Redistribution of Wealth from the Middle Class to Mega Corporations
The middle class needs protection from corporate welfare queens!
With their votes for the Trump tax bill, career politicians like Idaho senators Risch and Crapo gave HUGE tax breaks to large corporations and the super rich while giving the middle and lower classes TINY tax breaks.
And these tax breaks add TRILLIONS of dollars to US government debt over 10 years. The bottom line is that the Trump tax cuts have hurt the middle class.
The Trump tax cut for the super rich and mega corporations is a HUGE redistribution of wealth to the super rich away from the middle class. The middle class received a small tax break, but that was a necessary to hide the wealth transfer in the federal debt, money can be taken out years down the road in cuts to the military, Social Security, public education, or other middle class programs.
According to the Pew Research Center, an "analysis of wealth finds the gap between America’s upper-income and middle-income families has reached its highest level on record. In 2013, the median wealth of the nation’s upper-income families ($639,400) was nearly seven times the median wealth of middle-income families ($96,500), the widest wealth gap seen in 30 years when the Federal Reserve began collecting these data."
Below is a list of the 27 mega companies, the CORPORATE WELFARE QUEENS that each earned over a hundred million dollars in profit in 2019 but that paid ZERO FEDERAL INCOME TAXES for tax year 2018 because of the Trump tax bill.
Not only did these Corporate Welfare Queens pay no taxes, but they received a collective total of $2.5 billion in tax refunds--money taken from the middle class who paid taxes.
That's right, middle class families who paid $1,000 or $7,000 or more in federal income taxes in 2018 paid more than these mega corporations and had their tax dollars redistributed to the Billion Dollar Corporate Welfare Queens. These mega corporations did not pay one penny in federal income tax towards our military or federal law enforcement or any other federal program.
The tax refunds for this list of 27 Corporate Welfare Queens were not from corporations paying too much in withheld taxes but from a NEGATIVE TAX RATE. And this negative tax rate means redistribution of wealth from the middle class to the super rich.
It is WAY past time for mega corporations to pay their fair share of the federal income tax! As the US Senator from Idaho, I will work hard to make sure tax breaks and loopholes are eliminated so that corporations pay their fair share of federal income tax.
I will stop companies from taking the taxes that the hard working middle class families have paid into the US treasury.
These Corporate Welfare Queens paid NO FEDERAL INCOME TAX IN 2018!
Company 2018 U.S. Income Tax Refund/Transfer
billion $129 million
Delta Air Lines $5.1 billion $187 million
Chevron $4.5 billion $181 million
General Motors $4.3 billion $104 million
EOG Resources $4.1 billion $304 million
Occidental Petroleum $3.4 billion $23 million
Honeywell International $2.8 billion $21 million
Deere $2.1 billion $268 million
American Electric Power $1.9 billion $32 million
Principal Financial $1.6 billion $49 million
FirstEnergy $1.5 billion $16 million
Prudential Financial $1.4 billion $346 million
Xcel Energy $1.4 billion $34 million
Devon Energy $1.3 billion $14 million
DTE Energy $1.2 billion $17 million
Halliburton $1.1 billion $19 million
Netflix $856 million $22 million
Whirlpool $717 million $70 million
Eli Lilly $598 million $54 million
IBM $500 million $342 million
Goodyear Tire & Rubber $440 million $15 million
Penske Automotive Group $393 million $16 million
Aramark $315 million $48 million
AECOM Technology $238 million $122 million
Tech Data $203 million $10 million
Performance Food Group $192 million $9 million
Arrow Electronics $167 million $12 million
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