Leaked: The Rich Pay Less Taxes Than Wage-Earners

In 2007, Jeff Bezos, then a multibillionaire and now the world’s richest man, did not pay a penny in federal income taxes. He achieved the feat again in 2011. In 2018, Tesla founder Elon Musk, the second-richest person in the world, also paid no federal income taxes.

Michael Bloomberg managed to do the same in recent years. Billionaire investor Carl Icahn did it twice. George Soros paid no federal income tax three years in a row.

ProPublica

Generally, the wealthy of all stripes keep their tax rates low in multiple ways. Some are simple: They avoid forms of income, like wages, that are taxed at a high rate, 37%, and instead make most of their money via capital gains and dividends from investments, most of which is taxed at 20%.

You May Be Paying a Higher Tax Rate Than a Billionaire

U.S. Budget Gap Tripled to Record $3.1 Trillion in Fiscal 2020

The world’s largest economy just posted its largest fiscal deficit on record.

The U.S. budget shortfall more than tripled to $3.1 trillion in the government’s fiscal year ended in September, swelling the national debt to exceed the economy’s size, after lawmakers opened the spending spigots to soften the blow from the coronavirus pandemic, Treasury Department data showed Friday.

The deficit as a share of the economy surged to 16%, the largest since 1945, based on second-quarter gross domestic product. At the end of the financial crisis in 2009, the ratio was close to 10% before slowly narrowing through 2015.

Bloomberg

[Remember those #GOPTaxCuts for the rich and corporations?] [And you know what the Republican response will be, right? “Cut Medicare, Cut Medicaid, Cut Social Security, Cut Food Stamps”.]

Trump’s Taxes and Finances

It was revealed that Mr Trump paid just $750 (£585) in federal income taxes in 2016, the year he was elected, and the same amount in his first year in the White House. In ten of the previous 15 years, meanwhile, he paid no income taxes at all, on account of having lost more money than he made.

In other ways, however, the news of Mr Trump’s meagre tax exposure merely brings the US up to speed with what has long been evident in Scotland. If anything, the overarching legacy of the New York Times exposé will be to lend even greater urgency to questions surrounding the Trump Organisation’s finances.

One thread has remained constant. In that entire time, not a single one of Mr Trump’s companies has paid a penny in corporation tax to authorities in the UK. The reason? Not a single one has ever turned a profit.

The Scotsman

GOP Tax change in coronavirus package overwhelmingly benefits millionaires, congressional body finds

The provision, included by Senate Republicans, would cost taxpayers approximately $90 billion in 2020

More than 80 percent of the benefits of a tax change tucked into the coronavirus relief package Congress passed last month will go to those who earn more than $1 million annually, according to a report by a nonpartisan congressional body expected to be released Tuesday.

USA Today

#GOPTaxScam and Corporate Stock Buy-Backs

Since the beginning of 2012, these companies have bought back $4.6 trillion with a T of their own shares. To provide a comparison of how big this T-number really is: It blows past the magnitude of Germany’s annual GDP.

Remember all those Republicans blowing sunshine up your ass about how their tax cut was going to create industry expansion and jobs?

And NOW they’re going to be looking for another bailout!

Wolf Street

#GOPTaxScam: AT&T promised 7,000 new jobs to get tax break—it cut 23,000 jobs instead

AT&T also cut capital spending despite promising $1 billion capital boost.

AT&T has cut more than 23,000 jobs since receiving a big tax cut at the end of 2017, despite lobbying heavily for the tax cut by claiming that it would create thousands of jobs.

AT&T in November 2017 pushed for the corporate tax cut by promising to invest an additional $1 billion in 2018, with CEO Randall Stephenson saying that “every billion dollars AT&T invests is 7,000 hard-hat jobs. These are not entry-level jobs. These are 7,000 jobs of people putting fiber in ground, hard-hat jobs that make $70,000 to $80,000 per year.”

