The bad news continues for the failed Trump tax cuts aka #GOPTaxScam. It turns out that several profitable corporations paid zero taxes and actually got a big rebate! According to the Axios website:
- GM is claiming a $104 million refund on $11.8 billion in 2018 profit.
- Goodyear is seeking a $15 million refund on $693 million in profit.
- Halliburton will pay $19 million in U.S. income taxes on $1.6 billion in profit.
- Netflix filed for a $22.1 million refund on $845 million in profit.
- U.S. Steel is claiming a $303 million refund on $957 million in profit.
And that’s not all. According to the FDIC, bank profits increased by $72.4 billion last year compared to 2017, with $28.8 billion attributable directly to the tax cut.
Meanwhile, the middle class is still waiting for that promised $4,000 pay increase and tax refunds are down approximately 17%. Octogenarian Senator Chuck Grassley ridiculed people who have received smaller refunds by asking: “Isn’t it kind of stupid to look at a refund, what your refund is?” Talk about out of touch and indifferent to the struggles of his constituents!
Simply stated, D.C. Republicans like Chuck Grassley really don’t care about you. It’s mainly about the reactionary GOP billionaire donor class. After all, several GOP Congressman stated on the record in 2017, the tax cut was for the donor class. These representatives weren’t going to get another dime from the GOP oligarchs unless they passed this deficit funded tax cuts for the rich.
The #GOPTaxScam is socialism for big companies and the wealthy.
Had enough? Let’s throw the rascals out in 2020!