On Tax Day, Groundwork’s Lindsay Owens Explains How We Can Use the Tax Code to Rein in High Prices

On Tax Day, Groundwork’s Lindsay Owens Explains How We Can Use the Tax Code to Rein in High Prices

Today, Groundwork Collaborative released a new video featuring Executive Director Lindsay Owens who has a message this Tax Day: Let’s use the tax code to rein in corporate profits and prices. With many provisions of the Trump Tax Scam set to expire in 2025, there is an opportunity to rewrite the tax code to end giveaways to the wealthy and corporations, including those that incentivize corporate profiteering:

“Next year, when Congress revisits the 2017 tax law, we have an opportunity to tackle corporate greed at the source. We can raise the corporate tax rate and disincentivize this corporate profiteering that’s costing Americans so much. It’s time for Americans to get their money back.”

Email press@groundworkcollaborative.org to speak with a Groundwork expert about taxes, profits, and inflation.

Background

• In January, Groundwork found that from April to September 2023, corporate profits drove 53% of inflation. Comparatively, over the 40 years before the pandemic, profits drove just 11% of price growth.
• In February, Groundwork released a report that found families are now paying 25 percent more for groceries than they were prior to the pandemic, compared to 19 percent overall inflation. The report offers policy recommendations to reduce the risk of future grocery price spikes, such as investigating the use of slotting fees that require product manufacturers to “pay to stay” on shelves and scrutinizing anti-competitive mergers throughout the food supply chain.
• Last month, Groundwork found that shrinkflation is responsible for as much as 10% of inflation in key product categories, like paper products and snacks. The report makes clear that “shrinkflation,” also known as “price pack architecture,” is playing a crucial role in growing profit margins while shortchanging consumers, with executives citing outrageous gimmicks like portion control and reducing emissions as excuses for ripping off consumers.