Arstechnica

Related: More job cuts.
AT&T calls them “headcount rationalization.”

Related: AT&T CEO compensation: $25.6 million.

Republicans: Determined to Destroy America. A Country Led By Morons.

Trump’s assassination of Iranian general Qassim Suleimeni is only one of many autocratic mis-steps by the moron in the White House. Pentagon officials were reportedly stunned by the moron’s decision. The Iraq parliament approved a non-binding resolution telling the U.S. to get out of Iraq. We may be going to war with Iran. ISIS will expand.

This, after we were lied to about the Iraq war.

Thank (largely) Republican warhawks for all of this. The same Republicans who say they won’t impeach the moron.

Republicans: The Most Dangerous Organization in Human History

Republicans, says Noam Chomsky, are the most dangerous organization in human history.

As Australia is turned into cinders by huge wildfires, as communities experience increased flooding, as Russians continue to work to influence our elections, and as gun deaths and mass-shootings rise, the Republicans refuse to even acknowledge any of it, and, in fact deny any of it. High-tide flooding has doubled in the past thirty years.

The Republican solution? EPA website removes climate science site from public view after two decades.

Financial Bankruptcy and Military Spending

According to this site, the U.S. has 200,000 active troops overseas in 177 countries. Under Republicans, we pay more tax dollars to fund the military. Over One Trillion dollars per year.

An already-huge defense spending budget has increased under Republicans. While this pie chart is several years old, it’s an example of how much of our discretionary spending goes to the military:

Although military spending is HUGE, and ever-increasing under Republican leadership, the Republicans’ solution to an ever-increasing national debt is to cut social-welfare programs like Social Security (which is self-funding), Medicare and Medicaid.

#GOPTaxScam

Republicans promised tax breaks for everyone with their #GOPTaxScam. Instead, multi-billion-dollar corporations paid NO taxes, as the national debt exploded under the moron and Republicans. Ironic, isn’t it, that the political party which promotes itself as
the party of “fiscal responsibility” is actually the party of “borrow and spend”.

Environmental Destruction

The moron and his Republican cohorts have destroyed environmental protections. ” A new report concludes that the damage already done by the Trump administration to the environment, and the US agency that regulates it, will result in 80,000 deaths each decade. “

Republicans are Screwing America.

America, it should be painfully obvious to anyone paying attention that Republicans are screwing America.

#NeverVoteForARepublican

Related: visit Trump Crimes

Also
: This is MAGA (pics/memes)

Again Proving the Republican Lie That Tax Cuts Increase Revenues: #GOPTaxScam

An undying tenet of Republican fiscal policy: Tax cuts create more tax revenue.

Despite examples proving the lie of this mantra (Kansas, Louisiana), Republicans continue to push this false philosophy.

The #GOPTaxScam is the latest proof:
After 2 Years, Trump Tax Cuts Have Failed To Deliver On GOP’s Promises (NPR)

In fact, more than 60% of the tax savings went to people in the top 20% of the income ladder, according to the nonpartisan Tax Policy Center. The measure also slashed the corporate tax rate by 40%.

“It will be rocket fuel for our economy,” Trump promised.

Boosters of the tax cut insisted the economy would grow so fast, it would more than make up for the revenue lost to lower rates.

“The tax plan will pay for itself with economic growth,” Treasury Secretary Steven Mnuchin said.

It hasn’t worked out that way.

Related:

Last year, the federal government took in $79 billion fewer corporate tax dollars than it would have before the 2017 #GOPTaxScam took effect

Public News Service

And here’s the Chicago Tribune:

The 2017 tax package was a mammoth fraud that put the GOP’s political priorities and ideological dogma ahead of the welfare of our children and grandchildren. That’s the nature of Trump’s presidency: Even his proudest achievements are cause for regret.

Related:

The Trump tax cut has amounted to nothing but broken promises for the middle class.

Los Angeles Times