A Fair Tax System
Corporations and the wealthy are failing to pay their fair share of taxes. As corporate profits are getting higher, corporate taxes are getting lower. Some huge corporations — like Boeing, General Electric and Verizon — have paid NO federal taxes in some recent years. The wealthiest Americans are dodging their fair share, too, with many paying a lower effective tax rate than many middle-class families.
The rest of us get stuck with the tab. Many of the services and benefits that families depend on — from Head Start and successful local schools to Social Security and Medicare — are facing cuts in funding, or in the earned benefits they provide. It has never been harder for working families to make it in America.
It’s up to us to change things. We can create a fairer tax system to ensure that corporations and the wealthy pay their fair share, and make it easier for families to regain the security they’ve lost.
We can do that by:
- Raising well over $1 trillion in new tax revenue from the wealthy and corporations over 10 years.
- Making corporations pay their fair share of taxes.
- Ending tax breaks that encourage corporations to ship profits and jobs overseas.
- Requiring the wealthy to pay their fair share of taxes.
What’s at Stake
Congress can either keep leading us towards more budget cuts and sluggish growth, or choose to invest in our people by requiring everyone to pay their fair share of taxes. Learn what is at stake when corporations and the wealthy don’t pay their fair share.
Overview of Corporate Taxes
As Americans who are loyal to our communities and our country, we pay our taxes because it’s an investment in America and the next generation. Big corporations should do the same.
Corporations like Chiquita, medical device maker Medtronic and pharmaceutical company AbbVie are planning to desert America by becoming foreign corporations — just so they can avoid paying billions of dollars in U.S. taxes.
Tax Extenders = Tax Loopholes
This year Congress will debate whether to renew two corporate offshore loopholes that help big corporations like General Electric, Goldman Sachs and Citigroup to dodge their U.S. taxes.
Offshore Tax Loopholes
Multinational corporations are holding roughly $2 trillion in profits offshore to dodge U.S. taxes. A bill authored by Sen. Carl Levin (D-MI) would help to bring those profits home.
Taxes and Special Interests
Our current tax code is full of special breaks and loopholes for corporations. We must end them to ensure that everyone plays by the same rules.
Tax Breaks for the Wealthy
The Bush Tax Cuts for the Rich
We successfully fought to repeal the Bush tax cuts on some of the wealthiest Americans — those who make more than $450,000 a year. This repeal will raise $620 billion in tax revenue over 10 years — but there’s still more to do.