It's all very taxing
Trump’s 2017 tax cuts reduced the rate of corporate income taxes from 35% to 21%. That has cost America $1.3tn.
Those tax cuts, along with the tax cuts put in place by George W Bush, are the primary reason that the national debt is rising as a percentage of the economy.
What have corporations done with the money they have saved? They haven’t invested it or used it to raise wages. Nothing has trickled down to average workers.
A large portion has gone into stock buybacks. The year after the tax cut went into effect, corporations bought back a record $1tn of their shares. Buybacks do nothing for the economy but raise stock prices – and, not incidentally, CEO compensation, which is largely in shares of stock.
Yet every one of the CEOs that Trump met with last week has been thriving under Biden. Corporate profits are way up. Stocks are at near record levels. Inflation has plummeted.
In my experience, CEOs of large corporations are more practical than ideological. They’re coming around to Trump because they want even more tax cuts and regulatory rollbacks – which means even more money in their own pockets.
If the Business Roundtable’s CEOs were honestly committed to all their stakeholders, they wouldn’t seek massive tax cuts.
If they cared about preserving American democracy, they wouldn’t support Trump or any Republican.
Source: http://fuelinjectedmoose.blogspot.com/2024/06/its-all-very-taxing.html
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