The GOP’s proposed tax cuts overwhelmingly benefit corporations and the rich, who need tax relief the least. Corporations are doing better than ever. GE earned $10 billion last year and paid no federal income taxes. Boeing has earned $62 billion over the past 15 years and has had to pay $2 billion in federal income tax, for an effective rate of 3.2 percent.
Similarly, the rich have never owned a higher percentage of our nation’s wealth. The top tenth of 1 percent now owns as much as the bottom 90 percent. This tax cut would deliver an average cut of $700,000 to the wealthiest 175,000 families, each year.
Who is going to pay for these new yachts for the rich each year? You and I. The GOP budget resolution, in which the GOP would attempt to balance the tax cut of at least $1.5 trillion, proposes cutting $1 trillion from Medicaid and $500 million from Medicare.
Jeffrey E. Boyer