“Shrinking the size of a product in order to gouge consumers on the price per ounce is not innovation, it is exploitation,” the Democrats wrote in their letters. “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.