Actions Show Trump-GOP Tax Cuts No Help for Average Working Families Verizon, which had profits last year of $30 billion and will receive an estimated $4 billion tax cut in 2018 as a result of the Trump-GOP tax law, announced this week that it could cut its workforce by nearly one-quarter and outsource up to 5,000 […]
Big corporations are lobbying Congress to extend the Trump-era bonus depreciation rules that allowed them to immediately write off 100% of their eligible costs each year through 2022. They claim that without this tax cut (which they seek to make retroactive to the beginning of 2023), they will be forced to roll back business investments. […]
After passing historic corporate tax reform in the Inflation Reduction Act in 2022, Congress now risks erasing those tax-fairness gains with expensive new corporate tax breaks. A package of bills reported out by the House Ways & Means Committee on a party line vote in May would extend—at a long-term cost of over $1 trillion—three […]
Major corporations enjoying record profits from low tax rates and inflated prices are lobbying Congress to renew three major tax breaks before the end of the year, two that expired this year and a third expiring next year. These tax giveaways—which could cost $600 billion in lost revenue if extended over 10 years—were given expiration […]
April 8, 2019
COSTLY CORPORATE TAX CUTS BENEFIT FEW WORKERS
Table of Contents INTRODUCTION.. 1 Figure 1: Corporate Tax Revenues Collapse from TCJA.. 3 Figure 2: Corporate Profits Up, Corporate Tax Revenues Down. 3 Figure 3: Few Employers Have Announced Raises or One-Time Bonuses. 4 Figure 4: Corporate Tax Cuts Going Mostly to Wealthy Shareholders & CEOs. 4 EXAMPLES OF HOW CORPORATIONS ARE SPENDING THEIR […]