Corporations are fighting to derail Biden’s inflation fighting measures while they continue excessive price hikes, watchdog group says

As the Senate considers the Inflation Reduction Act, corporations that have profiteered throughout the pandemic are getting worried that they may have to pay their fair share in taxes, a corporate watchdog group Accountable.US said in its weekly newsletter.

“Corporate greed is one of the primary forces driving up costs for working families,” the organization said. “Big companies that are doing well for themselves continue to claim to have no choice but to raise prices on consumers to ridiculous degrees.”

Accountable.US said corporate lobbying groups such as the U.S. Chamber of Commerce are spending massively to spread misinformation about the Inflation Reduction Act in hopes of derailing the deal and maintaining the status quo. To date, industry groups and corporations have already given nearly $9 million to Republican members of Congress who are obstructing President Biden’s plans to stabilize costs. 

Accountable.US has released the following new reports:

• Exposing Procter & Gamble’s 19 billion shareholder handout and profit explosion from $436 million to more than $14.7 billion that comes as a result of excessive price hikes on household necessities such as Pampers diapers, toothpaste, and bath tissue.
• Revealing that big oil companies have seen a 235 percent increase in profits as a result of Americans suffering through months of sky high gas prices. Despite the fallen price of crude oil, the industry has been slow to lower costs for consumers.
• Demonstrating how the high-profile speakers at the “America First Agenda Summit” have spent their careers serving foreign business interests and governments. On July 26, Donald Trump returned to the nation’s capital for the first time since his presidency ended to address the event hosted by the America First Policy Institute, a group founded by his former staffers.
• Showing that Fortune 500 companies and corporate trade associations donated nearly $820,000 in June alone to members of Congress who voted against certifying the 2020 election in the aftermath of the insurrection Jan. 6.
• Revealing that over the last 13 weeks, big oil has been quick to raise retail gas prices for consumers, even doubling price increases in some cases when crude oil prices spike but are much slower to lower prices when crude oil prices fall.