A FedEx worker hundreds up deliveries in San Francisco.
A progressive group pushing Congress to lift the company tax price is launching an advert marketing campaign focusing on FedEx and Nike, two massive American firms with mild federal tax payments, the group mentioned Monday.
Tax March, which held dozens of demonstrations in 2017 calling on former President Donald Trump to launch his tax returns, plans to launch adverts focusing on FedEx on Tuesday. The TV adverts will air in Washington, D.C., and in Memphis, Tennessee, the place FedEx is headquartered.
A report by the Institute on Taxation and Economic Policy says FedEx “zeroed out its federal revenue tax on $1.2 billion of U.S. pretax revenue in 2020 and obtained a rebate of $230 million.” The report says the dearth of funds in taxes by some companies is probably going linked to historic tax breaks in addition to Trump’s 2017 tax reform plan and sure parts of the coronavirus reduction invoice often called the CARES Act.
Tax March additionally plans to focus on Nike with a newspaper advert subsequent week within the shoe big’s house state of Oregon, based on Dana Bye, the marketing campaign director for the group. She mentioned the newspaper advert can have a message just like that of the TV spot specializing in FedEx.
The institute’s report said Nike “did not pay a dime of federal revenue tax on virtually $2.9 billion of U.S. pretax revenue final 12 months, as a substitute having fun with a $109 million tax rebate.”
Representatives for Nike and FedEx did not reply to CNBC’s request for remark earlier than this story was printed.
President Joe Biden has mentioned he desires to lift the company tax price to twenty-eight% to assist pay for his $2 trillion infrastructure reform package deal. He has since mentioned that he is keen to negotiate on the potential company tax hike as reasonable Democrats resembling Sen. Joe Manchin, D-W.Va., have pushed again on elevating the speed to twenty-eight%.
Bye mentioned the marketing campaign as a complete will value virtually $500,000. It can additionally embody digital adverts on Fb and different platforms.
The TV advert, first reviewed by CNBC, takes intention at FedEx as considered one of a number of firms that paid little to no federal company revenue taxes not too long ago.
“Inform Congress: It is time to put the individuals first,” a voiceover on the FedEx advert says. “Make companies like FedEx pay their justifiable share.”
FedEx not too long ago instructed CNBC that it’s towards elevating company taxes as option to pay for Biden’s infrastructure plan. Advocacy teams such because the Chamber of Commerce and the Business Roundtable have additionally opposed the concept of elevating the company tax price as a option to pay for infrastructure.
“I feel the largest assertion we are attempting to make via this marketing campaign is that we won’t let company tax dodgers like FedEx drive the controversy on taxes,” Bye mentioned.
Tax March is a venture of the Sixteen Thirty Fund, a darkish cash 501(c)(4) group that contributed simply over $60 million to Democratic-aligned teams throughout the 2020 election, together with hundreds of thousands to tremendous PACs backing Biden, based on information from the nonpartisan Heart for Responsive Politics.
The marketing campaign by Tax March is among the first to tackle companies since Biden grew to become president. It comes as companies are beneath stress to reply to new voting laws such as those recently passed in Georgia.