Dec 9, 2019
Sixty of the biggest corporations in the U.S. paid no federal income tax in 2018, according to the Institute on Taxation and Economic Policy. Among them are Amazon, GM, Delta Airlines, Netflix, Goodyear, IBM and JetBlue, all of whom actually got tax rebates last year, despite these companies raking in huge profits. Amazon made 10.8 billion in profits; Delta 5 billion, and GM 4.3 billion.
When Trump pushed his corporate tax cuts in 2017 and Congress approved them, his supporters claimed the cuts would lead corporations to increase their investments in factories, equipment and research and development, thus providing more jobs and increasing wages. Rubbish! Federal corporate taxes have dropped by more than 40% since the tax cut went into effect, but investment actually dropped!
When the corporations pay less, workers are asked to pay more and accept less for schools, infrastructure, and social programs. We have every interest in fighting to flip that equation!