Ford announced this week that it is slashing 7,000 jobs after receiving a $750 million windfall from President Donald Trump's tax law. (Photo: Getty Images)
Making Struggling Workers and Families Foot the Bill, Corporate America Paying Lowest Share of Taxes Since Eisenhower Era
"Republicans sold the tax scam as a way to create jobs and help workers. They lied," wrote Sen. Bernie Sanders after Ford announced it is cutting 7,000 jobs
With workers at Ford, AT&T, and other large companies facing layoffs and wage stagnation following the passage of President Donald Trump's tax cuts in 2017, IRS figures released Tuesday showed that corporate America--even as it rakes in record profits--is paying its lowest share of federal taxes since the Eisenhower presidency.
"Ford got nearly $750 million in tax breaks from the Trump tax scam and paid its CEO $18 million last year. Now, Ford is laying off thousands of workers."
--Sen. Bernie Sanders
"Businesses contributed 7.6 percent of the $3.5 trillion in total tax revenue collected for fiscal-year 2018... a two percentage point decline from the previous year," CBS News reported.
According to CBS, that is the smallest share of federal income taxes corporations have paid in "nearly 60 years."
With U.S. companies paying less, and in some cases zero, in federal taxes thanks to the Trump-GOP law--which slashed the corporate rate from 35 percent to 21 percent--individuals are now taking on a larger share of the nation's tax burden.
Individuals accounted for 57 percent of federal tax revenue in 2018, compared with 54 percent the previous year, CBS reported.
The new IRS data came just a day after Ford--which reaped a massive windfall thanks to the Trump tax cuts--announced it is eliminating 7,000 jobs as part of a "massive organizational restructuring" effort, which the company expects will save as much as $600 million per year.
Following Ford's announcement, Sen. Bernie Sanders (I-Vt.) called out Republicans for falsely promising that massive tax cuts for corporations would reward workers.
"Ford got nearly $750 million in tax breaks from the Trump tax scam and paid its CEO $18 million last year. Now, Ford is laying off thousands of workers," Sanders, a 2020 presidential candidate, tweeted Monday. "The bottom line: Republicans sold the tax scam as a way to create jobs and help workers. They lied."
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. |
With workers at Ford, AT&T, and other large companies facing layoffs and wage stagnation following the passage of President Donald Trump's tax cuts in 2017, IRS figures released Tuesday showed that corporate America--even as it rakes in record profits--is paying its lowest share of federal taxes since the Eisenhower presidency.
"Ford got nearly $750 million in tax breaks from the Trump tax scam and paid its CEO $18 million last year. Now, Ford is laying off thousands of workers."
--Sen. Bernie Sanders
"Businesses contributed 7.6 percent of the $3.5 trillion in total tax revenue collected for fiscal-year 2018... a two percentage point decline from the previous year," CBS News reported.
According to CBS, that is the smallest share of federal income taxes corporations have paid in "nearly 60 years."
With U.S. companies paying less, and in some cases zero, in federal taxes thanks to the Trump-GOP law--which slashed the corporate rate from 35 percent to 21 percent--individuals are now taking on a larger share of the nation's tax burden.
Individuals accounted for 57 percent of federal tax revenue in 2018, compared with 54 percent the previous year, CBS reported.
The new IRS data came just a day after Ford--which reaped a massive windfall thanks to the Trump tax cuts--announced it is eliminating 7,000 jobs as part of a "massive organizational restructuring" effort, which the company expects will save as much as $600 million per year.
Following Ford's announcement, Sen. Bernie Sanders (I-Vt.) called out Republicans for falsely promising that massive tax cuts for corporations would reward workers.
"Ford got nearly $750 million in tax breaks from the Trump tax scam and paid its CEO $18 million last year. Now, Ford is laying off thousands of workers," Sanders, a 2020 presidential candidate, tweeted Monday. "The bottom line: Republicans sold the tax scam as a way to create jobs and help workers. They lied."
With workers at Ford, AT&T, and other large companies facing layoffs and wage stagnation following the passage of President Donald Trump's tax cuts in 2017, IRS figures released Tuesday showed that corporate America--even as it rakes in record profits--is paying its lowest share of federal taxes since the Eisenhower presidency.
"Ford got nearly $750 million in tax breaks from the Trump tax scam and paid its CEO $18 million last year. Now, Ford is laying off thousands of workers."
--Sen. Bernie Sanders
"Businesses contributed 7.6 percent of the $3.5 trillion in total tax revenue collected for fiscal-year 2018... a two percentage point decline from the previous year," CBS News reported.
According to CBS, that is the smallest share of federal income taxes corporations have paid in "nearly 60 years."
With U.S. companies paying less, and in some cases zero, in federal taxes thanks to the Trump-GOP law--which slashed the corporate rate from 35 percent to 21 percent--individuals are now taking on a larger share of the nation's tax burden.
Individuals accounted for 57 percent of federal tax revenue in 2018, compared with 54 percent the previous year, CBS reported.
The new IRS data came just a day after Ford--which reaped a massive windfall thanks to the Trump tax cuts--announced it is eliminating 7,000 jobs as part of a "massive organizational restructuring" effort, which the company expects will save as much as $600 million per year.
Following Ford's announcement, Sen. Bernie Sanders (I-Vt.) called out Republicans for falsely promising that massive tax cuts for corporations would reward workers.
"Ford got nearly $750 million in tax breaks from the Trump tax scam and paid its CEO $18 million last year. Now, Ford is laying off thousands of workers," Sanders, a 2020 presidential candidate, tweeted Monday. "The bottom line: Republicans sold the tax scam as a way to create jobs and help workers. They lied."