REPORT: Big Businesses That Banked Tens of Billions From Trump Tax Cuts Now Lobbying On Plans To Make Them Pay Their Fair Share
Washington, D.C. — As Congress considers the Biden Build Back Better agenda that will build an economy that works for everyone by lowering costs for working families and making big corporations pay their fair share, government watchdog Accountable.US released a new analysis finding several major corporations lobbying on the plan were awarded tens of billions of dollars from the 2017 Trump tax cuts. AT&T, Walmart, Apple, FedEx and JPMorgan, which collectively received tens of billions from the Trump tax cuts, are among the companies trying to influence Congress as it works to pass tax cuts for working families and lower health care costs.
“Big corporations that had their hat in hand before Congress to get billions in tax cuts are trying to pressure Congress as it tries to lower costs for working families.” said Kyle Herrig, president of Accountable.US. “Big businesses like these desperately want their allies in Congress to preserve the status quo they rigged in their favor so they don’t have to pay their fair share. It’s long past time to invest in an economy that works for all not just big corporations and special interests.”
Recently, Accountable.US also released a report finding a group of major corporations whose executives have already spoken out and/or whose lobbyists lobbied the tax provisions in President Biden’s jobs and human infrastructure blueprint have sordid histories of tax avoidance and tax schemes, amounting to billions of dollars in lost federal revenue.
Read the full analysis from Accountable.US HERE.
- Walmart—Which Has Been Lobbying On The TCJA And Tax Issues In 2021—Disclosed $2.85 Billion In Benefits From The Trump Tax Cuts And Its Effective Tax Rate Fell Significantly Due In Part To The Cuts. The Company Disclosed Over $1.8 Billion In Unrecognized Tax Breaks At The End Of FY20, Which The IRS May Not Even Audit After Congressional Republicans Spent Years Undermining The Agency.
- Apple—Which Has Been Lobbying On Tax Issues And Biden’s Jobs Plan In 2021—Disclosed A $582 Million Tax Benefit Due To The TCJA In FY2020 And The Company’s Effective Tax Rate Was Significantly Less Than The Year Before The TCJA Took Place. Even After Apple Had Been Declared “‘The World Champion At Global Tax Avoidance’” For Decades—It Tried To Take Credit For A Lowered $38 Billion Repatriation Tax Payment.
- AT&T—Which Is Member Of A Coalition Publicly Opposed To Biden’s Tax Increase And Has Been Lobbying On Tax Issues And The TCJA In 2021—Was Projected To Save $42 Billion Overall From The TCJA And Reported Saving Over $20 Billion On A -97.2% Effective Tax Rate The Year The Tax Cuts Were Enacted. Despite These Savings, The Company Cut Nearly 38,000 U.S. Jobs In The Two Years After The TCJA, And Reported $12.45 Billion In Unrecognized Tax Benefits In 2020.
- JPMorgan—Whose CEO Called Biden’s Tax Plan As “A “Little Crazy’” And Which Has Been Lobbying On Corporate Taxes In 2021—Saved $8.76 Billion From The TCJA In 2018-19, Its Effective Tax Rate Has Steadily Declined To 17.7% In FY2020, And It Reported $4.3 Billion In Unrecognized Tax Benefits.
- FedEx—Whose CEO Publicly Opposed Biden’s Tax Plan And Which Has Been Lobbying On Corporate Taxes, Biden’s Jobs Plan, And The TCJA In 2021—Disclosed Over $1.26 Billion From TCJA Tax Benefits And An Effective Tax Rate Of -5.0% In 2018. The Company Has Filed A Lawsuit Seeking An Extra $233 Million In TCJA Tax Breaks In 2021, And Disclosed $192 Million In Unrecognized Tax Benefits.
- Bristol-Myers Squibb—Which Has Lobbied On Corporate Taxes, Biden’s Jobs Plan, And The TCJA In 2021—Has Seen Its Tax Rate Fall Multiple Percentage Points Since TCJA’s Enactment And Has Disclosed Over $2 Billion In Unrecognized Tax Benefits.
- Oracle Corporation—Which Has Lobbied On Corporate Taxes And The TCJA In 2021—Disclosed An Effective Tax Rate Of Just 15.9% In 2021, It Has Shown Concern About “Unfavorable Changes In Tax Laws,” And Disclosed Over $6.9 Billion In Unrecognized Tax Benefits In FY 2021.
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