Tag: GOP corporate socialism

Trump tax ‘cut’ actually increased taxes for 10 million American families, report finds

A Center for American Progress estimate found that 10,260,263 families saw their taxes go up, thanks to the 2017 law.

Donald Trump ran in 2016 promising that every American would receive a tax cut. But he has already raised taxes on an estimated 10 million families, according to a new analysis.

The Center for American Progress released its calculations on Friday, based on datafrom the non-partisan Institute on Taxation and Economic Policy. It found that 10,260,263 American families saw a tax hike last year, thanks to the president’s 2017 Tax Cut and Jobs Act. (ThinkProgress in an editorially independent news site housed at the Center for American Progress Action Fund.)

“Everybody is getting a tax cut, especially the middle class,” Trump told CNN in May 2016.

View the complete April 12 article by Josh Israel on the ThinkProgress website here.

Twice as many companies to pay zero taxes for 2018 due to Trump’s tax gift to the rich and powerful

You may owe taxes on your salary over the last year, but many Fortune 500 companies won’t pay squat on billions in profits, according to an analysis by the Institute on Taxation and Economic Policy.

The 2018 tax rate for at least 60 profitable Fortune 500 companies will be virtually nothing or even less—which is about double the number of companies reporting that rate on average in an analysis of previous years. Collectively, the 60 companies are skating on some $79 billion in pretax income. “Instead of paying $16.4 billion in taxes, as the new 21 percent corporate tax rate requires, these companies enjoyed a net corporate tax rebate of $4.3 billion,” ITEP wrote. Here’s just a glimpse of the billion-dollar companies that were able to zero out their federal income through the loopholes Donald Trump and the GOP built into their tax giveaway to the rich and powerful.

  • Amazon
  • Chevron
  • Deere
  • Delta Air Lines
  • General Motors
  • Halliburton
  • Honeywell International
  • Molson Coors
  • Prudential Financial

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