REPORT: Donald Trump Wants To Give Big Corporations Tax Cuts Worth More Than The Government’s Entire Budget For K-12 Schools

Following a new report on Trump’s plan for a second tax scam, DNC National Press Secretary ⁨Emilia Rowland⁩ released the following statement:

“First – Donald Trump put CEOs ahead of hard-working Americans with his corporate tax scam that lined the pockets of Wall Street executives, union busters, and price gougers at the expense of everyone else. Now, Trump and his MAGA minions in Congress want to give the largest corporations a tax handout larger than the K-12 budget at the Department of Education.  Their plan to force American taxpayers to foot the bill for a $48 billion handout to the largest 100 corporations – even as corporate profits hit record highs in 2023 – would be a disaster for everyone but Trump’s billionaire donors and CEO cronies. Meanwhile, President Biden has worked tirelessly to bring down costs for American families and reverse Trump’s tax scam that forces teachers and firefighters to pay more in taxes than billionaire CEOs. The contrast could not be clearer.”

Trump’s proposed tax cuts would:

  • Give the largest 100 U.S. companies (the Fortune 100) a total estimated annual tax cut of $48 billion — more than the entire U.S. Department of Education K-12 budget for 2024. They reported $1.1 trillion in profits in their last annual report.
  • Give the five largest drug makers—Johnson & Johnson, Merck, Pfizer, AbbVie, and Bristol-Meyers Squibb—an annual total estimated tax cut of $3.1 billion, while gutting President Biden’s landmark victory in the Inflation Reduction Act that requires drug manufacturers to negotiate prices to bring down costs for consumers. They reported over $50 billion in profits.
  • Give five of the largest Wall Street banks—JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and Goldman Sachs—an annual total estimated tax cut of $4.1 billion. They reported nearly $113 billion in profits.
  • Give five of the largest grocery companies—Kroger, Costco, Albertsons, Target, and Walmart—an annual total estimated tax cut of nearly $1.7 billion. They reported over $29 billion in profits.

Under Trump’s plan, the top 10 corporations would receive nearly $25 billion in annual tax cuts, even though they already reported more than $520 billion in profit.

Center for American Progress: “This nearly $25 billion in annual tax cuts for just 10 corporations is more than double what the federal government spends on cancer and Alzheimer’s research combined.

“Give 10 of the largest U.S. companies alone, including Meta, Comcast, and JPMorgan Chase, a total estimated annual tax cut of $23 billion. They reported more than $520 billion in profits.”

The five largest oil and gas companies would receive $2.5 billion in annual tax giveaways. 

Center for American Progress: “Americans upset about the price of gasoline this summer should also know that the 15 percent corporate tax rate would give America’s five largest oil companies an annual total tax cut of $2.5 billion. These companies (Exxon Mobil, Chevron, Marathon-ConocoPhilips, Phillips 66, and Valero Energy) reported more than $90 billion in profits last year.”

President Biden wants to raise the corporate tax rate to 28%, which would raise $1.1 trillion over 10 years to reinvest in the American people and help reduce the deficit.

Center for American Progress: “President Joe Biden, by contrast, would raise the corporate tax rate to 28 percent—halfway between the current 21 percent rate and the previous 35 percent rate.”

Budget of the United States Government, Fiscal Year 2025: “Ensures Corporations Pay Their Fair Share”

“The Budget increases the rates that corporations pay in taxes on their profits. Corporations received an enormous tax break in 2017, cutting effective U.S. tax rates for U.S. corporations to a low of less than 10 percent. While their profits soared, their investment in their workers and the economy did not. Their shareholders and top executives reaped the benefits, without the promised trickle down to workers, consumers, or communities. The Budget would set the corporate tax rate at 28 percent, still well below the 35 percent rate that prevailed prior to the 2017 tax law. In addition, the Budget would raise the Inflation Reduction Act’s corporate minimum tax rate on billion-dollar corporations from 15 percent to 21 percent, ensuring the biggest corporations pay more of their fair share.”