The number of profitable companies that paid no corporate taxes doubled last year, thanks to the Republican tax law. Are you happy about that?
Shockingly, “some voters are sick of it,” reports the New York Times, in a dispatch from its thriving Ohio diner beat that, for a change, does not focus on Trump voters. “I think corporations should pay their taxes, like Amazon,” said a 22-year-old real estate agent and customer at Tommy Dogg’s Bar and Grill in Niles, Ohio. “Amazon doesn’t pay taxes, but I pay taxes,” said a 57-year-old convenience store manager with a host of non-deductible medical expenses.
”What was promised to these people was more jobs,” said a local UAW union leader. “When you give them the tax break and they take the jobs away, that’s like a double whammy. That’s a lose-lose.”
Democratic presidential candidates have also tackled the issue. As per usual, Sen. Elizabeth Warren is the most specific, proposing a loophole-free seven percent tax on any company’s profits after the first $100 million. Sen. Amy Klobuchar is proposing a partial rollback of the Republican corporate tax cut, with the proceeds going to pay for infrastructure. Sen. Bernie Sanders regularly calls to close corporate tax loopholes and bring back corporate money from overseas tax havens.
But Republicans have a very dedicated base of billionaires and many-times-millionaires who would stand to lose from the changes that are popular among voters, so expect a fierce, well-funded campaign to stop anything from changing—at least now that Republicans already changed the U.S. tax code to benefit major corporations even more.
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