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corporate profits
They Need More Tax Giveaways Why? Profits of Fortune 100 Companies Surged by $100 Billion Last Year
"All these goodies were paid for in part by denying families healthcare," said the executive director of Americans for Tax Fairness. "The tradeoff couldn't be more clear or more cruel."
Aug 06, 2025
A report released on Monday by Americans for Tax Fairness found that the profits of America's biggest corporations surged by $100 billion last year and were roughly twice the total profits these companies reported in 2017.
The Americans for Tax Fairness (ATF) report, which was based on data collected by Fortune, found that the 100 biggest companies in the U.S. recorded collective after-tax profits of $1.2 trillion during a time when American voters have consistently told pollsters they are having trouble paying for groceries.
Big tech companies led the way in terms of total profits last year, with Google parent company Alphabet raking in $100 billion in after-tax profits, followed by Apple with $94 billion in profits, Microsoft with $88 billion in profits, and Nvidia with $73 billion in profits. Holding company Berkshire Hathaway was the only non-tech firm to post such gaudy numbers, as its yearly profits in 2024 totaled $89 billion.
ATF noted that corporate America was raking in these big profits even before congressional Republicans passed their massive budget law that included even more tax cuts designed to benefit the country's largest companies.
David Kass, ATF's executive director, said the GOP's budget package looks even more extreme given what we now know about the financial health of corporate balance sheets.
"Most Americans know in their bones that huge corporations don't need any more tax cuts, but the newest data on the revenue and profits of the nation's biggest firms confirms that hunch," he said. "Among the giveaways to the rich and powerful in the recently enacted Trump-GOP tax scam are roughly $900 billion in loophole openers, ranging from accelerated depreciation to a more generous interest deduction. All these goodies were paid for in part by denying families healthcare, taking food from hungry kids, and boosting household utility prices. The tradeoff couldn't be more clear or more cruel."
ATF also contended that American workers have little to show for these corporate tax cuts, as "the nation's largest firms have spent $3.2 trillion on stock repurchases and $2.1 trillion on dividends" since the first GOP-passed corporate tax package came into law in 2017.
Polls have shown the GOP budget package, which was signed into law by U.S. President Donald Trump last month, to be extremely unpopular with voters. An analysis conducted recently by data journalist G. Elliott Morris found that the budget law "is likely the most unpopular budget ever, is the second most unpopular piece of key legislation since the 1990s, and the most unpopular key law, period, over the same period."
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Trump’s Budget Plan Would Make America Sicker, Hungrier, Poorer, Dirtier, and Hotter
His spending vision depicts a country where basic government functions—like keeping water safe and providing safety nets—are destroyed and corporate polluters can do what they please in the name of profits.
Jul 22, 2025
U.S. President Donald Trump is using every tool at his disposal to carry out his destructive agenda. From the passage of his Big, Ugly bill in Congress to his avalanche of executive orders, he’s breaking down basic government functions to clear the way for billionaire benefits and corporate profits. His latest tactic? A spending plan that would dismantle federal programs that keep us safe from pollution, support farmers and families, respond to disasters, and more.
At the end of May, Trump released a proposal for agency spending to guide congressional committees as they craft the next annual spending bill. Not to be confused with the recently passed Big, Ugly Bill, the upcoming spending legislation will fund the basic workings of the federal government for the fiscal year ahead (in this case, October 2025 to September 2026).
Trump’s spending proposal (called his discretionary budget request) makes his vision for the country crystal clear: Unsafe food, dirty water, and worse health for the many. Industrial polluters spewing toxic chemicals, and a destroyed ability to respond to the climate crisis that endangers all of us. Millions of farmers, families, and workers struggling to get by, while corporations amass yet more profits.
In the wake of Trump’s Big, Ugly Bill, his latest spending proposal is the opening salvo of another battle. Congress is now working to enact this vision, using this Trump proposal as a framework for its annual spending legislation. Here’s what’s at stake and how we’ll fight back.
Trump Promises Dirtier, Privatized Water
Not long ago, the United States’ rivers were so choked with pollution, they caught fire. Federal laws, like the Clean Water Act, changed that. Now, vast swaths of the country can depend on their taps for clean water.
Trump would drag us closer to those dark days by slashing programs that prevent pollution. His cuts would be a boon to corporate polluters who would rather preserve their profits than clean up their act.
Trump’s proposal has made his policy intentions clear—dirty water for all.
