President Biden recently tweeted: "You want to bring down inflation? Let's make sure the wealthiest corporations pay their fair share."1
Big Tech will do anything it can to hide the fact that corporate power is driving inflation. Just look at Jeff Bezos's response to President Biden:
"Raising corp taxes is fine to discuss. Taming inflation is critical to discuss. Mushing them together is just misdirection."2
It's Bezos who's trying to misdirect us. We need to make sure his isn't the voice that Congress hears the loudest. It's time to let Congress know the American people are tired of billionaires and big corporations getting away without paying their share of taxes.
Sign the petition: Tell Congress to raise taxes on big corporations!
Big Tech knows it's lost the battle on corporate taxes: Americans are sick of corporations getting away with not paying their fair share.3
Last year, Amazon should've paid a corporate tax rate of 21% on its $35 billion in profits. But the company exploited loopholes in the US tax code and paid only a fraction of what it owed: around 6%.4
Now Bezos and the Big Tech barons are scrambling to cover up the fact that the inflation we're seeing isn't just because of global forces like COVID-19 supply chain issues and war in Ukraine.
It's also because corporations are taking advantage of background inflation to jack up prices even further. It's time for Congress to protect American consumers from inflation and abuse by taking on Big Tech!
Corporate profits are at a 70-year high across the board.4 And Amazon is no exception: Amazon stock soared after the company's most recent earnings call, and the company just raised its Prime membership costs.5 Like Big Oil, Big Meat, and other monopoly industries, Big Tech is thriving in this inflationary period — all because it's capitalizing on inflation and exploiting consumers.
Bezos is terrified that the president and Congress will catch wind of the real source of inflation, but we're already onto him. Excessive corporate power is driving the economy into an inflationary spiral. Taxing them is good for competition, good for tackling inflation, and good for taking on their enormous power.
Sign the petition: Congress must tax the big corporations!
Sources:
1. Joe Biden, Tweet, May 13, 2022.
2. Jeff Bezos, Tweet, May 13, 2022.
3. Pew Research, "Top tax frustrations for Americans: The feeling that some corporations, wealthy people don't pay fair share," April 30, 2021.
4. Institute on Taxation and Economic Policy, "Amazon Avoids More Than $5 Billion in Corporate Income Taxes, Reports 6 Percent Tax Rate on $35 Billion of US Income," February 7, 2022.
5. NPR, "Economist explains record corporate profits despite rising inflation," February 18, 2022.