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WASHINGTON, DC — Today, the Republican-led House Ways and Means tax subcommittee will hold a hearing designed to distort the Biden administration’s executive guidance in support of a global minimum corporate tax rate of at least 15 percent and closing loopholes that let multinational corporations dodge responsibility by basing in tax haven countries. As the subcommittee Republicans prepare their usual, fact-free excuses for why big corporations should not have to pay their fair share, a new analysis from Accountable.US found these members— including Rep. Mike Kelly (R-PA) and Rep. Drew Ferguson (R-GA) — have collected an estimated $700,000 from the 10 largest U.S. multinational corporations, all of which would be affected by the Biden administration’s proposed global tax rules.

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A total lack of evidence has never stopped the MAGA Majority from falsely claiming jobs are lost when big corporations pay their fair share in taxes. In reality, multi-trillion-dollar tax giveaways to corporations under Republican administrations resulted in the worst presidential jobs records in U.S. history – all while shortchanging critical priorities that build a stronger middle class,” said Jeremy Funk, spokesman for Accountable.US.

“So why do conservatives in Congress insist more failed corporate tax breaks and special loopholes will finally trickle-down to everyday families if given another chance? Because they take staggering sums of money from corporate special interests that want to keep paying virtually nothing in taxes at the expense of everyone else.

If recent history is prologue, the MAGA Majority’s current $1 trillion tax giveaway plan for corporations and their billionaire donors will do nothing but exacerbate the income inequality crisis and further erode the middle class,” added Funk. “They would rather preserve their donors’ bottom line than invest in an economy that works for everyone.”

Contrary to Republican rhetoric, current MAGA tax proposals promise little to no benefits for American families. Under the $1 trillion, deficit-exploding MAGA corporate tax cut plan advanced by Republicans Ways and Means Committee members last month, the bottom 20 percent of American earners would receive a paltry $40 in tax relief while the wealthiest Americans would receive a collective $60.8 billion in tax cuts in 2024. And foreign investors—who own a considerable amount of stock in U.S. corporations—would ultimately benefit from $23.8 billion in corporate tax dollars under the MAGA plan. Similarly, the Defending American Jobs and Investment Act would permit corporations to avoid paying their fair share, instead moving the burden to American taxpayers. 

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