Corporate tax cuts = share buybacks and dividends; not jobs or wage increases
A proposal under consideration at the Treasury Department would bypass Congress and use federal regulation to index capital gains for inflation, a $100 billion boost for high earners.
Modern Oligarchy began with Reaganomics, ie macroeconomic tax policy. Over the past 40 years, “trickle down” economics has created the largest disparity of wealth in American history.
“The amount of corporate taxes collected by the federal government has plunged to historically low levels in the first six months of the year, pushing up the federal budget deficit much faster than economists had predicted.”
So much winning, for corporations.
Corporate income tax collections are near a 75-year low, as a share of the economy, after a new law reduced rates and allowed companies to deduct investments immediately.
Just another wealth transfer scheme. Steal from the poor and give to the rich #Trumponomics
The White House promised ’70 percent’ of the tax cut would go to workers. It didn’t.
No one could have predicted this. No one!
Windfall that was supposed to boost investments in labor and business is stoking $1 trillion in stock buybacks instead
Though Amazon now employs 200,000 people in the United States, many of its workers are not making enough money to put food on the table.
In Arizona, new data suggests that one in three of the company’s own employees depend on SNAP to put food on the table.