Powerful Corporations Must Pay Their Fair Share of Taxes

Floor Speech

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Mr. MAGAZINER. Mr. Speaker, last year, 88 of the most profitable companies in America paid zero in Federal income taxes. Citigroup made over $4 billion in its U.S. businesses last year, no Federal taxes paid; Halliburton nearly $1 billion and paid no taxes; Tesla more than $5 billion of profits and paid no taxes.

How is it that in the United States of America the biggest and most powerful corporations pay less in taxes than the teachers, doctors, firefighters, and nurses whom I represent?

How is that?

Mr. Speaker, that is what happens when you have a city in Washington that is for sale. The wealthy and well-connected get tax breaks, and average people get stuck with the bill. This is why we need to get dark money out of elections. This is why we need to end congressional stock trading.

This is why we need real ethics reform in Washington because until we have that, the wealthy and well-connected are going to continue to get tax breaks while working people get screwed.

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