55 Corporations Avoided $8.5 Billion In Federal Taxes

nypost.com
Dozens of America’s biggest companies paid no federal income taxes last year "26 of them haven’t paid a penny in federal income tax in the three years since the Tax Cuts and Jobs Act reform bill was signed into law in 2017... In fact, 52 of those firms — including household names such as Nike, FedEx and Dish Network — ended up pocketing federal tax rebates worth a collective $3.5 billion"

Every time a Republican president gets into office (except Geo. H.W. Bush) the same thing happens. Ronald Reagan, tax cuts. Geo. W Bush, tax cuts. Trump, Tax cuts. Each promise these will more then make up for themselves. With GDP growth will come a influx of tax money. Yet as anyone can plainly see it never does.

Instead when the budget goes to pot it's up to Democrats try and bring the revenue back in. At this point Republicans then accuse Democrats of tax and spend. We've seen this time and again. Like riding on the same carousel round and round it never seems to get old. Republicans break the bank. Democrats fix it. Then Republicans break it again.. on and on it goes.

So here we are again. The federal budget is in a landslide. Republicans call for cuts mostly in social services and infrastructure.  Now the post office too. When this happens federal state funding is reduced. This in turn trickles down to local governments. Who then in turn increase their taxes on all of us.

Some may argue well if corporations are forced to pay higher taxes they will just increase their prices. True, but they can only do it on their customers. The wealthier will buy more from them. The poorer  less likely to do so (capitalism at work for raising revenue). States and cities on the other hand suffering lower federal funds will impose tax increases on all their citizens across the board rich or poor (socialistic taxation). 

Rather then increasing taxes directly on the wealthy do so more indirectly by closing the loopholes corporations get away with. Obviously the wealthy are going to spend a lot more money thus paying more in taxes on the larger amount of goods they buy then the average worker.

This avoids the age old argument in congress against taxing the wealthy. Perhaps making it less toxic in order to reach some sort bipartisan agreement that won't upset either of their voters as otherwise would. Although I'm quite certain it would be a call-to-arms for corporate lobbyists who'd be the main obstacle to overcome.

This leaves the money changers to be later dealt with. That's a much heftier lift best left to discuss another time.