In 2017, with Trump in the White House, Republicans in Congress passed a massive tax cut for corporations, reducing the basic corporate tax rate from 35% to 21%.
Now that Corporations are deemed people and money is deemed speech, it would seem that corporations speak louder than children and the disadvantaged in general.
Thank you for outlining the situation so clearly, and reminding us that greed remains, top of the charts. Americans need to be reminded about the facts.
As always, the U.S. Chamber of Commerce makes an excellent bell weather indicator of sound economic and fiscal policy for the US government. What we absolutely need to do is listen carefully to what the Chamber has to say, then do the precise opposite of what they recommend. It has been decades since the Chamber was about anything but padding the pockets of the already fabulously wealthy while impoverishing to the point of starvation the average citizen.
As soaring corporate profits fuel inflation the choce of corporate tax credit vs child tax credits becomes increasingly obvious. Corporations have done little to deserve lower Taxes, and asking for that to be retroactive is insulting.
Boy, these corporations really want to have their cake and eat it too on the tax cuts. Not merely to be able to ask for a full deduction on R&D expenses up front, but to have them apply retroactively.
I am glad that centrist Democrats seem to be holding the line on tying any changes to the tax law to subsidies for families. Then again, this doesn't seem like a guarantee, esp. as the moderates are concerned.
Part of the story indicated some R&D tax credits will remain in effect despite the change to amortizing over 5 years. Curious as to what that is and why.
Incredibly frustrated parent of 2 here. Seems like it's never enough for corporate socialists, ironically. Now if you excuse me, I have some dangerous drugs including fentanyl to consume w my reduced unemployment check...
The last thing Raytheon Technologies needs is another tax cut. They already suck billions off the Pentagon, they don't need more. And, having worked for the company when it was United Technologies, I know that all they will do with it is throw it to their executives and major shareholders.
When I worked for a (highly profitable) software company, it seemed that the entire cost of producing the software was categorized as R&D, on the grounds that we were constantly modifying it to produce a better product. There is no way any software company would cease such development just because they lost that tax deduction.
The R arguments trumpeted by their lead spokesman was that the 2017 "Middle Class" Tax Cut Law would make all Americans richer, except for people like Trump, who would have to pay more in taxes. Thump claimed the tax cuts would produce 6-7% annual GDP growth, pay for themselves, and eliminate the Fed debt and deficits within eight years. Yet, even before the Pandemic, most economists predicted an immanent recession as the economy slowed in late 2019. The Republicans never paid a single cent toward Fed debt or deficit reduction throughout Trump's four years of ransacking and theft. Income and wealth gaps between the very wealthy and 90% of Americans continued to skyrocket and the 2017 R tax law is still in place driving inflation. Corporations inflate their valuations by buying back their stock and then raise prices to justify the higher valuations. Federal debt financing has made the wealthy more wealthy and concentrated.
It should also be noted that during the Trump reign, additional public investments and monetary benefits were made to corporations, by way of lax or no enforcement of environmental and anti-trust regulations, consolidation, Fed land giveaways, and R protection of stagnant wages and lax enforcement of workplace safety laws . In fact, the magical tax cuts were mainly targeted toward corporate wealth, of which 90% is owned by only 10% of Americans and high wealth individuals .
This continuing shift in the socialization of corporate risk, public debt financing, and the priority of corporate welfare began in earnest under Reagan. It wasn't until the end of Clinton's Admin that a balanced budget was achieved. We've known since Reagan that tax cuts alone have no relation to economic growth. There is no "trickle down." Rather, tax cuts targeted at the richest Americans only make them richer, create deficits and debt, accelerate income and wealth inequality, and inflation. while depriving our society from addressing our greatest challenges and investing in a safer, sustainable, more equitable and democratic future.
The 2017 R Tax Law should not only be reversed, but geared to our greatest challenges, This requires not an exemption of corporations from our progressive income tax system, but their inclusion. America fought and won two world wars, supported a rising middle class, rebuilt Germany and Japan, and forged Alliances that propelled us to global leadership while we repaid the Federal debt. The 44 Billion Musk blew on Twitter is an example of the fluff at the top. It's time to eliminate the dark money effects on our democracy, planet, and future. The "richest country on earth" should not be cleaning up industry's messes or ignoring them. Large portions of our population should not suffer from food insecurity and unaffordable medical care. We already have the educational and immigration models that make America better. It all starts with getting money out of our politics and electing people who understand our greatest challenges and are willing to address them.
