skews13
Diamond Member
- Mar 18, 2017
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Forty years ago, 109 firms earned half of the profits of U.S. public companies. Today it's just 30.
It could be argued that the greatest American pillaging is the transfer of taxpayer funds into the bloated military, or a greed-driven private health care system that deprives human beings of essential medical care. But the conversion of American technologies into low-taxed plutocratic profit may be the most flagrant attack on the middle class.
It can also be argued that the products of the technological companies have enriched and energized our lives in numerous ways, and that the high-tech job market has never been better. But the rest of us pay dearly for all the technological benefits, much more than just the hundreds of dollars for phones and phone service. We have lost middle-class jobs and middle-class wealth. We have lost our share of the national productivity that is the direct result of 70 years of taxpayer input into the technologies that have enriched fewer and fewer people.
Corporate Tax Cuts: Are They Kidding?
Donald Trump and the Republicans want a lower corporate tax rate. But many of the largest U.S. companies have paid ZERO federal income taxes in recent years, and overall the corporate world pays anywhere from 13 to 19 percent, about half the 35 percent statutory rate that they so often complain about.
In 2016, fifteen of the largest corporations in America, with combined revenue well over a trillion dollars, paid less than 6 percent in U.S. federal income taxes.
Meanwhile, profits have been growing at the fastest rate in six years, with a double-digit increase in the most recent quarter.
Huge Companies Are Already Bleeding the Middle Class Dry—So Why Do We Want to Give Them Tax Cuts?
It could be argued that the greatest American pillaging is the transfer of taxpayer funds into the bloated military, or a greed-driven private health care system that deprives human beings of essential medical care. But the conversion of American technologies into low-taxed plutocratic profit may be the most flagrant attack on the middle class.
It can also be argued that the products of the technological companies have enriched and energized our lives in numerous ways, and that the high-tech job market has never been better. But the rest of us pay dearly for all the technological benefits, much more than just the hundreds of dollars for phones and phone service. We have lost middle-class jobs and middle-class wealth. We have lost our share of the national productivity that is the direct result of 70 years of taxpayer input into the technologies that have enriched fewer and fewer people.
Corporate Tax Cuts: Are They Kidding?
Donald Trump and the Republicans want a lower corporate tax rate. But many of the largest U.S. companies have paid ZERO federal income taxes in recent years, and overall the corporate world pays anywhere from 13 to 19 percent, about half the 35 percent statutory rate that they so often complain about.
In 2016, fifteen of the largest corporations in America, with combined revenue well over a trillion dollars, paid less than 6 percent in U.S. federal income taxes.
Meanwhile, profits have been growing at the fastest rate in six years, with a double-digit increase in the most recent quarter.
Huge Companies Are Already Bleeding the Middle Class Dry—So Why Do We Want to Give Them Tax Cuts?