Corporate Welfare is Destroying the Working Class Taxpayer

Welfare for the Well-Off: How Business Subsidies Fleece Taxpayers

Snippet of Article: "...Some of the most subsidized recipients of public assistance are not welfare queens housed in public tenement apartments. They are not even poor or ailing at all. Far from it. America's most costly welfare recipients today are Fortune 500 companies. In 1997 the Fortune 500 corporations recorded best-ever earnings of $325 billion, yet incredibly Uncle Sam doled out nearly $100 billion in taxpayer subsidies. These welfare payments come in every conceivable shape and size: government grants, sweetheart business deals arranged by the Commerce Department, cut-rate insurance, low-interest loans, a protective wall against foreign competition, exclusive government contracts, and a mind-boggling maze of special interest loopholes in the tax code. Table 1 lists the 1997 appropriations for fifty-five of the most unjustified federal business subsidy spending programs as compiled by the Cato Institute. Their combined price tag came to $38 billion in 1997..."

Source: www.hoover.org

corporate tax rate, Corporate Welfare, Destruction of America's working class, business subsidy spending programs,

The Facts on recent Tax Cuts: You got screwed while the the wealthy and corporations garner record profits

We now know the real winners of the Trump tax cuts

Snippet of Article: "...Trump tax cuts are unpopular because many people feel they benefit businesses and high earners more than middle-class workers. This year’s tax-receipt numbers back that up. Individual income-tax receipts rose from $1.587 trillion in fiscal 2017 to $1.684 trillion in 2018. That’s a 6.1% increase. Much of that is due to a growing economy and population growth. Cut in corporate tax rate Business-tax receipts, by contrast, plunged from $297 billion in 2017 to $206 billion in 2018, a 31% decline driven by the cut in the corporate tax rate from 35% to 21%. The portion of federal revenue that comes from business taxes has been dropping for years, and it fell from 7.5% in 2017 to 5% in 2018. Individual income-tax payments account for 41% of federal revenue...."

Source: yahoo.com

Who Pays America's Bills? The working class provides 41% of federal revenue vs business tax revenue at 5% (2018)