In the April 13 story about Biden’s aim for bipartisanship on his infrastructure plan, Sen. Roger Wicker states raising corporate taxes to help pay for Biden’s plan would be an almost impossible sell.
In another column, Sen. Wicker states raising corporate tax is a red line because it brought unemployment down to 3.5 percent.
Trump’s tax cuts have failed to deliver on GOP’s promises.
Sixty percent of the savings went to the top 20 percent of the income ladder.
The Republicans always claim the tax cuts will pay for themselves. It’s a lie. They never have and never will.
It will be rocket fuel for our economy, promised Trump.
Boosters of the tax cut insisted that the economy would grow so fast, it would more than make up for revenues lost to lower rates.
Trump’s tax cut bill was supposed to bring jobs home from China. Corporations would bring their money from overseas back to the states. Never happened.
Trump’s tax cut bill passed on a party line vote, with not one vote from a Democrat. Sixty-five percent of the people were against the Trump tax cut.
Revenues as a share of the economy continue to slump after tax cuts.
Corporations are spending 154 times more on stock buybacks as they are on workers bonuses and wages.
Apple Corp. spent $100B on stock buybacks, then another $30B, and then raised their dividend 16 percent, moved some jobs from China to Vietnam.
When Obama was sworn in, unemployment was at 7.9 percent, but went to over 10 percent because of the Bush Great Recession.
When Trump was sworn in, unemployment was 4.7 percent with the corporate tax rate at 35 percent.
Job growth was slightly slower after Trump’s tax cuts in his first three years before COVID than it was in the last three years of the Obama administration.
The average jobs gained per year under Trump’s first three years before COVID was 2.2 million, and Obama’s last three was 2.7 million.
Again, unemployment down to 3.5% makes for a good sound bite, but for everyone except the rich, there’s where it ends.
Surely the Republicans will let Biden raise the corporate tax some in order to keep the corporations from wasting it.
In 2025, individuals will lose their tax cut, but the corporations’ tax cut is permanent.