“Last year,10 companiespaid no federal income taxes despite making more than $16 billion in profits. Middle class families footed that bill.
“Those corporations – and many others like them – use our roads, are protected by our police and firefighters, and hire Americans educated in our public schools, yet they contributed nothing on tax day. In fact, in 2012, the effective corporate tax rate was on average 12 percent, the lowest recorded level in the past 40 years and far lower than the effective tax rate for many middle class families. There’s something wrong with a system that forces working families to sacrifice but asks nothing of corporations making record profits. It’s not fair and it’s not smart.
“The Congressional Progressive Caucus has put forward aplanthat reforms our tax code so that we reward companies who create jobs here at home. We end the bias towards overseas investment, close the ‘Facebook loophole’ that allows companies to take excessive stock option deductions, and close tax loopholes such as those for corporate jets, meals, and entertainment. Eliminating these wasteful loopholes and broadening the tax base will allow us to invest in infrastructure and education. Working Americans can’t afford to give tens of billions of dollars to huge corporations that refuse to contribute and don’t need it.
“Making common sense changes to our tax code means more investment in jobs, which will help Americans all over the country get back to work.”