS, LEGALITY OR RELIABILITY OF ANY SUCH INFORMATION. THIS DISCLAIMER APPLIES TO ANY USES OF THE INFORMATION WHETHER ISOLATED OR AGGREGATE USES THEREOF.

Tax dodging corporations. How much their CEOs make and how much they donate to Republicans to get more tax cuts.

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DemLabs applies innovative technology and storytelling tools in service of democratic values. It lowers the barrier of funding for worthy candidates and non-profits by applying existing free/affordable solutions.