Tax justice campaigners are urging Democratic lawmakers to resist corporate America\u0026#039;s push for a series of major giveaways during the lame-duck session, arguing Congress should instead be raising taxes on large businesses as they continue to drive up prices for consumers while raking in record profits.\r\n\r\n\u0022In 2021, corporations recorded annual profits of $2.8 trillion, up 25% from the year before. And, in 2022, they’re enjoying the highest profit margin in over 70 years,\u0022 the Americans for Tax Fairness Action Fund notes in a new petition. \u0022Now, even as major, profitable corporations are price gouging the American people, they are demanding that Congress give them a new round of tax breaks before year\u0026#039;s end that could cost up to $600 billion over ten years.\u0022\r\n\r\n\u0022Instead of doubling down on the failed Trump-GOP tax scam, Congress should raise the corporate income tax rate from 21% to at least 28%.\u0022\r\n\r\nThe tax breaks in question include a deduction that previously allowed corporations to slash their taxable income by writing off their research and development expenses all at once. A provision in the 2017 Trump-GOP tax law requires companies to spread research and development costs over five years, a change that large corporations such as Boeing, Lockheed Martin, and Ford are trying to reverse before the end of 2022.\r\n\r\nAccording to Americans for Tax Fairness, restoring the deduction to its previous form—something that Republicans and many Democrats support—could cost the federal government $155 billion in revenue over 10 years.\r\n\r\nThe group also warns that corporations have set their sights on \u0022expanding the net interest deduction tax break to allow corporations to deduct a bigger share of their interest costs from borrowing money by changing how the deduction is calculated\u0022 and \u0022extending 100% bonus depreciation, which would allow corporations to write off immediately the full cost of assets that hold their value a long time.\u0022\r\n\r\nThose two changes combined would cost the U.S. government $450 billion over a decade, Americans for Tax Fairness estimates.\r\n\r\nA recent analysis by the Institute on Taxation and Economic Policy found that 23 major corporations—including Google, Amazon, and JPMorgan Chase—received roughly $50 billion in tax breaks from the \u0022bonus depreciation\u0022 provision of the Trump-GOP tax law. The tax break is set to expire in 2022, but major corporate lobbying organizations such as the National Association of Manufacturers are pressuring Congress to extend it.\r\n\r\n\u0022Instead of doubling down on the failed Trump-GOP tax scam, Congress should raise the corporate income tax rate from 21% to at least 28% (still far lower than the 35% corporate tax rate from just 5 years ago),\u0022 said Americans for Tax Fairness. \u0022This would raise nearly $900 billion over 10 years, coming mostly out of the pockets of wealthy shareholders.\u0022\r\n\r\nSuch a proposal would likely face opposition from Sens. Joe Manchin (D-W.Va.) and Kyrsten Sinema (D-Ariz.), who have repeatedly sabotaged Democratic efforts to raise corporate taxes.\r\n\r\nAdditionally, Americans for Tax Fairness said Congress should \u0022close offshore corporate tax loopholes\u0022 and strengthen the recently approved corporate minimum tax, moves that would raise revenue that \u0022could be used to improve the lives of working families: making healthcare, childcare and housing more affordable; expanding the Child Tax Credit to lift millions of children out of poverty; shoring up Medicare and Social Security; and more.\u0022\r\n\r\n\r\n\r\nIn recent weeks, some Democratic lawmakers have indicated that they would be willing to approve corporate tax cuts—specifically the research and development deduction—in exchange for a revival of the expanded Child Tax Credit, which dramatically cut child poverty before expiring at the end of 2021 due to opposition from Republicans and Manchin.\r\n\r\n\u0022There\u0026#039;s going to be a clear debate about tax choices, and this whole debate about Child Tax Credit is front and center on that discussion,\u0022 Sen. Ron Wyden (D-Ore.), chair of the Senate Finance Committee, told reporters earlier this month.\r\n\r\nAs Bloomberg reported last week, Republicans \u0022want tax breaks for private equity, manufacturers and businesses\u0022 while Democrats \u0022want to expand the child tax credit, using their final weeks controlling both congressional chambers to reinstitute a policy they see as critical to reducing child poverty.\u0022\r\n\r\n\u0022Democrats could secure a more modest child tax credit in return for extending the soon-to-expire business tax breaks that Republicans support—affecting research and development costs, investment deductions, and debt write-offs,\u0022 the outlet noted. \u0022The resulting package would benefit a swath of stakeholders ranging from private equity firms and pharmaceutical companies to the parents of young children.\u0022\r\n\r\nOn November 10, a group of House Democrats led by Reps. Pramila Jayapal (D-Wash.) and Jimmy Gomez (D-Calif.) demanded that any corporate tax breaks included in year-end legislation \u0022be paired with provisions that will provide crucial support to families,\u0022 including an extension of the boosted Child Tax Credit.\r\n\r\n\u0022We should not extend corporate tax breaks unless and until we deliver additional relief for families,\u0022 the lawmakers wrote.