Members of the Main Street Alliance took to social and traditional media this Tax Day to call on large multinational corporations to pay what they owe.
Across the country, small business owners and everyday taxpayers are meeting their tax responsibility this Tax Day, and they are outraged by their large, multinational competitors ability to duck their obligations and pass their bill onto them. A report from Citizens for Tax Justice illustrates how profitable Fortune 500 companies in a range of sectors of the U.S. economy have been remarkably successful in manipulating the tax system to avoid paying even a dime of tax on billions of dollars in U.S. profits.
By highlighting 15 corporations’ tax situations they shed light on the widespread nature of corporate tax avoidance. As a group, the 15 companies paid no federal income tax on $21 billion in profits in 2015. Even more astonishingly, as a group, they paid no federal income tax on $93 billion in profits over the past five years. Seven of these companies received federal tax rebates in 2015, and almost all paid exceedingly low rates over five years.
These 15 companies, most notably Netflix, JetBlue, Qualcomm, Century Link, and International Paper, don't just turn their backs on the communities that support them when they shirk their tax responsibility, they shift their bill onto Main St. business owners and their customers. Check out the graphics designed to spotlight the need for a level playing field for businesses of all sizes and a tax system that holds multinational corporations accountable to pay their fair share.