The #GOPTaxScam: A Look Behind the Scenes at the Corruption Involved. How the National Debt Increased by Over $3.5 TRILLION.

Corporations, which drove the train, got even more of a tax cut than they wanted. Yet they refused to promise that their huge tax break would hike worker wages. Medium-sized and big businesses got something they had only dreamed of — though in provisions so badly written one tax expert called them a “travesty.”

Rich Republicans lobbied Trump at a Manhattan fundraiser and got 2.6 percentage points lopped off their highest tax bracket.

Deficit hawks, that is, those opposed to creating any new federal debt, hemmed and hawed and finally folded, as one commentator put it, “like a cheap suit.”

An idea that would have raised $1 trillion and paid for much of the tax cuts was soundly defeated by a powerful business lobby.

Republicans used $1.5 trillion in what some call accounting gimmicks to either hide the true cost of the bill or help justify their votes.

The bill was drafted in secret, partly to keep it from Congress’s own members who, it was feared, would leak it to lobbyists.

[And, of course, the Koch brothers and their fellow plutocrats were involved.]

The Urban-Brookings Tax Policy Center in September 2016 looked at its proposals for individual tax cuts and found that by 2025, 99.6 percent of its net tax cuts would go to the top 1 percent of earners. The nonpartisan Tax Policy Center said the plan would cause the federal debt to rise $3 trillion in its first 10 years and $6.6 trillion by the end of the second decade.

The Center for Public Integrity

The Takeaway: NEVER vote for a Republican.

GOP Tax “Reform” Example: Netflix Posted Biggest-Ever Profit in 2018 and Paid $0 in Income Taxes

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)

The Poorest Are Hardest Hit By #GOPTaxScam

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.”

Forbes