By Jake Johnson/Common Dreams
In “further proof that the Republican tax bill is a massive giveaway to the largest corporations in the country,” a new report prepared for Sen. Bernie Sanders and published on Monday found that 15 of America’s most profitable corporations would receive a combined $236 billion tax cut if the GOP plan becomes law.
Released as Republicans gear up for a final vote on their tax bill as early as Tuesday, the report notes that “[o]ver the last 30 years, 15 of the largest U.S. corporations have accepted $3.9 trillion of corporate welfare in the form of subsidies, tax credits, and bailouts, and another $108 billion in government handouts in the form of federal contracts.”
“On top of this $4 trillion boondoggle,” the analysis adds, “Republicans want to give these corporations an additional $236 billion tax cut.”
takomabibelot/Flickr
Among the companies the report highlights are Apple, Pfizer and Walmart, all of which utilize fancy “accounting tricks to dodge taxes” while also taking advantage of government programs that add to their bottom lines at the expense of American taxpayers.
The report goes on to observe that far from living up to its lofty goal of discouraging outsourcing, the deeply unpopular GOP tax bill actually “encourages companies to shift their jobs and profits overseas by moving to a ‘territorial’ tax system that would exempt future offshore profits of U.S. subsidiaries from taxation.”
While these companies stand to benefit massively from the GOP’s bill, “more than half of middle class families will pay more in taxes at the end of ten years,” Sanders said in a statement.
“Further, by running up a $1.4 trillion deficit, the Republicans are paving the way for massive cuts to Social Security, Medicare, and Medicaid,” Sanders concluded. “This is a tax bill written for wealthy Republican campaign contributors, not for the average American. It must be defeated.”
Sanders’ report coincides with an analysis released Monday by the nonpartisan Tax Policy Center, which found that over 82 percent of the GOP bill’s benefits would go to the top one percent of Americans and nearly 60 percent would go to the top 0.1 percent by 2027.
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Previously in tax scammage:
* Deepwater Horizon Settlement Comes With $5.35 Billion Tax Windfall.
* Offshoring By 29 Companies Costs Illinois $1.2 Billion Annually.
* Government Agencies Allow Corporations To Write Off Billions In Federal Settlements.
* The Gang Of 62 Vs. The World.
* How The Maker Of TurboTax Fought Free, Simple Tax Filing.
* $1.4 Trillion: Oxfam Exposes The Great Offshore Tax Scam Of U.S. Companies.
* How Barclay’s Turned A $10 Billion Profit Into A Tax Loss.
* Wall Street Stock Loans Drain $1 Billion A Year From German Taxpayers.
* German Finance Minister Cries Foul Over Tax Avoidance Deals.
* Prosecutor Targets Commerzbank For Deals That Dodge German Taxes.
* A Schlupfloch Here, A Schlupfloch There. Now It’s Real Money.
* How Milwaukee Landlords Avoid Taxes.
* Study: 32 Illinois Fortune 500 Companies Holding At Least $147 Billion Offshore.
* Watch Out For The Coming Tax Break Trickery.
* When A ‘Tax Bonanza’ Is Actually A Huge Corporate Tax Break.
* The Hypocrisy Of Corporate Welfare: It’s Bigger Than Trump.
* Oxfam Names World’s Worst Tax Havens Fueling ‘Global Race To Bottom.’
* Offshore Tax Havens Cost Average Illinois Small Business $5,789 A Year.
* State Tax Incentives To Corporations Don’t Work.
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Previously in carried interest, aka The Billionaire’s Loophole:
* Patriotic Millionaires Vs. Carried Interest.
* The Somewhat Surreal Politics Of A Private Equity Tax Loophole Costing Us Billions (That Obama Refused To Close Despite Pledging To Do So).
* Fact-Checking Trump & Clinton On The Billionaire’s Tax Break.
* Despite Trump Campaign Promise, Billionaires’ Tax Loophole Survives Again.
* Carried Interest Reform Is a Sham.
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Previously in the Paradise Papers:
* ‘Paradise Papers’ Reveal Tax Avoidance, Shady Dealings Of World’s Rich And Powerful.
* Just How Much Money Is Held Offshore? Hint: A SHIT-TON.
* Development Dreams Lost In The Offshore World.
* Keeping Offshore ‘Hush Hush,’ But Why?
* Tax Havens Are Alive With The Sound Of Music.
* Today In Tax Avoidance Of The Ultra-Wealthy.
* Go To Town With This Offshore Leaks Database.
* The Paradise Papers: The View From Africa And Asia.
* The Paradise Papers: The End Of Elusion For PokerStars.
* The Paradise Papers: An Odd Call From The Bermuda Government.
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Previously in the Panama Papers:
* The Panama Papers: Remarkable Global Media Collaboration Cracks Walls Of Offshore Tax Haven Secrecy.
* The Panama Papers: Prosecutors Open Probes.
* The [Monday] Papers.
* Adventures In Tax Avoidance.
* Mossack Fonseca’s Oligarchs, Dictators And Corrupt White-Collar Businessmen.
* Jonathan Pie, TV Reporter! They’re All In It Together.
* Meet The Panama Papers Editor Who Handled 376 Reporters In 80 Countries.
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Comments welcome.
Posted on December 18, 2017