Congressman Carney,
Through relentless lobbying, big businesses have turned tax avoidance into an art form. While families and main street businesses pay our mandated tax rates of 30 – 35%, large corporations now have an effective tax rate of about 18 percent.
Worse yet, instead of investing record setting profits in job growth here, large corporations are using off shore tax havens to hoard cash. The “S&P 500” companies alone have $1.5 trillion stashed offshore. And the “Fix the Debt campaign” that you are so enamored with, is working to protect and enhance off shore tax shelters.
How can we “fix the debt” when we are letting large companies pay so little to protect our freedoms? In 1952, corporate income taxes accounted for 32 percent of federal tax receipts; last year corporate taxes were less than 8 percent of total U.S. tax dollars. That means you are forcing main street businesses and families to pick up the check for these anti-American tax slackers.
It is time for big businesses to pay their share of our nation’s bills. We need revenue positive corporate tax reform that does not close some loopholes and subsidies only to offset more tax cuts for big business. Our nation cannot afford “revenue neutral” corporate tax reform that leaves corporate taxes as a share of our economy at historically low levels.
Sincerely,
The DelawareLiberal Community
In addition to delivering this letter, I’ll be participating in a press conference next Wednesday being set up by the ADA’s Ezra Tempko.
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★Fair Taxes, Not Cuts★
Join our Fiscal Cliffhanger campaign launch! We hoped the fiscal cliff would be over, but we have yet to stop $1 trillion in across-the-board cuts through fairer taxes. Join us to announce America needs revenue from wealthy individuals and corporations, not harmful cuts to our economy and citizens.
★Who: You! Come join ADA, AFSCME Council 81, DSEA, and SEIU 32BJ!
★ What: Fiscal Cliffhanger Press Conference
★ When:
This Wednesday, January 30,
at 12 noon
★ Where:
Carvel State Building,
820 N French St, Wilmington
2nd Floor Auditorium
★ Why:
The fiscal cliff is not over!
We need your support to say no to harmful cuts and to say yes to fairer taxes!
★ Speakers:
Chris Bullock, New Castle County President
Sam Lathem, Delaware AFL-CIO President
Robyn Harland, Retired Special Education Teacher