Write Your Congressperson: No $500 Billion Tax Giveaway For Corporations

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Subject: A $500 billion dollar holiday giveaway

Friends,

Right now, Congressional leaders are negotiating to renew a huge package of mostly corporate tax breaks that have expired. They plan to vote on it in the coming days. We need to make sure this package gives away as little as possible in tax cuts for corporations, but that it includes critical tax credits for working families employed in low-wage jobs.

As we speak, an army of corporate lobbyists on Capitol Hill are urging Florida’s Congressional Representatives to make about $500 billion in corporate tax giveaways PERMANENT. Take action and write your member of Congress today:

http://act.progressflorida.org/letter/500b-giveaway/?source=taf

Their wish list includes these three corporate tax breaks:

* Bonus depreciation, which will cost American taxpayers $281 billion over ten years and is “not very effective” in stimulating the economy, according to the Congressional Research Service. Its cost alone would allow us to double investments in the National Institutes of Health over 10 years.

* Active Financing Exception, which will cost $78 billion over ten years and allows financial institutions such as GE Capital and Wall Street banks to avoid paying U.S. taxes on income they claim to have earned overseas.

* Controlled Foreign Corporation Look-Through Rule, which will cost another $22 billion over ten years and lets multinational corporations shift profits between foreign subsidiaries to avoid paying a dime in U.S. taxes.

Just as Congress is considering these tax breaks for large corporations, some of which stash their profits offshore in tax havens, two important tax credits for working families are set to expire unless Congress acts. These pro-work tax credits are improvements to the Earned Income Tax Credit (EITC) and the Child Tax Credit. If they are not renewed 16 million people—including about 8 million children—will be pushed into poverty or deeper into poverty.

Take action and tell Florida’s members of Congress to reject these costly corporate tax breaks. Click here to email your elected officials today.

http://act.progressflorida.org/letter/500b-giveaway/?source=taf

Together, let's demand that the interests of working families come first in Washington. Thank you.

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By sending this letter, you agree to receive action alerts from Progress Florida.

As we speak, an army of corporate lobbyists on Capitol Hill are urging Florida’s Congressional Representatives to make about $500 billion in corporate tax giveaways permanent.

Congress plans to vote on a major tax package in the coming days. We need to make sure this package gives away as little as possible in tax cuts for corporations, but that it includes critical tax credits for working families employed in low-wage jobs.

Email your elected officials today and demand that they side with working families over big corporations.

You can edit the letter below, and we recommend you customize it to fit your voice.

Dear Member of Congress,
 
You may soon vote on a huge package of mostly corporate tax breaks that have expired. I urge you to vote against making any of these giveaways permanent, such as Bonus Depreciation, Active Financing Exception and the Controlled Foreign Corporation Look-Through Rule.
 
These three tax breaks may cost American taxpayers $380 billion over ten years, money that would be much better spent in more productive ways, or used to reduce the deficit. 
 
Studies show that bonus depreciation is not very effective at stimulating the economy and corporations are already more profitable than ever. Our tax system should not be giving tax breaks to corporations that ship jobs offshore and shift profits to tax havens to dodge paying their fair share of taxes.
 
Instead, please renew and make permanent improvements to the Earned Income Tax Credit and the Child Tax Credit. These tax credits encourage work and play an important role in alleviating poverty and income inequality at a time of wage stagnation, especially for workers at lower-wage jobs.
 
Please stand with working families over big corporations.