Not just Amazon: 60 big companies paid $0 in taxes under Trump law
"Big businesses are faring better than ever under the Trump era tax law, the Tax Cuts and Jobs Act (TCJA).
According to analysis from the Institute on Taxation and Economic Policy (ITEP), 60 Fortune 500 companies avoided paying all federal income tax in 2018 (with their total average effective tax rate being roughly -5%).
That’s more than three times the number of companies that avoided paying corporate taxes on average from 2008 to 2015. During that period, 18 companies managed to pay 0% or less (with their total average effective tax rate over 8 years being roughly -4%).
“There are a lot of breaks and loopholes that allow a company not to pay,” Steve Wamhoff, ITEP’s Director of Federal Tax Policy, told Yahoo Finance. “People, when they think of tax reform, think the government is going to fix the tax code and get rid of breaks and loopholes and get rid tax dodging. What we got at the end of 2017 was not that. It was the opposite of that. The Tax Cuts and jobs act left a lot of special breaks and loopholes in place and created some new ones".
http://finance.yahoo.com/news/companies-paying-zero-taxes-trump-law-155944124.html
How the American economy conspires to keep wages down
"The economy is growing but our paychecks are not. That’s because employers have, over decades, built a political apparatus to hold down pay".
"When unemployment goes down, wages are supposed to go up. That’s just supply and demand. Quite puzzlingly, though, this mechanism seems not to be working today. Unemployment stands at a modest 4%, but paychecks aren’t growing. Although today’s is the best-educated workforce in history, employers just insist that workers need more training.
In other words, they’re gaslighting us. Meanwhile, over decades, employers have built and maintained a massive collective political apparatus to hold down wages. To call it a conspiracy would be only slight embellishment".
http://www.theguardian.com/commentisfree/2018/apr/13/american-economy-wage-suppression-how-it-works
Why Aren't Wages Keeping Up? It's Not The Economy, It's Management
"In the decade since the 2008 recession we’ve had an enormous runup in the stock market, accelerating growth in GDP, and a steady increase in job growth. Yet despite these positive economic trends, wages are not keeping up".
http://www.forbes.com/sites/joshbersin/2018/10/31/why-arent-wages-keeping-up-its-not-the-economy-its-management/#64d396b1397e
Paychecks Lag as Profits Soar, and Prices Erode Wage Gains
"Corporate profits have rarely swept up a bigger share of the nation’s wealth, and workers have rarely shared a smaller one.
The lopsided split is especially pronounced given how low the official unemployment rate has sunk. Throughout the recession and much of its aftermath, when many Americans were grateful to receive a paycheck instead of a pink slip, jobs and raises were in short supply. Now, complaints of labor shortages are as common as tweets. For the first time in a long while, workers have some leverage to push for more".
http://www.nytimes.com/2018/07/13/business/economy/wages-workers-profits.html
The Share of Economic Output that Workers Receive has Fallen
http://www.hamiltonproject.org/charts/the_share_of_economic_output_that_workers_receive_has_fallen
"rabbit hole reject".
Edited by
Charles1962150
on Fri 04/12/19 05:59 PM