Accountable.us Reports: As the House Ways and Means Committee moves forward on President Biden’s Build Back Better agenda that will hold corporations accountable by making them pay their fair share, big corporate interests — led by the U.S. Chamber of Commerce — continue their massive lobbying blitz to obstruct much-needed progress to help American workers and families. These corporations are spending millions to stop help from getting into families’ pockets despite recent reporting that U.S. corporate profits surged to a record high in the second quarter, even amidst a once-in-a-lifetime pandemic.
While working families have struggled during COVID-19, 45 of the 50 biggest U.S. corporations enjoyed profits. At the same time, economic inequality just kept worsening, with the richest 1% holding a record-high 32% of the nation’s wealth by the beginning of 2021.
“All that stands between critical investments that will help everyday families are lawmakers who claim the sky will fall if rich corporations contribute pay their far share,” said Kyle Herrig, president of Accountable.US. “Even during a pandemic and severe economic downturn, many of the wealthiest corporations still managed to post strong profits as workers across the country fell behind. Despite what the U.S. Chamber wants the public to think, the numbers show big businesses that have avoided taxes for years can more than afford to chip in towards a stronger economy for all.”
Earlier this month, government watchdog Accountable.US released a report finding a group of major corporations that have already spoken out and/or lobbied against the tax provisions in President Biden’s Build Back Better blueprint have sordid histories of tax avoidance and tax schemes, amounting to billions of dollars in lost federal revenue. The group also identified eight companies, including Walmart, Walgreens, Shell Oil, and Accenture, that have explicitly lobbied on corporate tax provisions in Biden’s American Jobs Plan along with four companies whose executives publicly pushed back against the provisions, all while also avoiding paying their fair share.