The super-rich aren’t the only ones who might be getting a better deal from the tax code than you. If you paid even a dollar of federal income tax last year, you paid more than Facebook did. And more than FedEx. And more than Southwest Airlines.
In my first Tax Day blog post, I focused on one really unfair aspect of our tax code: the wealthiest Americans often benefit more from all sorts of deductions and exclusions than middle-income taxpayers do.
But the super-rich aren’t the only ones who might be getting a better deal from the tax code than you. If you paid even a dollar of federal income tax last year, you paid more than Facebook did. And more than FedEx. And more than Southwest Airlines. Every year, these and many other large, profitable corporations manage to take advantage of loopholes and special preferences in the tax code to avoid paying their fair share of taxes; in fact, these companies often end up with a big tax rebate. Today, Citizens for Tax Justice is calling out these tax dodgers, making the rounds in D.C. with a giant mobile billboard:
One more thing – these tax giveaways for corporations aren’t just unfair. They’re also expensive, costing the government billions of dollars in tax revenue that could support investments to grow our economy and help struggling families get back on their feet. This Tax Day, I’m calling for corporate tax reform that raises needed revenue by making corporations pay their fair share.