The GOP tax scam: returns are finally waking Americans up

Photo Credit: Nancy Pelosi

As early tax filers find out how much they are getting refunded, or paying to the government, this tax season, they are finding out the cold hard truth of the GOP tax plan. The tax plan was never intended to benefit lower and middle-class Americans, it was a plan designed exclusively to benefit major corporations and the top 1%.

The fact that the plan was just a massive tax break for the top 1% and mega corporations only becomes more absurd when you consider that the country is 22 trillion dollars in debt. Still you would think that after all the GOP’s bluster, lower and middle-class citizens should see some kind of increase on their tax returns, right? Wrong. Tax returns are down for early filers, with filers getting 8.7 percent less then they received in 2018.

On top of that, 4.6 million people that got a refund last year, will not get one this year. Instead, most of them will end up paying the government money this filing season, even though they have never had to do that before.

The common argument that gets thrown in the face of those complaining about their lack of tax returns, or newly incurred indebtedness, is that their weekly or biweekly paychecks went up throughout the year, thus justifying the lower returns. However, this response reeks of the same sentiment behind the comments of then Speaker of the House Paul Ryan when he Tweeted this in the beginning of 2018:

But how dare you not put that extra $1.50 a week into your savings account because they are going to take $1.00 of it back when you file your taxes! How did you not realize that when the GOP was slamming it down your throat how lucky you were to have them in office since you were getting such a great tax break that you needed to save it all because your refund was going to get slashed?

It’s just more proof that this tax plan was never intended to help the lower or middle class, it was all about giving breaks to mega corporations and the super-rich, which is why a company like Amazon, that made over 11 billion dollars in 2018, still ended up getting a refund of over 100 million dollars. That’s all thanks to the GOP tax plan.

Meanwhile that Costco membership was paid for. Well no it wasn’t, as this tax filing season has shown. Don’t be fooled this tax plan wasn’t for you or me. It was for the top 1%, and this tax season is only making that more and more clear.

Amazon and Taxes: Why you should be IRATE

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.