“As a group, the ten companies paid no federal income tax on $16 billion in profits in 2012, and they paid zero federal income tax on $57 billion in profits over the past five years. LINK: http://bit.ly/16SP2gd
HEADS UP – SMALL BUSINESS LEADERS MAKE THE CASE FOR CLOSING CORP TAX LOOPHOLES:
What: Ways and Means Working Group on Income and Tax Distribution
Who: Co-Chair Lynn Jenkins (KS) / Co-Chair Joe Crowley (NY)
When: 4:00 pm – 5:00 pm
Where: Ways and Means Committee Library (behind 1100 Longworth)
Witnesses: Small Business Majority with John Arensmeyer and Rhett Buttle; Main Street Alliance with Bill Daley
WHAT WE’RE WATCHING – PELOSI PRESSER TODAY AT 2 P.M. – Democratic Leader Nancy Pelosi will hold a press conference tomorrow at 2:00 p.m. in the Capitol Visitor Center. Questions related to tax reform and the President’s budget are likely.AMERICANS FOR TAX FAIRNESS COALITION ON OBAMA BUDGET:
“We support President Obama’s proposal to raise substantial tax revenues from the wealthiest Americans, make significant improvements to tax credits benefitting students and low-income working families, and close some egregious corporate tax loopholes, including ones that encourage companies to shift U.S. profits and jobs overseas. But we are strongly opposed to the president’s plan to give the money saved from closing corporate tax loopholes right back to corporations by lowering their income tax rate. His plan does not ask America’s biggest companies to contribute a dime to reduce the deficit while it cuts health care and other critical services America’s families rely on. That’s unfair and misguided,” said Frank Clemente, campaign manager, Americans for Tax Fairness.FACT COALITION REACTS TO OBAMA BUDGET:
“Members of the Financial Accountability and Corporate Transparency (FACT) coalition – including small business, labor, faith and human rights groups – support closing offshore tax loopholes as a priority in any budget proposal. However, closing these loopholes in a way that would raise no new revenues, as the President proposes, reflects a step in the wrong direction. While the Administration has continued to propose closing offshore tax loopholes each year, the notion that the revenue raised should be fed back to the same large, multinational corporations flies in the face of the interests of voters, small businesses and common sense,” said Nicole Tichon, who directs the FACT coalition and Tax Justice Network USA.TODAY’S “CORPORATE TAX DODGER OF THE DAY”:
Merck–Americans for Tax Fairness, a national coalition representing more than 275 national and state groups co-chaired by the Center for American Progress, AFSCME and National People’s Action, is stepping up pressure on Congress to close tax loopholes to make big corporations and the richest 2 percent pay their fair share of taxes by exposing a “CORPORATE TAX DODGER OF THE DAY” leading into April 15 “Tax Day.”
JUST THE FACTS:
–Merck had profits of $13.6 billion and paid $2.5 billion in federal income taxes from 2009 to 2012. Merck’s tax rate was 18.4% over the last four years – the official corporate tax rate is 35%. This gave the drug giant a huge tax subsidy worth $2.2 billion.
–Merck had $53.4 billion in profits socked away offshore at the end of 2012 on which it paid no U.S. taxes.
–While dodging its fair share of federal income taxes, Merck pocketed $8.7 billion in taxpayer-funded contracts from Uncle Sam between 2006 and 2012.
–Merck spent $9.5 million lobbying Congress in 2012 and taxes were its second-highest priority. READ MORE:http://bit.ly/11zWH3z
DAILY TRADING CARD HITS TO PRESSURE CORPS: A “Corporate Tax Dodger Trading Card” outlining why Merck, and other companies to be profiled till Tax Day, have been chosen as corporate tax dodgers is available at: AmericansForTaxFairness.org/
MICHIGAN: April 15 “Who Pays?” event – Grand Rapids Post Office 9 a.m., Battle Creek Post Office 12 p.m., Lansing Post Office 2:15 p.m., Royal Oak Post Office 5:00 p.m.
MISSOURI: April 15 “Who Pays?” event – Columbia Post Office, 511 E Walnut, Columbia, MO
MONTANA: April 12 “Who Pays?” event – Location Pending, Missoula, MT
NEW YORK: April 14 Flip The Debt event – Goldman Sachs HQ, New York City, 3 p.m.
FLORIDA: April 15 “Who Pays?” event – U.S. Post Office at 1201 Gandy Boulevard North, St. Petersburg, FL, 10 a.m.
WASHINGTON STATE: April 15 “Who Pays?” event – U.S. Sen. Cantwell’s District Office, Seattle, WA, TBD
–“Tax dodging is not a victimless offense. When companies use accounting gimmicks to move their profits to tax haven shell companies, the rest of us have to pick up the tab,” said Dan Smith, Tax and Budget Advocate for U.S. PIRG and report co-author. “With the nation facing such serious budget challenges, it’s a no-brainer that we need to close these loopholes and stop letting large corporations avoid paying what they should.” http://bit.ly/17fz7f6
THE MEDIA INVESTIGATES: The Center for Public Integrity released a report, “Secrecy For Sale,” based on 2.5 million documents unearthed by the International Consortium of Investigative Journalists that show how these secret investment vehicles are exploited by the world’s rich and sneaky. http://bit.ly/XOxn9X
WHY FOCUS ON CORPORATIONS? Millions of working families pay more in taxes some years, or pay a much higher income tax rate, than some of the biggest and most profitable corporations in America pay, including ExxonMobil, General Electric, FedEx, Verizon, Wells Fargo and more. That’s wrong. They haven’t been asked to contribute a dime.
ULTIMATE GOALS OF NATIONAL CAMPAIGN LEADING INTO TAX DAY:
1) Require big corporations and the wealthy to pay their fair share of taxes, including by stopping companies from shipping jobs and stashing profits overseas to avoid U.S. taxes.
2) End across-the-board “sequester” cuts to the jobs and services we count on.
3) Protect Medicaid, Medicare and Social Security from harmful cuts.
FOLLOW VIA TWITTER: @4TaxFairness
FOLLOW ON FACEBOOK: Facebook.com/
MEDIA CONTACT: Trevor Thomas, Americans for Tax Fairness; 616-430-2030