Tag: tax scam

Tax Scam: No Impact on Business Spending

Congressional Republicans promised a huge boost in job growth and business spending as a result of the corporate tax cuts he and Congressional Republicans introduced and passed last January. By now, we had expected to see some of the promised benefits of the tax cut taking shape, like job creation, higher wages, and expanded investment in businesses. But one year after the passage of these tax cuts, more evidence appears every day contradicting these claims. A new poll by The National Association of Business Economics found that 84 percent of companies surveyed had not changed investment or hiring plans for ... Read more

“I owe how much‽” Americans Shocked by Impact of New Tax Law

Many Americans are being caught off guard by their tax returns this year — and not in a good way. After passing a sweeping tax reform bill in 2017 that gave a $1.5 trillion tax cut to billionaires and wealthy corporations, Republicans did not keep taxpayers looped into how changes to the tax code would impact their filing process. As a result, many Americans are finding that they did not select the proper withholding amount from their paychecks, and will end up owing money rather than seeing a return this year. With less than half of Americans having $1,000 in ... Read more

Americans Want Everyone to Pay Their Fair Share

In 2017, President Trump and Republicans in Congress passed a tax bill that slashed the corporate tax rate from 35% to 21% and significantly lowered the top tax rate for the super rich. With such sweeping changes to our tax code, you would think that this bill was an attempt to organize strong American attitudes against high taxes in our tax system — but the data shows that’s simply not the case. In the fall of 2017, Reuters conducted a poll that found over three quarters of Americans believe that the wealthiest Americans should pay higher tax rates. A similar ... Read more

2018: A Year of Stock Buybacks

Last year was an incredible year for wealthy investors, CEOs, and corporate shareholders — not so much for middle class American workers. In 2018, corporate America set a record for the highest number of stock buybacks given to shareholders within a single year. With over $1 trillion in stock buybacks and dividends going directly to investors and shareholders, successful companies overwhelmingly chose to use this year’s profits to line the pockets of the wealthiest Americans at the highest rate we’ve ever seen in the history of our country. Thanks in part to President Trump’s new tax bill, corporations saw their ... Read more

One Year of the Tax Scam

This December marks one year since the passage of the Tax Cuts and Jobs Act. Republicans in Congress sold the American people on their tax overhaul by claiming that lowering the corporate tax rate from 35% to 21% would allow companies to invest in growing their businesses and create more jobs here at home. They also touted this bill as alleviating the tax burden for middle-class families — telling workers that they could expect a $4,000 a year wage increase under his new bill. One year later, has the Tax Cuts and Jobs Act delivered on its promise to grow ... Read more