#GOPTaxScam Two Years Later: A “Lopsided Giveaway to Corporations”

“Few Americans Saw Savings” While Corporations Saw “Windfall” From Republicans’  “Lopsided Giveaway” 

Every GOP Senator Voted for Their Party’s Tax Scam to Benefit Corporations and the Wealthiest Americans

This week marks two years since Republicans pushed their tax scam through Congress and the Democratic Senatorial Campaign Committee will highlight how their deeply unpopular legislation put corporate special interests and the wealthiest Americans ahead of  working people. 

Today’s highlights focus on how the “lopsided giveaway” is benefiting corporations and the wealthy. Earlier this year, reporting confirmed “Corporate America [is] paying its lowest share of taxes since Eisenhower” while analysis confirmed individuals “with big six-figure incomes were bigger beneficiaries.” A report from the Institute on Taxation and Economic Policy finds that the “law is the result of a long-term aggressive push by corporate lobbyists to reduce the federal corporate income taxes their companies pay” and that as a result, 91 of America’s largest corporations, including Amazon and Halliburton, “did not pay federal income taxes on their 2018 U.S. income.”

“The analysis is clear: the GOP tax scam was a boon to giant corporations and billionaires and a betrayal of the working families most in need of a break,” said DSCC spokesperson Stewart Boss. “Two years later, as the costs continue to pile up, it’s clear this toxic tax giveaway will continue to be a drag on the Republicans who jammed it through Congress at their constituents’ expense.”

Read more about who really benefited from Republicans’ tax giveaway to corporations and the super-rich:

• Institute on Taxation and Economic Policy Report: “Hastily cobbled together in less than seven weeks, the law is the result of a long-term aggressive push by corporate lobbyists to reduce the federal corporate income taxes their companies pay”

• Vox: “the Republican tax law was a lopsided giveaway to the corporate sector while offering negligible benefits for American workers”

• New York Times: “More than 200 of those companies [in the S&P 500] saw their effective tax rates fall by 10 points or more. Nearly three dozen… saw their tax rates fall to zero or reported that tax authorities owed them money”

• New York Times: “Corporate earnings over the last several quarters show why companies were such enthusiastic cheerleaders of the tax cuts.”

• CBS News: Corporate America paying its lowest share of taxes since Eisenhower

• NBC News: Twice as many companies paying zero taxes under Trump tax plan

• CBS News: 60 of America’s biggest companies paid no federal income tax in 2018

• CNN: “Corporate taxes fell off a cliff, fueling deeper deficits… Rich people gained more than poor people”

• Vox: “The tax bill has delivered a windfall to corporate America”

• Yahoo Finance: Corporations paid $91 billion less in taxes in 2018 under Trump’s tax law

• Yahoo Finance: American taxpayers paid over $90 billion more under Trump tax law

• New York Times: Editorial: You Know Who the Tax Cuts Helped? Rich People

• McClatchy: “data on the impact of the tax cuts, enacted two years ago, shows in great detail what other studies have found: Those with big six-figure incomes were bigger beneficiaries.”

• Washington Post: For the first time in history, U.S. billionaires paid a lower tax rate than the working class last year

• Newsweek: Trump’s 2017 tax cuts helped super-rich pay lower rate than bottom 50 percent: economists

• Reuters: Few Americans see savings from Trump’s tax reform: Reuters/Ipsos poll

• Bloomberg: “Voters say 2-to-1 the tax law benefits rich over middle class”

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