At the same time, he’s going after funding for infrastructure improvements we need to make our water safe and affordable. Federal government funding is crucial for water infrastructure for states, Tribes, and municipalities. However, this funding has plummeted in recent decades, and Trump wants to cut them even more drastically.
Trump’s deep cuts to water funding also serves as a ploy to encourage water systems to sell off their water systems to private corporations. And we already know that private water systems lead to less local control of water, higher water bills, and worse customer service.
Specifically, his spending plan called for:
Slashing Research and Regulation of Toxic Pollution
His plan calls for a 54% cut from the budget of the Environmental Protection Agency (EPA). The EPA is key for researching and regulating toxic chemicals that poison our water. Without a strong EPA, we can’t address threats to our water like PFAS “forever chemicals” and microplastics.
Virtually Eliminating Funding for Drinking Water
Trump’s plan calls for a nearly 90% cut to the Drinking Water and Clean Water State Revolving Funds, the main channels for federal dollars to states and localities for safe and clean water (that’s a cut of more than $2 billion).
Trump wants to completely eliminate these funds going forward, encouraging states to find “alternative funding sources” that could lead to private equity takeovers of local water supplies.
Dirtier Beaches and Dirtier Water
Trump’s plan calls for a complete elimination of many programs that provide clean water grants. That includes all EPA grants for beach protection, pollution control and prevention, clean and safe water technical assistance, and more.
Leaving Tribes and Rural Communities High and Dry
His plan would make huge cuts to water and wastewater grants specifically for Tribes and rural communities.
House Republicans lawmakers recently released their proposal for cuts to EPA and drinking safe and clean water programs, and while they aren’t as deep as Trump demanded, it would still be disastrous for our communities. And Trump’s proposal has made his policy intentions clear—dirty water for all.
Trump Takes Away Key Support for Farmers and Families
Trump’s spending plan also attacks programs that feed millions of families, support farmers and ranchers, and make our food more safe and sustainable. At the same time, Trump’s plan includes major giveaways to Big Ag. For one, he wants to completely eliminate funding for the EPA’s pesticides program and enforcement. The House Republican spending proposal would take a step in that direction by including Cancer Gag Act language to block EPA from improving rules for warning labels on pesticides.
Despite Health and Human Services Secretary Robert F. Kennedy Jr.’s rhetoric, his boss is working to make our food supply more dangerous for farmers, farm workers, and anyone who eats, helping pesticide companies to further profit from their toxic products.
Additionally, Trump would gut enforcement of the Packers and Stockyards Act. Without enforcement, meat corporations will get away with more dirty tactics in the market, putting livable incomes even further out of reach for farmers and ranchers.
Trump wants to:
Condemn People to Hunger
His spending plan slashes $748 million from the Agriculture Department’s (USDA) Food and Nutrition Service (on top of what the Big Ugly bill already slashed).
These cuts threaten the Supplemental Nutrition Assistance Program (SNAP), which helps more than 40 million people put food on the table. The cuts may also impact WIC, the SNAP program targeted to Women, Infants, and Children, and school lunch programs.
Roll Back Sustainable Agriculture
Trump’s plan reduces funding for the Nation Resources Conservation Service by almost 90%, from $916 million to $112 million. This threatens programs that support urban agriculture, conservation, and educational opportunities for farmers.
Undermine Conservation and Disaster Recovery
His spending plan slashes Farm Service Agency funding by $372 million, cutting loans and assistance to farmers for conservation and disaster recovery.
Completely Eliminate Good Food Programs
His plan zeros out key programs like the Source Water Protection Program, Geographically Disadvantaged Farmers and Ranchers, and Farmers Market and Local Food Promotion that support farmers and a more resilient and sustainable food system.
Trump Wants Big Oil to Wreak Havoc on Our Planet
Our reliance on fossil fuels is making us sicker and poorer. From toxic pollution, to volatile energy prices, to the climate crisis, the harms are vast and growing. Trump’s budget would add fuel to the fire by clawing back funding for clean, renewable energy and ramping up support for Big Oil and Gas.
This will put more profits in the pockets of fossil fuel tycoons, while fossil-fueled climate change makes our power bills even more expensive. At the same time, Trump’s proposal would completely eliminate the Low Income Home Energy Assistance Program, which helps about 6 million people keep the lights on.
