Under Trump's tax bill, employees pay higher rates than biggest corporations in the world

Nearly 400 profitable Fortune 500 companies paid an effective rate of 11.3%, and more than 90 paid 0%

https://www.salon.com/2020/01/03/un...than-biggest-corporations-in-the-world-study/

“This is by design,” the report said. “When drafting the tax law, lawmakers could have eliminated special breaks and loopholes in the corporate tax to offset the cost of reducing the statutory rate. Instead, the new law introduced many new breaks and loopholes, though it eliminated some old ones.”

The report said that some companies were able to pay negative tax rates because “a corporation carries back excess tax deductions and/or credits to an earlier year or years and receives a tax refund check from the U.S. Treasury Department.” As a result, Amazon got a $129 million rebate from taxpayers despite earning $10.8 billion in profits. The video game company Activision Blizzard received a $243 million tax rebate on $447 million in profits. Despite paying an effective tax rate of -54.4 percent, the company slashed 800 jobs last year, according to The Washington Post.

But Gardner noted that worker wages have remained stagnant and said the report was “disturbing” for middle-class workers who now pay higher tax rates than the biggest corporations.

“There is a problem of democratic distrust right now,” he said. “People do not trust their government, they don’t trust elected officials. And it’s precisely this sort of finding that reinforces that distrust.”

Republicans argued that the tax cuts would prompt companies to invest more. But a report from JPMorgan found that much of the tax savings went to stock buybacks that enrich executives instead.


So many gullible middle class workers on both ends of the political spectrum need to read, re read and read again that last paragraph.

 

What about the decades old myth that middle class workers buy into , who many times vote in these measures, that less taxes for the wealthy means more investment coming their way? If they don't look at facts that repeat themselves over and over again, how do you get through to them