Left with the Bill

John Weber AFL-CIO

While President Donald Trump continues to tout his massive tax giveaway to corporations, working people aren’t buying it. Gallup found that a majority of Americans disapprove of the law, and it’s easy to understand why: We know we’re being left with a bill for $1.5 trillion.

The Gallup poll is the most recent in a string of surveys finding that Americans are rejecting the new tax law. Even the law’s own backers are starting to run away from their handiwork.

While corporations are pocketing billions in tax cuts, most working people aren’t seeing a cent. In fact, 82% of Americans say they haven’t seen any difference in their taxes—or that they’ve even gone up.

A report this week from the Joint Committee on Taxation found that one provision alone funnels $17.4 billion to people making at least $1 million per year.

What’s more, despite promises that corporate tax cuts would lead to higher wages and more bonuses, working people are being left empty-handed.

In fact, less than 0.0015% of U.S. businesses have followed through and shared anything with their employees.

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Reposted from the AFL-CIO

Posted In: Allied Approaches, From AFL-CIO

Union Matters

America’s Wealthy: Ever Eager to Pay Their Taxes!

Sam Pizzigati

Sam Pizzigati Editor, Too Much online magazine

Why do many of the wealthiest people in America oppose a “wealth tax,” an annual levy on grand fortune? Could their distaste reflect a simple reluctance to pay their fair tax share? Oh no, JPMorganChase CEO Jamie Dimon recently told the Business Roundtable: “I know a lot of wealthy people who would be happy to pay more in taxes; they just think it’ll be wasted and be given to interest groups and stuff like that.” Could Dimon have in mind the interest group he knows best, Wall Street? In the 2008 financial crisis, federal bailouts kept the banking industry from imploding. JPMorgan alone, notes the ProPublica Bailout Tracker, collected $25 billion worth of federal largesse, an act of generosity that’s helped Dimon lock down a $1.5-billion personal fortune. Under the Elizabeth Warren wealth tax plan, Dimon would pay an annual 3 percent tax on that much net worth. Fortunes between $1 billion and $2.5 billion would face a 5 percent annual tax under the Bernie Sanders plan.

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No Such Thing as Good Greed

No Such Thing as Good Greed