As if that weren’t bad enough, Trump would kneecap federal programs that predict and respond to life-threatening climate disasters, even as those disasters grow in frequency and intensity. In the wake of horrific flash flooding in central Texas, these cuts will kill people.
Specifically, Trump’s spending plan:
Promotes Dirty Fossil Fuels
His spending plan allocates $2 billion to a new “Fossil Energy Programming” line item and increases spending for fossil fuel research and development.
Slashes Solar, Wind, and Energy Efficiency
His plan cuts funding by at least $6.2 billion. That includes the elimination of USDA funding ($500 million) for renewable energy and energy efficiency programs for farmers. Trump also calls for eliminating the Department of Interior’s onshore renewable energy and offshore wind programs.
Halts Vital Climate Change Research
The plan calls for the total elimination of the research arm of the National Oceanic and Atmospheric Administration, closing all its weather and climate labs and slashes NASA climate monitoring.
Attacks Disaster Recovery
Trump’s plan eliminates a third of the Federal Emergency Management Agency (FEMA) budget. Trump released his new proposal just days before he announced plans to start “phasing out” FEMA entirely.
Already alarms are being rung that the elimination of critical services due to mass layoffs and cuts at the National Weather Services and FEMA have hampered emergency preparations and response to the devastating floods in Texas.
Join Us in Stopping Trump’s Vision from Becoming Reality
Trump’s spending vision shows his hand in stark numbers. It depicts a country where basic government functions—like keeping water safe and providing safety nets—are destroyed and corporate polluters can do what they please in the name of profits.
If Congress follows his direction, we face a sicker, hungrier, poorer nation. More family farms will have to shutter. More pollution will flood our waterways. Lives and our livable future is at stake.
Congress controls the purse strings, and right now Congress members are writing this spending bill. We need to remind them that they answer to us—not Trump.
But we know that with concerted, strategic efforts, we can overcome much of Trump’s agenda. Already, we’ve defeated several terrible provisions moving through Congress. With dedicated supporters like you, we’ve stopped Republican efforts to roll back a key water safety rule and successfully defended school lunch programs from direct cuts and public lands from privatization.
In the end, Congress controls the purse strings, and right now Congress members are writing this spending bill. We need to remind them that they answer to us—not Trump. That’s why, over the next couple months, Food & Water Watch will relentlessly fight these cuts. Since inauguration day, Food & Water Watch staff, members and supporters have rallied dozens of times, sent tens of thousands of calls and emails, met with lawmakers and staffers, and made our voices heard in social media and news outlets.
This is the kind of energy and action we need to push our leaders in Congress to do the right thing. They must stand up against Trump and stand up for us.
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3 Ways Rising Inequality Has Weakened US Democracy
The class-based inequalities exacerbated by the Trump bill are not new. Rather, they are part of a 50-year trend linked to social cleavages, political corruption, and a declining belief in the common good.
Jul 14, 2025
America has never been richer. But the gains are so lopsided that the top 10% controls 69% of all wealth in the country, while the bottom half controls just 3%. Meanwhile, surging corporate profits have mostly benefited investors, not the broader public.
This divide is expected to widen after President Donald Trump’s sweeping new spending bill drastically cuts Medicaid and food aid, programs that stabilize the economy and subsidize low-wage employers.
Moreover, the tax cuts at the heart of the bill will deliver tens of billions of dollars in benefits to the wealthiest households while disproportionately burdening low-income households, according to analyses by the nonpartisan Congressional Budget Office and Joint Committee on Taxation. By 2033, the bottom 20% will pay more in taxes while the top 0.1% receive $43 billion in cuts.
I am a sociologist who studies economic inequality, and my research demonstrates that the class-based inequalities exacerbated by the Trump bill are not new. Rather, they are part of a 50-year trend linked to social cleavages, political corruption, and a declining belief in the common good.
The Roots of Class-Based Inequality
The decades following World War II were broadly prosperous, but conditions began changing in the 1970s. Class inequality has increased enormously since then, according to government data, while income inequality has risen for five decades at the expense of workers.
Economists usually gauge a country’s economic health by looking at its gross domestic product as measured through total spending on everything from groceries to patents.
But another way to view GDP is by looking at whether the money goes to workers or business owners. This second method—the income approach—offers a clearer picture of who really benefits from economic growth.
The money that goes to labor’s share of GDP, or workers, is represented by employee compensation, including wages, salaries, and benefits. The money left over for businesses after paying for work and materials is called gross operating surplus, or business surplus.
