Thanks in part to the #GOPTaxScam, Amazon pays no taxes for the second year in a row, despite over $11 billion in profits.
From Robert Reich:
Who really benefited from Trump’s tax cuts?
Pfizer –> Donations to GOP: $16M Tax cut received: $39B
GE –> Donations to GOP: $20M Tax cut received: $16B
Chevron –> Donations to GOP: $13M Tax cut received: $9B
It’s socialism for the rich in exchange for campaign cash.
Also from Robert Reich:
Since 2009, the combined wealth of the members of the Forbes 400 list has more than doubled from $1.3 trillion to nearly $3 trillion.
Meanwhile, their taxable income has fallen from 27% to 23% over the same time.
They are worth more than ever, but paying less.
Tax the rich.
By Dan Feidt, Freddy Martinez, Unicorn Riot
November 17, 2019
Isle of Man, UK – A blast of sunshine has hit a secretive banking network used by global ultra-wealthy figures following a massive hack by “Phineas Fisher“, a notorious self-described “hacktivist”, of Cayman National Bank and Trust, which serves nearly 1,500 accounts in Isle of Man. Transparency collective Distributed Denial of Secrets has began publishing copies of the bank’s servers, a cache of documents as well as communications among bankers and others. Journalists around the world have been investigating the data for months and have begun publishing the first of their stories.
It’s being compared to the Panama Papers hack.
…but the rich and corporations got their yuge tax cuts.
This is your world on Republicanism.
60 of the largest corporations in the United States paid no income taxes for 2018 despite earning a composite $79 billion in net income. Worse, these companies actually received $4.3 billion in tax rebates.
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.
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)
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.”