Corporations Hit Jackpot with GOP Tax Scam While Middle-Class Families Go Bust
Apple Poised For $47 Billion Windfall From GOP Tax Bill
Home Depot Uses $15 Billion Tax Break To Buy Back Shares of Its Own Stock
FOR IMMEDIATE RELEASE:
Friday, December 8, 2017
Washington D.C. — As Republicans elbow their way through Congress with their noxious tax bill, corporations are cheering their progress. Some of the most wealthy businesses stand to gain from the GOP’s latest attempt to appease wealthy donors. While programs working families rely upon like Medicare, Medicaid, and public education are being gutted, billion-dollar corporations are scheming to add provisions to tax legislation that would benefit their companies at the expense of hardworking families across the country.
“It’s time to stop stealing from the wallets of working families to line the pockets of Wall Street executives and billionaires already earning record profits,” said Nicole Gill, Executive Director of the Tax March. “Make no mistake, Congressional Republicans are passing the largest middle-class tax hike in a generation at the bidding of their wealthy donors. The American public isn’t fooled, and we won’t forget.”
See below for coverage of the GOP tax scam’s payout for wealthy corporations.
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The New York Times: Bill Signals Top Tax Priority of G.O.P. Is to Help Corporations There are tough choices at the heart of the Republican tax bills speeding through Congress, and they make clear what the party values most in economic policy right now: deep and lasting tax cuts for corporations.
The Hill: Analysis: Apple poised for $47 billion windfall from GOP tax bill Apple is likely to win big under the tax plan that Republicans are pushing through Congress, according to the Financial Times. The Cupertino, Calif., firm could make as much as $47 billion in additional profits from the tax legislation, according to the paper’s estimates.
The Washington Post: Home Depot just showed who will gain the most from corporate tax cuts With unemployment low and demand for new homes high, a company like Home Depot could be spending most of its surplus billions on raises for workers or the rollout of new stores. Instead, the world’s largest home improvement chain this week announced that it is using $15 billion to buy back shares of its own stock, a move that will reward shareholders including chief executive Craig Menear and other top executives.
Wall Street Journal: GE’s Successful Effort to Change GOP Tax Bill Shows Lobbying Clout Large Washington business groups, including the Independent Community Bankers of America, the National Beer Wholesalers Association and the National Grocers Association, are pushing for bigger tax cuts for so-called pass-through businesses that pay tax as individuals rather than corporations.
Chicago Tribune: As Republican tax bill evolved, benefits for corporations and the wealthy grew The disparate treatment underlined how the legislation – a massive rewrite of the individual and corporate tax code – has evolved since its first incarnation: What began as an effort that would favor wealthy individuals and corporations became, in many ways, even more tilted in their favor as the legislation made its way through the Senate.
BGR: AT&T is seriously thirsty for Trump’s tax cuts Among the list of companies enthusiastically nodding along to the party line, no-one’s head is bopping harder than AT&T. The telecoms giant has gone out of its way to repeatedly tell the world just how fantastic a tax cut would be.
Quartz: The GOP tax plan makes families pay more so global corporations pay less The rotten core of the US tax system is how it treats overseas business earnings. Large American companies hold nearly $1 trillion overseas, and it’s not taxed as long as the money stays abroad. Republicans want to make that tax holiday permanent. To do so, they’ll give 14% of middle-class families earning between $50,000 and $200,000 a tax hike next year.