The Senate just passed (by two votes) a budget that clears the way for $6 trillion in cuts from critical services and $1.5 trillion in tax cuts. Their arguments for the tax plan they have proposed center around one core argument: That lowering the corporate tax rate will somehow benefit working families. This has been proven by independent analyses and history to be patently FALSE. We call the whole thing magic math. This video breaks it down.
The tax plan they are proposing is a massive giveaway for corporations and the wealthiest 1%, paid for by working and middle class families. But that’s not what you’ll hear Trump and GOP leaders say publicly. Their public spin centers around what we like to call MAGIC MATH. This concept (that somehow cutting the corporate tax rate will give working people better jobs) has been proven by independent analyses (not to mention history) FALSE. And we’re not fooled by their tricks.
This video breaks that “magic math” down. Enjoy!
If this “magic math” makes you you as mad as it does us, won’t you consider spending a few minutes to call Congress and let them know you aren’t fooled by their tricks?
U.S.-based multinational corporations are allowed to play by a different set of rules than the rest of us when it comes to paying taxes. Thanks to corporate lobbyists, our tax code is riddled with loopholes.
In 2016 alone, nearly three out of every four Fortune 500 companies maintained subsidiaries in offshore tax havens.* This collective offshore cash hoard now totals $2.6 trillion, allowing these companies to avoid $752 billion in U.S. taxes.
But there’s a way to fix this! Congress could act tomorrow to shut down tax haven abuse. If you agree that closing corporate tax loopholes should be the cornerstone of any tax reform effort, please take a minute and let your representatives know.
* Source: “Offshore Shell Games” an annual study of offshore tax avoidance by the U.S. PIRG Education Fund and the Institute on Taxation and Economic Policy.
The Top Three Reasons You Should Call Congress TODAY!
In advance of the Congressional budget resolution vote on October 5, ITEP releases report showing the richest would win big.
As Congress readies for a vote October 5 on the budget resolution, the independent research institute ITEP released a comprehensive report detailing the impacts of the “tax reform framework” released recently by President Trump and GOP leaders in Congress. The numbers tell a very different story than what proponents of the framework have been saying.
It’s time to tell Congress we aren’t interested in tax cuts to the rich. Please call them today to let them know why this matters to you.
And if you need more reasons why you need to pick up the phone, here are our top three:
Number One: The richest 1 percent get the majority of the tax breaks, while 1 in 6 taxpayers will actually see their tax bills GO UP.
The ITEP report shows clearly that in every state the wealthiest 1 percent of individuals are the ones who make the most money off this plan. On average in 2018, they’ll get $90,610 extra in their pockets. Meanwhile, one in six taxpayers would see their tax bills rise. And the poorest 20 percent will get just $80 on average back on their 2018 taxes under this plan.
Number Two: Essential services will be put at risk
Overall this tax plan will lose $233 billion in revenue in 2018 alone for the government, putting at risk essential social services such as Medicare, Medicaid, Social Security and education (Source: ITEP)
Number Three: Some states will lose BIG.
And in some states there are some big losers for this tax plan — especially in the middle class. In nine states and the District of Columbia, over 20 percent of taxpayers would face an immediate tax increase. Those states include Maryland (30.5 percent), New Jersey (26.4 percent), Connecticut (24.3 percent), California (22.8 percent), Virginia (22.4 percent), Utah (22.2 percent), New York (22.1 percent), Massachusetts (20.5 percent), and Georgia (20.5 percent). Yet in each of those states the richest 1% will see huge tax CUTS.
And if you want more reasons, check out the full ITEP report here.