A new report from Americans for Tax Fairness and Community Catalyst claims to expose how seven of the country’s largest health care corporations have dodged a staggering $34 billion in taxes since 2017.
The claims, to be unveiled at a national press call on Wednesday, Sept 3, draw a direct and disturbing line between these corporate tax-dodging schemes and the tangible harm inflicted on patients across the country.
The report details how industry titans like UnitedHealth, Elevance, and Humana used complex tax strategies to reduce their payments, all while slashing patient care and increasing denial rates for essential services.
Even more damning, the data shows that instead of reinvesting their massive tax savings into patient safety, these companies funneled billions into stock buybacks, lining the pockets of executives and shareholders.
With Medicare Advantage denial rates soaring, the press call will feature key speakers, including Senator Ron Wyden and former insurance industry insider Wendell Potter, who will present evidence of the patient-harm caused by this financial malpractice.
The groups will also propose concrete policy solutions, such as closing tax loopholes and raising the corporate tax rate, calling for immediate legislative action to address the growing national health care affordability crisis.
“The press call will feature exclusive data showing how health care corporations used tax savings for stock buybacks instead of investments in patient safety, all while Medicare Advantage denial rates skyrocketed. Policy experts, industry whistleblowers, and people directly impacted by these corporate practices will present compelling evidence and call for immediate legislative action,” said Americans for Tax Fairness in a statement.
“This analysis comes as health care costs continue rising for families nationwide, while major insurers report record profits. The press call will demonstrate how corporate tax avoidance directly contributes to the health care affordability crisis facing millions of people”.