REPORT: Corporations Lobbying Against Tax Fairness Effort Took Billions in Pandemic Aid
WASHINGTON, D.C. – Government watchdog Accountable.US released a new analysis finding that the corporations actively lobbying against Biden’s Build Back Better tax provisions also enjoyed massive taxpayer-backed “stealth bailouts” under the CARES Act last year. Biden’s agenda will make critical investments in support for working and middle-class families while ensuring rich corporations finally pay their fair share.
“When the pandemic hit, big corporations were first in line for help as millions of families lost their jobs and their livelihoods. Now when it’s time to finally put workers first, big businesses are spending millions to maintain their advantage and preserve the status quo,” said Kyle Herrig, president of Accountable.US. “With crucial support for childcare and health care on the line, lawmakers must invest in an economy that works for all and put a stop to corporations rigging the economy in their favor.”
These corporations — including Apple, FedEx, Walmart, and Oracle — all benefited from the Trump-era law that helped fund the Federal Reserve’s Secondary Market Corporate Facility (SMCCF). The SMCCF allowed the Central Bank to purchase several billion dollars in bonds issued by large corporations. Yet despite scoring greatly from this back-door bailout, many went ahead and laid off workers and paid billions to their shareholders through stock buybacks and dividends.
- As Of August 2021, The Federal Reserve Purchased $61 Million In Apple Corporate Bonds Through The Secondary Market Corporate Credit Facility (SMCCF), A “Stealth Bailout” Of American Corporations
- As Of April 2021, The Federal Reserve Purchased $15 Million In FedEx Corporate Bonds Through The Secondary Market Corporate Credit Facility (SMCCF), A “Stealth Bailout” Of American Corporations
- According To The Committee For A Responsible Federal Budget’s COVID Money Tracker, COVID Relief And Related Legislation Has Allocated $2.18 Billion In Funding To Johnson & Johnson For Vaccines And Therapeutics
- As of June 2021, The Federal Reserve Purchased $46.5 Million In Oracle Corporate Bonds As Part Of The Secondary Market Corporate Credit Facility (SMCCF), A “Stealth Bailout” Of American Companies
# # #