The share of GDP going to workers rose 12% from 1947 to 1970, then fell 14% between 1970 and 2023. The opposite happened with the business surplus, falling 18% in the early postwar decades before jumping 34% from 1970 to today.
Meanwhile, corporate profits have outpaced economic growth by 193% since 1970. Within profits, shareholder dividends as a share of GDP grew 274%.
As of 2023, labor had lost all of the economic gains made since 1947. Had workers kept their 1970 share of GDP, they would have earned $1.7 trillion more in 2023 alone. And no legislation or federal action since 1970 has reversed this half-century trend.
When more of the economy goes to businesses instead of workers, that poses serious social problems. My research focuses on three that threaten democracy.
1. Fraying Social Bonds and Livelihoods
Not just an issue of income and assets, growing class inequality represents the fraying of American society.
For instance, inequality and the resulting hardship are linked to worse health outcomes. Americans die younger than their peers in other rich countries, and U.S. life expectancy has decreased, especially among the poor.
Moreover, economic struggles contribute to mental health issues, deaths of despair, and profound problems such as addiction, including tobacco, alcohol, and opioid abuse.
Inequality can disrupt families. Kids who experience the stresses of poverty can develop neurological and emotional problems, putting them at risk for drug use as adults. On the other hand, when minimum wages increase and people begin saving wealth, divorce risk falls.
Research shows inequality has many other negative consequences, from reduced social mobility to lower social trust and even higher homicide rates.
Together, these broad social consequences are linked to misery, political discontent, and normlessness.
2. Increasing Corruption in Politics
Inequality is rising in the U.S. largely because business elites are exercising more influence over policy outcomes, research shows. My related work on privatization explains how 50 years of outsourcing public functions—through contracting, disinvestment, and job cuts—threatens democratic accountability.
Research across different countries has repeatedly found that higher income inequality increases political corruption. It does so by undermining trust in government and institutions, and enabling elites to dominate policymaking while weakening public oversight.
Yet democratic decline and inequality are not inevitable.
Since 2010, weakened campaign finance laws driven by monied interests have sharply increased corruption risks. The Supreme Court ruled then in Citizens United to lift campaign finance restrictions, enabling unlimited political spending. It reached an apex in 2024, when Elon Musk spent $200 million to elect Trump before later installing his Starlink equipment onto Federal Aviation Administration systems in a reported takeover of a $2.4 billion contract with Verizon.
Research shows that a large majority of Americans believe that the economy is rigged, suggesting everyday people sense the link between inequality and corruption.
3. Undermining Belief in the Common Good
National aspirations have emphasized the common good since America’s founding. The Declaration of Independence lists the king’s first offense as undermining the “public good” by subverting the rule of law. The Constitution’s preamble commits the government to promoting the general welfare and shared well-being.
But higher inequality historically means the common good goes overlooked, according to research. Meanwhile, work has become more precarious, less unionized, more segmented, and less geographically stable. Artificial intelligence may worsen these trends.
This tends to coincide with a drop in voting and other forms of civic engagement.
The government has fewer mechanisms for protecting community when rising inequality is paired with lower taxes for the wealthy and reduced public resources. My research finds that public sector unions especially bolster civic engagement in this environment.
Given increasing workplace and social isolation, America’s loneliness epidemic is unsurprising, especially for low earners.
All of these factors and their contribution to alienation can foster authoritarian beliefs and individualism. When people become cold and distrustful of one another, the notion of the common good collapses.
Inequality as a Policy Outcome
News coverage of the Trump bill and policy debate have largely centered on immediate gains and losses. But zoomed out, a clearer picture emerges of the long-term dismantling of foundations that once supported broad economic security. That, in turn, has enabled democratic decline.
As labor’s share of the economy declined, so too did the institutional trust and shared social values that underpin democratic life. Among the many consequences are the political discontent and disillusionment shaping our current moment.
Republicans hold both chambers of Congress through 2026, making significant policy changes unlikely in the short term. Democrats opposed the bill but are out of power. And their coalition is divided between a centrist establishment and an insurgent progressive wing with diverging priorities in addressing inequality.
Yet democratic decline and inequality are not inevitable. If restoring broad prosperity and social stability are the goals, they may require revisiting the New Deal-style policies that produced labor’s peak economic share of 59% of GDP in 1970.
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