No Corporate Welfare Pt. 2
Congress is back in session and Trump and the GOP are gearing up to sell their atrocious tax reform plan.
Even though Trump hasn't released any specifics we do know it will be more of the same tired GOP tax policy; lower taxes for the rich and more corporate welfare in the form of write offs and loophole even though we know trickle down economics doesn't work.
And guess who will have to foot the bill for that loss in revenue? You got it - middle class tax payers like you and me. This will come in the form of cuts to "domestic spending" benefits for average Joes and Janes, to offset major tax cuts for the rich. They will take our tax dollars - our money - and put it in the pockets of people making more than two hundred and fifty times than what we do. This is outrageous and should make your blood boil!
While it's true that the US has the highest corporate tax rate in the world at 35 percent -- it's also true that the effective rate (what businesses pay after deductions and loopholes) is about 24 percent. And some corporations pay no taxes at all while others funnel profits overseas where Uncle Sam can't reach them: there is an estimated $2.4 trillion that US corporations have off-shored to avoid taxation.
Democratic Minority Leader Chuck Schumer offered to work with the GOP on a bipartisan tax reform bill under certain conditions. Not included in his list of deal breakers: corporate tax cuts and tax cuts for the super-wealthy. Schumer and Pelosi have already shown that they are willing to cut a deal with Trump but it's up to us to make sure that the terms of any deals are favorable for us - their voters.
So how do we stop this?
1. CALL your representatives and senators and tell them that under no circumstances are they to approve a tax plan including corporate tax cuts and cuts for the wealthy.
Capitol Switchboard 202-224-3121
2. CALL Dem. Minority leader, Chuck Schumer and tell him the same.
USE THIS SCRIPT (feel free to ad-lib, of course)
I'm calling Senator/Representative __ to urge them to to ensure that the following:
No corporate tax cuts or new corporate tax deductions.
Any tax reform must include a higher effective tax rate for both the rich and corporations.
Tax loopholes for national and multi-national corporations, including tax havens and misleading subsidiaries, need to be closed.
No decreases in tax deductions for the working and middle class.