If President Donald Trump was truly worried about working for the American people, the first thing he would have done after getting elected is to start to close some of the loopholes that major corporations use to avoid paying federal income taxes. It’s something that he has a lot of experience in, he’s run these mega-corporations, he’s used these loopholes, so he knows how to close them.
Instead, he expanded those loopholes resulting in corporations like Amazon being able to pay ZERO dollars in federal income taxes for all of 2017 and 2018. To make matters worse, it’s estimated that Amazon not only didn’t pay any federal income taxes in 2017, but it’s estimated they received a $137 million-dollar REFUND.
That’s right, when Amazon filed their taxes in 2017, the government wrote THEM a check, that’s even though they brought in 5.6 billion dollars in PROFIT in 2017, but that wasn’t enough, clearly, we needed to send them another 137 million dollars. I mean, what could Jeff Bezos do with a measly 5.6 billion dollars? The poor man’s company clearly deserved a refund.
Then after getting a tax refund in 2017, what did Donald Trump and the GOP do for mega corporations in their new tax plan? They cut the corporate tax rate from 35 to 21 percent for 2018 and beyond. In the minds of President Trump and the GOP, companies like Amazon were paying too much, and they needed a break.
What was the result? Despite Amazon almost doubling its profits from 2017 to 2018, to a whopping 11.2 billion dollars, Amazon still got another check from the federal government, this time for 129 million dollars. If it wasn’t for all the federal income tax loopholes, that President Trump and the GOP allowed to stay in place, Amazon would have paid 6.146 billion dollars MORE then it did in taxes over the last two years.
If you’re still wondering why President Trump doesn’t want to reveal his tax returns, it’s because of loopholes like this. The mega rich don’t pay taxes, they find loophole after loophole so they can hoard their billions, then they turn around and claim that they are paying too much, to try and get further tax breaks.
It’s about time we say enough is enough, and demand that these major corporations pay their fair share, instead of giving them hundreds of millions of dollars every tax season.