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."
FINAL DAY! This is urgent.
Dear Common Dreams reader, It’s been nearly 30 years since I co-founded Common Dreams with my late wife, Lina Newhouser. We had the radical notion that journalism should serve the public good, not corporate profits. It was clear to us from the outset what it would take to build such a project. No paid advertisements. No corporate sponsors. No millionaire publisher telling us what to think or do. Many people said we wouldn't last a year, but we proved those doubters wrong. Together with a tremendous team of journalists and dedicated staff, we built an independent media outlet free from the constraints of profits and corporate control. Our mission from the outset was simple. To inform. To inspire. To ignite change for the common good. Building Common Dreams was not easy. Our survival was never guaranteed. When you take on the most powerful forces—Wall Street greed, fossil fuel industry destruction, Big Tech lobbyists, and uber-rich oligarchs who have spent billions upon billions rigging the economy and democracy in their favor—the only bulwark you have is supporters who believe in your work. But here’s the urgent message from me today. It’s never been this bad out there. And it’s never been this hard to keep us going. At the very moment Common Dreams is most needed and doing some of its best and most important work, the threats we face are intensifying. Right now, with just hours left in our Spring Campaign, we're still falling short of our make-or-break goal. When everyone does the little they can afford, we are strong. But if that support retreats or dries up, so do we. Can you make a gift right now to make sure Common Dreams not only survives but thrives? There is no backup plan or rainy day fund. There is only you. —Craig Brown, Co-founder |
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."