Reprinted with permission from Shareblue.
Well, we found one industry that benefitted from the Republican tax scam: U.S. banks.
According to Bloomberg News, major U.S. banks saw a $21 billion tax cut in 2018, beating the tax cut estimates the banks themselves projected they’d receive from the new law, all thanks to the Republican-passed tax bill.
And what did the banks do with that massive windfall?
They cut an estimated 4,300 jobs — with plans to cut even more — and spent some of the tax savings on stock buybacks and boosting dividends, further lining their own pockets, according to Bloomberg’s report.…
Reprinted with permission from AlterNet.
Even as the Republican Party pushed the Tax Cuts and Jobs Act through Congress in December 2017, critics were pointing out that it was filled with tricks and gimmicks meant to obscure the fact that it was a massive giveaway to corporations and the wealthy.
Now that the act has been law for more than and a year, the extent of its deception is coming into focus.
Writing for Vox, Matt Yglesias explained that the online furor from many supporters of President Donald Trump now filing their taxes appears to be a direct result of some accounting chicanery by the IRS, designed to make the law more popular.…