Democrats accuse food, beverage companies of ‘profiteering’ through ‘shrinkflation’
submitted by https://lemmy.world/u/tomatolung
“Shrinking the size of a product in order to gouge consumers on the price per ounce is not innovation, it is exploitation,” the Democrats https://www.warren.senate.gov/newsroom/press-releases/warren-dean-press-cocacola-pepsico-and-general-mills-on-shrinkflation-price-gouging-and-tax-dodging
. “Unfortunately, this price gouging is a widespread problem, with corporate profits driving over half of inflation.”
The lawmakers pointed to a recent report by the Institute for Taxation and Economic Policy that found that from 2018 to 2022, Coca-Cola made $13.4 billion but paid an average effective tax rate of 13.5 percent, PepsiCo made $22.4 billion but paid 15 percent and General Mills made $12 billion but paid 14.8 percent.
“No corporation should pay a lower tax rate than working Americans — especially when that same corporation turns around and gouges consumers on the other end through shrinkflation,” the lawmakers said.
https://thehill.com/business/4919518-democratic-lawmakers-food-beverage-companies-shrinkflation/
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2024-10-10 03:58:11
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npub1hw23xug2s485afnpppvpe6709gd3njg0xl442p6m6h2ux5uglkwqp83gstPublished at
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"content": "Democrats accuse food, beverage companies of ‘profiteering’ through ‘shrinkflation’\n\nsubmitted by https://lemmy.world/u/tomatolung\n\n“Shrinking the size of a product in order to gouge consumers on the price per ounce is not innovation, it is exploitation,” the Democrats https://www.warren.senate.gov/newsroom/press-releases/warren-dean-press-cocacola-pepsico-and-general-mills-on-shrinkflation-price-gouging-and-tax-dodging\n. “Unfortunately, this price gouging is a widespread problem, with corporate profits driving over half of inflation.”\n\n\nThe lawmakers pointed to a recent report by the Institute for Taxation and Economic Policy that found that from 2018 to 2022, Coca-Cola made $13.4 billion but paid an average effective tax rate of 13.5 percent, PepsiCo made $22.4 billion but paid 15 percent and General Mills made $12 billion but paid 14.8 percent.\n\n\n“No corporation should pay a lower tax rate than working Americans — especially when that same corporation turns around and gouges consumers on the other end through shrinkflation,” the lawmakers said.\n\n\n\nhttps://thehill.com/business/4919518-democratic-lawmakers-food-beverage-companies-shrinkflation/",
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