Stop Tax Cuts & Jobs Act: Make Taxes Fair in America
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The House of Representatives Bill entitled: H.R.1 - Tax Cuts and Jobs Act is bad for America period. It passed the House, however, the Senate version must not pass for the following reasons:
(1) It will lower taxes from 35% to just 20% for corporations, while raising taxes by 2% on people making between $0 and $19,000/year (America’s working poor).
(2) We could make $133.5 billion less in tax revenues. Which could result in cuts to education, scientific research, and medical research.
Please note that the wealthiest 500 corporations (Fortune 500) in the USA made $890 billion in profits last year and, at the 35% tax rate, had to give $311,500,000,000 ($311 billion) to the Federal Government to use for paying for such services as scientific research and medical research (2% or $6.23 billion from the Fortune 500 taxes) or education (2% or $6.23 billion from the Fortune 500 taxes). If the new tax plan passes Congress and becomes law, while the top 500 corporations in the USA make $890 billion for 2017, at the new 20% tax rate, they would only have to pay $178,000,000,000 ($178 billion). This means that the new tax plan would result in $133,500,000,000 ($133.5 billion) less corporate tax money being paid to the Federal Government to fund important scientific and medical research like renewable energy or cures for diseases. If all the budget percentages stayed the same, American education would get only 2% of $133.5 billion, instead of the much better 2% of $178 billion. In other words, American education would get only $2.67 billion, instead of the much better $6.23 billion. Losing $3.56 billion toward American education seems like an unwise idea, just to allow super-rich corporations making over $18,333,333 ($18.3 million or more) per year to go from 35% tax to 20% tax.
Unfortunately, two facts make these findings even sadder. The first fact is that the companies which are in the 35% tax rate (those making at least $18.3 million in profits/year) are more than just the top 500 companies, which means that, in theory, our government should be making more money in taxes from them and, therefore, losing more if the tax rate goes from 35% to 20%. The second fact is that not all companies pay their full taxes or any taxes, due to what are called “loop holes”.
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