I felt my pulse rate go up while I read this. It's so incredibly frustrating to struggle to pay the bills every month and see the rewards these massive corporations are getting even while laying off thousands of people this year. What a disaster
Corporate tax rates need to go much higher than they were before the 2017 reduction. Can this ever be achieved with the close numbers of Rs and Dems in Congress? I don’t think so. There is no reason people should be struggling in a country that produces numerous (btwn 750-975 individuals) who are BILLIONAIRES! Their combined wealth $4.45-$4.7 TRILLION!!
These are incomprehensible numbers in the hands of very few. We must snap out of the lunacy of allowing the hoarding of this much money into the hands of so few.
Clearly is has created a dangerous situation for our democracy, for our country.
Every business school should require a course in "influencers." Students would sign up thinking they would learn more about social media celebrities. Instead, they would be able to learn about the destruction of free enterprise and the expansion of corporate greed through organizations such as the Chamber of Commerce. OR there should at least be a disclaimer on all business licenses explaining that the Chamber of Commerce is NOT trustworthy.
There is no secret that corporate money flows to Rs and Ds, and with the groundswell of assumption the Rs would have a red wave, I assume the Centrist Ds who signed the letter were floating their common ground. I don’t know if there is any legit legal comparison with forgiving taxes already paid and forgiving student loan debt, but I suspect attorneys are looking into it.
Now that Corporations are deemed people and money is deemed speech, it would seem that corporations speak louder than children and the disadvantaged in general.
Will the Billionaires' Risky Bet Pay Off?, by @Thom_Hartmann
They're betting no one will notice the GOP is increasing their wealth & lowering their taxes, while manipulating white male anger & violence. https://open.substack.com/pub/thomhartmann/p/will-the-billionaires-risky-bet-pay?r=1lh5w&utm_campaign=post&utm_medium=email
Is Most of America’s Inflation About Monopolies, Price-Gouging, & Oil Barons Fleecing Us?, by @Thom_Hartmann
We must get our corporations back under control if we’re to have an economy that works for us instead of just for the billionaires. https://open.substack.com/pub/thomhartmann/p/is-most-of-americas-inflation-about?r=1lh5w&utm_campaign=post&utm_medium=email
Thank you--will read these links later...
Thank you for outlining the situation so clearly, and reminding us that greed remains, top of the charts. Americans need to be reminded about the facts.
As always, the U.S. Chamber of Commerce makes an excellent bell weather indicator of sound economic and fiscal policy for the US government. What we absolutely need to do is listen carefully to what the Chamber has to say, then do the precise opposite of what they recommend. It has been decades since the Chamber was about anything but padding the pockets of the already fabulously wealthy while impoverishing to the point of starvation the average citizen.
As soaring corporate profits fuel inflation the choce of corporate tax credit vs child tax credits becomes increasingly obvious. Corporations have done little to deserve lower Taxes, and asking for that to be retroactive is insulting.
I’d be spinning this corporate greed vs child tax credit to the American people loudly and repeatedly.
"...unconscionable"
Boy, these corporations really want to have their cake and eat it too on the tax cuts. Not merely to be able to ask for a full deduction on R&D expenses up front, but to have them apply retroactively.
I am glad that centrist Democrats seem to be holding the line on tying any changes to the tax law to subsidies for families. Then again, this doesn't seem like a guarantee, esp. as the moderates are concerned.
Oops. Meant for this to be a separate comment to the article rather than a reply. Too lazy to do over.
Part of the story indicated some R&D tax credits will remain in effect despite the change to amortizing over 5 years. Curious as to what that is and why.
Incredibly frustrated parent of 2 here. Seems like it's never enough for corporate socialists, ironically. Now if you excuse me, I have some dangerous drugs including fentanyl to consume w my reduced unemployment check...
The last thing Raytheon Technologies needs is another tax cut. They already suck billions off the Pentagon, they don't need more. And, having worked for the company when it was United Technologies, I know that all they will do with it is throw it to their executives and major shareholders.
When I worked for a (highly profitable) software company, it seemed that the entire cost of producing the software was categorized as R&D, on the grounds that we were constantly modifying it to produce a better product. There is no way any software company would cease such development just because they lost that tax deduction.
Impoverished children mean nothing to corporate hacks and GOP.
I shiver that 2 years of the recent House control election of the GOP bodes ill for the regular American.
