| Dear Katy, In 2017, FedEx owed $1.5 billion in taxes. Last year, thanks to the Trump Tax Scam, it owed exactly $0. FedEx lobbied hard for Trump's tax cuts, and in return Trump and his Republican lackeys cut corporate taxes so much that the government actually owed FedEx money in 2018.1 The Trump Tax Scam is a failure – unless you're an international corporation or a billionaire. It is helping corporations evade taxes and the super wealthy hoard wealth by paying lower taxes than working people.2 But corporations and billionaires are Republicans' most coveted supporters, so they're working with Trump on a Tax Scam 2.0 to be unveiled this fall.3 We need to raise our voices now to stop it in its tracks. Tell Congress: Block the new Trump Tax scam. Click here to sign the petition. The Trump Tax Scam was immoral from the start and has become more unpopular with each passing day. It sabotaged the Affordable Care Act and gave corporations a permanent tax break while individuals and families saw only temporary benefits. Two years later, its success at rewarding the rich and failure to help anyone else could not be clearer:4 - Corporations dodged taxes.
- CEOs got rich using tax handouts for stock buybacks.
- Economic growth lagged behind what was promised.
- Business investment stalled.
- Predatory hedge funds got an accidental bonus tax break.
- The deficit grew and became an excuse to cut the safety net.
- Our national housing shortage got worse.
- Billionaires can pay a lower tax rate than working moms.
- 13 million people were put at risk of losing any health care coverage.
But according to new reports, Trump and his Republican puppets in Congress are planning a new tax scam that would give wealthy individuals the same permanent, non-expiring tax breaks that corporations got the first time around and introduce all sorts of new handouts for the well-connected. We need to stop this horrible idea before it gains momentum. Tell Congress: Block the new Trump Tax Scam. Click below to sign the petition: https://act.credoaction.com/sign/no-new-trump-tax-scam?t=9&akid=35528%2E12967895%2E3QNVi3 Thank you for speaking out, Heidi Hess, Co-Director
CREDO Action from Working Assets Add your name: References: - Jim Tankersley, Peter Eavis and Ben Casselman, "How FedEx Cut Its Tax Bill to $0," The New York Times, Nov. 17, 2019.
- Derek Thompson, "The GOP Tax Cuts Didn't Work," The Atlantic, Oct. 31, 2019.
- Erica Werner, Josh Dawsey and Jeff Stein, "White House officials ramp up new tax cut talks, as Trump seeks sharp contrast with 2020 Democrats," The Washington Post, Oct. 31, 2019.
- Thompson, "The GOP Tax Cuts Didn't Work."
Photo: Chip Somodevilla/Getty Images |
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