The Spark

“The emancipation of the working class will only be achieved by the working class itself.” — Karl Marx

Trump’s Tax Cuts Bite Taxpayers

Aug 6, 2018

The news is in: tax receipts from corporations are down, down lower than they have been as part of the federal budget since World War II.

In fact, corporate tax receipts are down by one third from what they were a year ago. What nice news if you are a business or corporation!

Of course tax receipts from businesses and corporations have NEVER been a big part of the federal government’s receipts. Taxpayers, like you and me, have provided about half of all government receipts for most of the history of income tax collection.

While taxpayers have to pay taxes, corporations have record profits – 25 billion dollars a DAY. And thanks to the new tax cuts starting January 1, 2018, they will have to pay less than ever on all that profit.