While rich companies like Walmart and Target are enjoying huge profit boosts, most American workers have seen their wages decline over the past several months--a fact that undermines Trump and the GOP's glowing assessment of the U.S. economy (Photo: Noah Berger/Reuters)
As Corporate Profits Reach New Heights After Trump Tax Cuts, 40% of Americans Can't Afford Basic Necessities
"If it sounds unfair, that's because it is."
Just days after an alarming study by the Urban Institute found that nearly half of the American public can't afford basic necessities like food, healthcare, and housing, new Commerce Department data released on Wednesday showed that corporate profits are soaring to new heights thanks in large part to President Donald Trump's $1.5 trillion tax cuts.
Viewed side-by-side, this contrast between booming profits for corporations and dwindling quality of life for much of the U.S. population provides a striking picture of America's two-tiered economy, one that has become even more lopsided in favor of the rich since President Donald Trump took office in 2017.
While rich companies like Walmart and Target are enjoying huge profit boosts, most American workers have seen their wages decline over the past several months--a fact that undermines Trump and the GOP's glowing assessment of the U.S. economy.
As the Wall Street Journal reported on Wednesday, the Commerce Department said that "its broadest measure of after-tax profits across the U.S. rose 16.1 percent in the quarter [that] ended June 30 from a year earlier, the largest year-over-year gain in six years."
"Because of the lower corporate tax rate signed into law last year," the Journal added, "taxes paid by U.S. companies in the quarter were down 33 percent from a year earlier, according to the government data, or more than $100 billion at an annual rate."
Massive Wall Street banks have been some of the biggest beneficiaries of President Donald Trump's profoundly unequal economy. According to Federal Deposit Insurance Corporation (FDIC) data out last week, America's financial sector--which recently received a bipartisan gift in the form of a major regulatory rollback--saw a record $60 billion profit boom.
"Last quarter, big banks set a new record with $60 billion in profits--half of it as a result of the GOP tax scam," Americans for Tax Fairness wrote in response to the new data. "What did working families get? More empty promises that corporations would use their tax cuts to boost wages. If it sounds unfair, that's because it is."
We are at a crossroads
This country and this world are at a monumental crossroads. In a few short weeks, US voters will have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. Our Fall Campaign is underway, and we need your help. To power our newsroom through the rest of the year, we need to raise $125,000 by midnight on October 31. So if you share our vision, please contribute whatever you can to sustain our work. |
Just days after an alarming study by the Urban Institute found that nearly half of the American public can't afford basic necessities like food, healthcare, and housing, new Commerce Department data released on Wednesday showed that corporate profits are soaring to new heights thanks in large part to President Donald Trump's $1.5 trillion tax cuts.
Viewed side-by-side, this contrast between booming profits for corporations and dwindling quality of life for much of the U.S. population provides a striking picture of America's two-tiered economy, one that has become even more lopsided in favor of the rich since President Donald Trump took office in 2017.
While rich companies like Walmart and Target are enjoying huge profit boosts, most American workers have seen their wages decline over the past several months--a fact that undermines Trump and the GOP's glowing assessment of the U.S. economy.
As the Wall Street Journal reported on Wednesday, the Commerce Department said that "its broadest measure of after-tax profits across the U.S. rose 16.1 percent in the quarter [that] ended June 30 from a year earlier, the largest year-over-year gain in six years."
"Because of the lower corporate tax rate signed into law last year," the Journal added, "taxes paid by U.S. companies in the quarter were down 33 percent from a year earlier, according to the government data, or more than $100 billion at an annual rate."
Massive Wall Street banks have been some of the biggest beneficiaries of President Donald Trump's profoundly unequal economy. According to Federal Deposit Insurance Corporation (FDIC) data out last week, America's financial sector--which recently received a bipartisan gift in the form of a major regulatory rollback--saw a record $60 billion profit boom.
"Last quarter, big banks set a new record with $60 billion in profits--half of it as a result of the GOP tax scam," Americans for Tax Fairness wrote in response to the new data. "What did working families get? More empty promises that corporations would use their tax cuts to boost wages. If it sounds unfair, that's because it is."
Just days after an alarming study by the Urban Institute found that nearly half of the American public can't afford basic necessities like food, healthcare, and housing, new Commerce Department data released on Wednesday showed that corporate profits are soaring to new heights thanks in large part to President Donald Trump's $1.5 trillion tax cuts.
Viewed side-by-side, this contrast between booming profits for corporations and dwindling quality of life for much of the U.S. population provides a striking picture of America's two-tiered economy, one that has become even more lopsided in favor of the rich since President Donald Trump took office in 2017.
While rich companies like Walmart and Target are enjoying huge profit boosts, most American workers have seen their wages decline over the past several months--a fact that undermines Trump and the GOP's glowing assessment of the U.S. economy.
As the Wall Street Journal reported on Wednesday, the Commerce Department said that "its broadest measure of after-tax profits across the U.S. rose 16.1 percent in the quarter [that] ended June 30 from a year earlier, the largest year-over-year gain in six years."
"Because of the lower corporate tax rate signed into law last year," the Journal added, "taxes paid by U.S. companies in the quarter were down 33 percent from a year earlier, according to the government data, or more than $100 billion at an annual rate."
Massive Wall Street banks have been some of the biggest beneficiaries of President Donald Trump's profoundly unequal economy. According to Federal Deposit Insurance Corporation (FDIC) data out last week, America's financial sector--which recently received a bipartisan gift in the form of a major regulatory rollback--saw a record $60 billion profit boom.
"Last quarter, big banks set a new record with $60 billion in profits--half of it as a result of the GOP tax scam," Americans for Tax Fairness wrote in response to the new data. "What did working families get? More empty promises that corporations would use their tax cuts to boost wages. If it sounds unfair, that's because it is."