The same week that we saw New York rise up behind Alexandria Ocasio-Cortez against $3 Billion in corporate giveaways to Amazon, forcing Amazon to change its mind about setting up shop there, we now have a report from the Institute of Tax and Economic Policy which tells us that despite doubling their profits to $11 Billion last year, Amazon will still pay an incredible 0% in Federal taxes this year.]
Must be nice! Whereas many of us are scrambling for how to file a tax extension with accountants like http://daveburton.nyc/irs-file-tax-extension, Amazon has gotten away tax-free.
The report goes on to say this about the Republican “Tax Cuts and Jobs Act”, which made the claim that despite cutting the corporate tax rate almost in half from 35% to 21%, it would somehow incentivize corporate citizenship and investment:
“The tax law failed to broaden the tax base or close a slew of loopholes that allow profitable companies to routinely avoid paying federal and state income taxes on almost half of their profits… included lavish new giveaways… a huge revenue loser.”
Meanwhile the federal debt, which Republicans claim to be very concerned about despite the fact that their new tax law exploded the deficit, has just crossed the $22 Trillion mark, and many Americans are reporting that they’re feeling it in their tax refunds.
All while inequality is at levels not seen since the days leading up the The Great Depression, CEO pay has skyrocketed, and corporate stock buybacks – not investment and wages – are at all-time highs.
If you’re wondering why things like the Green New Deal are being proposed, look no further.
Instead of mocking ideas that seek to fix these problems, maybe those people should focus on the fact that most economic incentives are given to the biggest corporations while monopolization and the centralization of wealth are killing the everyday American, especially in rural America.
And let’s not forget about Wisconsin’s disastrous FoxConn boondoggle, where Koch brother favorite GOP Governor Scott Walker gave away billions to a company that has now had a change of heart, leaving Wisconsin taxpayers holding the bag.
This is something to keep an eye on as Amazon comes to Nashville, causing prices to spike for the people who are already there. The Republicans like to say we have low unemployment in Tennessee, which we do, but we’re also toward the bottom in how well our jobs pay.
$7.25 simply isn’t enough to live on, and Tennessee Republicans are the ones who refuse to raise the wage to a living one.
As Rep. Jason Hodges talked about in our interview with him, incentives may be necessary sometimes, but if companies want our support, they should have to pay our people a living wage.