Surprise! The Republican Tax Law Was Very Good For Big Corporations

Be sure to remember to "thank" Putin puppet Donald "Not Exonerated" Trump and every Republican running for office in the next two years for what their party is doing:

Amazon. Delta Air Lines. Chevron. IBM. General Motors. Molson Coors. Eli Lilly.

What do these companies have in common? They paid no federal taxes last year.

Thanks to President Trump’s 2017 tax law, the number of Fortune 500 companies that pay no federal taxes roughly doubled last year, to 60, according to an analysis by the Institute on Taxation and Economic Policy, a research group. Some of them effectively paid negative taxes, because they received a refund. [snip]

Altogether, the law led to a 31 percent decline in corporate-tax revenue last year. That decline has helped cause an increase in the deficit. As the law professors Rebecca Kysar and Linda Sugin have written, the Trump tax cut is financed “on the backs of future generations.”  (our emphasis)

It's why the middle class is shrinking.  It's why income inequality is continuing to grow.  It's why we can't have nice things in this country.

Happy Tax Day, plus one!

Clinton, Trump Tax Plans Compared; One Is Sane, The Other's Trump's

The nonpartisan Tax Policy Center has run the numbers on the proposed tax policies of Hillary Clinton and neo- fascist tax evader Donald "Rump" Trump and (surprise!) finds one favors working families and the other favors tax- evading millionaires and corporations (while blowing a hole in the federal debt):

Two new Tax Policy Center reports quantify the dramatic contrast between the latest tax plans of Hillary Clinton and Donald Trump. Clinton has proposed a significant tax increase on high- income households and businesses. Trump’s plan, while less ambitious than the version he released in 2015, would still largely benefit high-income households and result in a substantial boost in the federal debt.  

Trump’s latest plan would reduce federal revenues by $6.2 trillion over the next decade, with nearly half of the tax cuts going to the highest-income one percent of households. Clinton, by contrast, would boost federal revenue by $1.4 trillion over the next decade, with the bottom 80 percent of households receiving tax cuts and the top one percent paying over 90 percent of the net tax increase. [snip]

Clinton has proposed new tax credits for some households, such as those with high medical expenses or that are caring for aging parents. Her latest plan also expands the child tax credit. To pay for these and other domestic policy initiatives, she’s proposed a  4 percent surtax on adjusted gross income (AGI) in excess of $5 million, a new minimum tax on filers with AGI in excess of $1 million, and a 28 percent cap on the tax benefits from certain deductions and exclusions.  She’d also retain the current AMT, raise capital gains taxes for assets less than 6 years, and increase taxes on large estates. 

If Rump's plan sounds like trickle- down, voodoo Reaganomics to you... consider his "advisors," a collection of bankers, hedge fund types, an oil magnate, and even a professional poker player (no doubt representing those who want to gamble with our economy).  If you remember the upwards income redistribution of the '80's, this is more of the same.  It's simply taking federal resources (including money for middle- and lower income programs, education, environment, etc.) and doling it out to the wealthy, with the top 1 percent getting a 13.5 percent increase in their after- tax income. Talk about afflicting the afflicted and comforting the comfortable.