Corporate Welfare? Not on Our Watch!
Congressional Republicans are hoping to hit a home run on tax reform after striking out on healthcare. We can't let that happen.
A big win for them on taxes means huge losses for us: more bonuses and boats for executives and less funding for education and healthcare.
The GOP love to complain about about the US having the highest corporate tax rate in the world at 35 percent. But they fail to mention the fine print. The EFFECTIVE tax rate (what businesses pay after deductions and loopholes are applied) is about 24 percent. And don't forget that some corporations pay no taxes at all while others funnel profits overseas where Uncle Sam can't reach them. An estimated $2.4 trillion is currently off-shored by US corporations to avoid taxation.
Guess who makes up the difference and subsidizes this lost revenue? WE DO!
This is corporate welfare, and the GOP aren't the only ones at fault. Democratic Minority Leader Chuck Schumer offered to work with the GOP on a bipartisan tax reform bill under certain conditions. Not included in his list of deal breakers: corporate tax cuts.
For years, Congress has operated based on the assertion that cutting corporate taxes attracts more business and creates jobs. But we've been shown over and over that's not really true.
Its time for corporations to pony up and pay their fair share. We the people are literally subsidizing them. If they receive billions more in tax cuts, that money has to come from somewhere and it will come from us.
So how do we stop this?What you can do
1. TALK TAXES WITH YOUR REP Attend a Town Hall meeting OR schedule a meeting with your congressional representatives and tell them OUR priorities on tax reform. You can use this handy guide created by the Women's March to help set up and facilitate a meeting.
USE THESE TALKING POINTS (feel free to ad-lib, of course)
No corporate tax cuts or new corporate tax deductions.
Any tax reform must include a higher effective tax rate for both the rich and corporations.
Tax loopholes for national and multi-national corporations, including tax havens and misleading subsidiaries, need to be closed.
No decreases in tax deductions for the working and middle class.