WASHINGTON D.C. – A damning new report from Senator Bob Casey (D-PA) found that while inflation rose by 14 percent from July 2020 through July 2022, corporate profits rose by 75 percent over the same period — five times faster than inflation. The report underscores how corporations have grossly profiteered and price-gouged consumers throughout the pandemic even after the 2017 Trump Republican tax bill rewarded them with a giant tax giveaway – lowering the corporate tax rate from 35 percent to 21 percent while adding nearly $2 trillion to the national debt and shortchanging critical priorities that help grow the middle class.
Sen. Casey’s report is consistent with findings from government watchdog Accountable.US which has for over two years documented corporate greed at the expense of everyday families across numerous industries, including pharmaceutical companies, corporate landlords, big food, big oil, and utility giants.
Too many corporations are consumed with greed and are price gouging consumers on everything from rent to groceries to life-saving medicines. We have the receipts that show corporations continued to jack up prices on everyday families despite reporting often-record profits and billions of dollars in extra handouts to wealthy investors. While congressional Republicans in the pocket of corporate CEOs and lobbyists insist on giving corporations even more tax breaks that never trickle-down to anyone else, the Biden administration is putting consumers before corporations. The administration’s efforts are focused where it matters: lowering costs for all Americans by cracking down on corporate greed.”
“Without accountability, corporations will never stop trying to bend or break the rules to pad their profits, and American consumers will keep paying the price,” added Carrk. “By working to end junk fees and price gouging, the Biden administration is holding corporations accountable and putting money back in the pockets of everyday people, which in turn helps grow the middle class.”
Tony Carrk, Executive Director of Accountable.US.