Today at a Roosevelt Institute event, “Tax Policy as Competition Policy,” Sen. Elizabeth Warren (D-MA), on the topic of the Trump Tax Scam stated, “We are subsidizing corporate price gouging.” Groundwork Collaborative Executive Director Lindsay Owens reacted with the following statement:
“Senator Warren is exactly right – the corporate tax giveaways of 2017 incentivized the profiteering that is costing families so much. Next year, when many provisions of the 2017 law expire, we must raise corporate taxes, end excess profiteering, and get Americans’ money back.”
Email press@groundworkcollaborative.org to speak with a Groundwork expert about taxing corporate greed.
“We have seen the impact of market concentration: families struggle under rising prices, small businesses get squeezed and companies have the leverage to lower workers’ wages, all while corporate profits soar to new records, driving over half of our current inflation.”
“Our tax laws have been written not to curb monopoly power, but to subsidize it.”
“Take Donald Trump’s 2017 tax cuts…a $1.3 trillion dollar giveaway that overwhelmingly went to giant corporations. And did that tax break trickle down to working people? Nope.”
“When the pandemic hit, big companies used inflation as an excuse to hike prices even further. And thanks to that massive 2017 tax cut, corporations paid less than ever on those giant profits…In other words, we are subsidizing corporate price gouging.”
“There is more to do from ending loopholes that provide a tax subsidy to mega-mergers, to ending tax breaks for giant multinationals that offshore jobs and profits. All of those things we can build a tax code that rewards competition, instead of consolidation so that we can help level the playing field for everyone.”