Sharon McCutcheon photo | unsplash.com
As we drop off our tax returns (or push the send button), it’s a good time to reflect on who pays taxes. Every working person pays taxes, but there are too many profitable U.S. companies who pay no income tax.
The list would surprise you. Would you guess they include Amazon, Netflix, Chevron, Eli Lilly, and John Deere?
In fact, since the much ballyhooed 2017 Tax Cut bill passed by Congress and signed by the president, the number of companies who paid no taxes has doubled! This is outrageous! All this latest tax bill did was let wealthy corporations off the hook on their fair share of taxes while the rest of us pay more to make up for them. This just isn’t fair! Everyone should pay up, especially wealthy, profitable companies, millionaires and billionaires.
Congress big Tax Giveaway was supposed to be good for workers but Verizon announced at the end of 2018 it would be laying off 44,000 workers despite a $4 billion tax cut. General Motors followed suit announcing 14,000 jobs being cut and the closure of five U.S. factories. So much for tax cuts creating more good paying jobs.
We need an economy that works for ALL of us, not just the fat cats at the top. Lawmakers in both Charleston and Washington need to fix this—or we should elect a new crop who will!