The popular video streaming service Netflix posted its largest-ever
U.S. profit in 2018—$845 million—on which it didn’t pay a dime in
federal or state income taxes. In fact, the company reported a $22
million federal income tax rebate.
After a year of speculation and spin, the public is getting its first
hard look at how corporate tax law changes under the Tax Cuts and Jobs
Act affected the tax-paying habits of corporations. The law sharply
reduced the federal corporate rate, expanded some tax breaks and
curtailed others. The new tax law took effect at the beginning of 2018,
which means that companies are just now closing the books on their first
full year under the new rules.
If Netflix’s earnings report is any indication, not much has changed. Many corporations are still able to exploit loopholes and avoid paying the statutory tax rate—only now, that rate is substantially lower.
ITEP (Institute on Taxation and Economic Policy)
I recently tried to call the IRS about a bill I received. I was put on hold and after an hour of waiting I gave up and wrote a letter instead. About a month later, the IRS sent me a letter saying they would respond within a month or so. The response I finally received, about two months later, did not answer all of my questions.
Republicans went on a yuge “cost-cutting” spree several years ago which has cut agencies such as the IRS and Social Security to the bone.
Do you need to contact one of those agencies? Good luck.
But don’t worry…the rich and corporations still got $1.5 trillion worth of tax cuts, thanks to the GOP.
Have a Social Security Question? Please Hold (NY Times)
General Motors hoped at least 7,000 white-collar workers would sign up by noon Monday for a buyout offer, but managers told employees last week that it was likely to fall short, raising the prospect of significant layoffs.
The number volunteering for the offer is likely be closer to 4,000 based on estimates by an actuary, some GM employees said managers told them.
That means 3,000 or more salaried workers in North America could be terminated starting in January if the automaker in fact opts for forced job cuts, which it has said it would consider if buyouts fell short.
Detroit Free Press
American taxpayers have spent $1.46 trillion on wars abroad since September 11, 2001.
The Department of Defense periodically releases a “cost of war” report. The newly released version, obtained by the Federation of American Scientists Secrecy News blog, covers the time from the September 11th terrorist attacks through mid-2017.
The Afghanistan War from 2001 to 2014 and Iraq War from 2003 to 2011 account for the bulk of expenses: more than $1.3 trillion. The continuing presence in Afghanistan and aerial anti-ISIS operations in Iraq and Syria since 2014 have cost a combined $120 billion.
International Business Times
They work for an American nail manufacturing company which promotes “buy American”, even as the company buys its steel from Mexico.
Thanks to the moron’s tariffs, the company may go out of business.
Yet the Trump cultists who work there still support the moron. I’d have liked the interviewer to have asked, “Where do you get your news?”.
From the Congressional Budget Office:
The groups hit hardest — the ones providing a reduction to federal deficits — are the poorest.
By 2027, everyone making less than $75,000 would provide a net savings to the government, whether through higher taxes, lower amounts spent on services, or both.
The Congressional Budget Office just released a new analysis of the Senate’s tax bill. The CBO examined the combined effect of changes in tax law with reductions in federal spending, like changes in “Medicaid, cost-sharing reduction payments, the Basic Health program, and Medicare.”
$2 trillion for tax cuts for the rich & corporations.
$2 trillion in cuts to Medicare, Medicaid, Social Security.
Democrats on the congressional Joint Economic Committee issued the study, based on calculations by the nonprofit Institute on Taxation and Economic Policy, late last week. It shows that the estimated $2 trillion cost of the Bush and Trump-era tax cuts through 2025 is the same amount Republicans have proposed cutting from Medicare, Medicaid, Social Security and Obamacare.