In the 5 years after the Trump Tax cuts, 23 major corporations paid zero federal tax despite being profitable in every single year. 109 corporations paid zero federal tax in at least one of the five years. The cuts were designed to rig the system for the rich. And they worked.
@RBReich @genecollier Why should any corporation ever pay taxes? It just becomes an added cost of doing business which gets past through to the consumer.
@RBReich Rig the system to have record-low unemployment and stock returns?
@RBReich And Tax revenue rose. Tell the whole story.
@RBReich The tax structure is determined by congress.
@RBReich A real economist would know that corporate income taxes comprise only 8% of total income tax receipts. Profits could be taxed at 100% and it wouldn’t move the revenue needle significantly.
The MAGA party is the party of the working class. The Trump tax cuts helped every single tax bracket. If you were serious about the rich paying their fair share you'd go after the carried interest loophole or how they pay 0% up to $94,050 on long-term capital gains. Rich people married filing joint tax returns can make $94k and pay 0% taxes on long-term capital gains.
@RBReich And Joe Biden is still a criminal dementia patient, traitor who sold out our country for financial gain
@RBReich Those tax cuts were written as permanent meanwhile the tax cuts given to average Americans are being phased out each year. Republicans have no intentions of investing in everyday Americans they represent the rich.
@RBReich Worked well. Just imagine all those tax dollars that went to productive use instead of the grifter class in DC