The Spark

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

Corporations Showered with Tax Credits

Mar 16, 2020

It’s that time of year when we turn in our taxes and hope we get a refund. Of course, if the IRS is sending us a check, it’s because we overpaid all year long and now the government owes us the refund.

But if you are a big corporation, it has been a lovely winter up to now. Sixty of the biggest U.S. corporations paid NO federal taxes. Instead, they have gotten millions of dollars in credits so they won’t have to pay any future taxes owed either!

Amazon got a 129-million-dollar tax credit; IBM got a 342-million-dollar credit; Delta Airlines got a 187-million-dollar credit. And poor little General Motors, that pretended it suffered due to a 41-day strike, it got a 104-million-dollar tax credit.

In this new tax cut bill, the population was promised lower taxes on average and more investments, like for new plants or equipment. That didn’t happen. Instead, about a trillion dollars went to the corporations to give to their shareholders and executives.

Oh, did the politicians lie to us ... again? What a surprise!