skews13
Diamond Member
- Mar 18, 2017
- 9,432
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That's right. Sixty profitable corporations paid no federal taxes in 2018, twice the number that typically paid nothing in the years before the 2017 tax breaks took effect. In fact, it's worse than that. Fifty-seven of these corporations demanded rebates from the government which means taxpayers like you and me paid them to exist. These are corporations on the dole. They claim to hate socialism if it means Medicare for All, but they sure as hell love socialism when it's welfare for them.
Another ill effect is that government debt balloons. The U.S. Treasury Department reported that the deficit rose $113 billion or 17 percent in the first year of the tax cuts, the largest one-year increase since 2009, which was during the worst of the Great Recession. That black hole is projected to occur every year the tax cuts remain in effect.
Republicans take those deficit figures -- deficits they created by cutting taxes -- and use them to demand offsetting spending cuts that is cuts to Social Security, cuts to Medicare and Medicaid, cuts to food stamps and school lunch programs, cuts to programs that are precious to workers and the poor.
The deficits grow like this: Amazon, the online marketplace, made nearly $11 billion last year and instead of paying the current, low 21-percent corporate tax rate on that income, it demanded that taxpayers give it $129 million. Which they did. It wasn't a rebate since Amazon paid no taxes. It was a big fat, gift withdrawn involuntarily from workers' pockets, wrapped in a fuzzy, flocked Amazon smiley bag, and deposited directly into corporate coffers. This is perverse wealth transfer, from the poor and middle class to the rich and corporations.
Amazon -- and 56 Other Corporations -- Took Your Tax Dollars
Full trickle.
Another ill effect is that government debt balloons. The U.S. Treasury Department reported that the deficit rose $113 billion or 17 percent in the first year of the tax cuts, the largest one-year increase since 2009, which was during the worst of the Great Recession. That black hole is projected to occur every year the tax cuts remain in effect.
Republicans take those deficit figures -- deficits they created by cutting taxes -- and use them to demand offsetting spending cuts that is cuts to Social Security, cuts to Medicare and Medicaid, cuts to food stamps and school lunch programs, cuts to programs that are precious to workers and the poor.
The deficits grow like this: Amazon, the online marketplace, made nearly $11 billion last year and instead of paying the current, low 21-percent corporate tax rate on that income, it demanded that taxpayers give it $129 million. Which they did. It wasn't a rebate since Amazon paid no taxes. It was a big fat, gift withdrawn involuntarily from workers' pockets, wrapped in a fuzzy, flocked Amazon smiley bag, and deposited directly into corporate coffers. This is perverse wealth transfer, from the poor and middle class to the rich and corporations.
Amazon -- and 56 Other Corporations -- Took Your Tax Dollars
Full trickle.