This 4th of July, U.S. Corporations Display Little Patriotism
Americans For Tax Fairness.org
July 2, 2024
As Big Companies Keep Paying Relatively Less in Taxes to Support Our Nation, 100 Largest American Firms Reported Over $1 Trillion in Profits Last Year While Shedding 55,000 Jobs
As American families are firing up their grills and filing their coolers for Independence Day celebrations this Thursday, American corporations are displaying little patriotism for the nation that made their success possible.
According to the latest Data from Fortune as analyzed by Americans for Tax Fairness (ATF), the 100 largest American corporations in 2023 ran up huge after-tax profits -- over $1 trillion last year -- in part through price gouging of American consumers.
Even as these 100 richest corporations saw their profits soar by 20% -- and their market value increased by 31% -- in 2023, they slashed a total of 55,000 jobs while raising their average median wage by a meager 6.5% (barely staying ahead of last years 4.1% inflation rate).
This all comes against a backdrop of corporations paying lower and lower tax rates and less and less in taxes, when measured as a share of the economy, even as they further enrich their wealthy stock owners with even bigger shareholder payouts.
"This 4th of July, Corporate America is celebrating it's profits, not it's country," said David Kass, ATF's executive director.
"Rather than showing gratitude for the great nation that turned them into economic powerhouses, U.S. corporations are racking up even higher profits on the backs of American workers and consumers, turning the bulk of those profits over to their rich and in many cases foreign shareholders, all while failing to pay their fair share of U.S. taxes.
This Independence Day, let's declare independence from corporate domination of American society by pledging to raise taxes on the nation's biggest firms and their wealthy shareholders."
More:
https://americansfortaxfairness.org/4th-july-u-s-corporations-display-little-patriotism/