Whenever I read or hear the name of the US Chamber of Congress, Darth Vadar's march music cues in my head. Now it will for PI readers!
Happy Thanksgiving!
Buy your subscription to PI as a gift to Judd and staff for all their hard work!
The R arguments trumpeted by their lead spokesman was that the 2017 "Middle Class" Tax Cut Law would make all Americans richer, except for people like Trump, who would have to pay more in taxes. Thump claimed the tax cuts would produce 6-7% annual GDP growth, pay for themselves, and eliminate the Fed debt and deficits within eight years. Yet, even before the Pandemic, most economists predicted an immanent recession as the economy slowed in late 2019. The Republicans never paid a single cent toward Fed debt or deficit reduction throughout Trump's four years of ransacking and theft. Income and wealth gaps between the very wealthy and 90% of Americans continued to skyrocket and the 2017 R tax law is still in place driving inflation. Corporations inflate their valuations by buying back their stock and then raise prices to justify the higher valuations. Federal debt financing has made the wealthy more wealthy and concentrated.
It should also be noted that during the Trump reign, additional public investments and monetary benefits were made to corporations, by way of lax or no enforcement of environmental and anti-trust regulations, consolidation, Fed land giveaways, and R protection of stagnant wages and lax enforcement of workplace safety laws . In fact, the magical tax cuts were mainly targeted toward corporate wealth, of which 90% is owned by only 10% of Americans and high wealth individuals .
This continuing shift in the socialization of corporate risk, public debt financing, and the priority of corporate welfare began in earnest under Reagan. It wasn't until the end of Clinton's Admin that a balanced budget was achieved. We've known since Reagan that tax cuts alone have no relation to economic growth. There is no "trickle down." Rather, tax cuts targeted at the richest Americans only make them richer, create deficits and debt, accelerate income and wealth inequality, and inflation. while depriving our society from addressing our greatest challenges and investing in a safer, sustainable, more equitable and democratic future.
The 2017 R Tax Law should not only be reversed, but geared to our greatest challenges, This requires not an exemption of corporations from our progressive income tax system, but their inclusion. America fought and won two world wars, supported a rising middle class, rebuilt Germany and Japan, and forged Alliances that propelled us to global leadership while we repaid the Federal debt. The 44 Billion Musk blew on Twitter is an example of the fluff at the top. It's time to eliminate the dark money effects on our democracy, planet, and future. The "richest country on earth" should not be cleaning up industry's messes or ignoring them. Large portions of our population should not suffer from food insecurity and unaffordable medical care. We already have the educational and immigration models that make America better. It all starts with getting money out of our politics and electing people who understand our greatest challenges and are willing to address them.
I felt my pulse rate go up while I read this. It's so incredibly frustrating to struggle to pay the bills every month and see the rewards these massive corporations are getting even while laying off thousands of people this year. What a disaster
Corporate tax rates need to go much higher than they were before the 2017 reduction. Can this ever be achieved with the close numbers of Rs and Dems in Congress? I don’t think so. There is no reason people should be struggling in a country that produces numerous (btwn 750-975 individuals) who are BILLIONAIRES! Their combined wealth $4.45-$4.7 TRILLION!!
These are incomprehensible numbers in the hands of very few. We must snap out of the lunacy of allowing the hoarding of this much money into the hands of so few.
Clearly is has created a dangerous situation for our democracy, for our country.
#RobertReich @RBReich Three multibillionaires now own more wealth than the bottom half of America – 160 million Americans. @gop
Don’t tell me we can’t afford a wealth tax on the super-rich.
#PaulRyan is a #cockroach
Every business school should require a course in "influencers." Students would sign up thinking they would learn more about social media celebrities. Instead, they would be able to learn about the destruction of free enterprise and the expansion of corporate greed through organizations such as the Chamber of Commerce. OR there should at least be a disclaimer on all business licenses explaining that the Chamber of Commerce is NOT trustworthy.
There is no secret that corporate money flows to Rs and Ds, and with the groundswell of assumption the Rs would have a red wave, I assume the Centrist Ds who signed the letter were floating their common ground. I don’t know if there is any legit legal comparison with forgiving taxes already paid and forgiving student loan debt, but I suspect attorneys are looking into it.
National Committee To Preserve #SocialSecurity And #Medicare @NCPSSM
Remove the limit on #taxable #income for Social Security.
#musk #ox #taxtherich
https://www.ncpssm.org/