Corporate Lobbyists In Congress & Deficit Spending
Americans, lobbyists for the biggest corporations and the very rich, posing as representatives of the People in Congress, are once again threatening to shut our government down if Congress doesn’t agree to take more of the goods and services from the American People that we prepaid for with out taxes, in the name of reducing the federal deficit.
Yet, it is those lobbyists shouting the loudest that have been spending our money on gifts of subsidies and tax breaks and escapes for large corporations earning record profits that most ship or keep overseas. It is those lobbyists shouting the loudest that have been spending our money on gifts of tax loopholes, tax shelters and escapes for the very rich. It is those lobbyists shouting the loudest that defunded the I.R.S. so they don’t have the personnel to audit the large corporations and the very rich to collect the tax that they have owed for decades that we could pay down the deficit with.
Individual Americans pay for most of the federal revenue that supports this country, so why aren't we getting a full return on our investment !
Facts:
*Individual income tax, the largest source of federal revenue since 1950, amounted to 50 percent of total tax collected, 8.1 percent of GDP in 2019. *Tax on corporate profits was only 7 percent of total tax collected in 2019, only 1.1 percent of GDP.
(https://www.taxpolicycenter.org/briefing-book/what-are-sources-revenue-federal-government)
*As Warren Buffet said, the very wealthy typically don’t pay tax, and Donald Trump demonstrated how many avoid doing so, by tax fraud.
*Buffett's wealth grew by $24.3 billion between 2014 and 2018 but he only paid a tax rate of 0.1 percent. (https://www.newsweek.com/warren-buffett-who-advocates-higher-taxes-defends-paying-least-among-americas-richest-1598830)
*Billionaires like Jeff Bezos of Amazon, Elon Musk of Tesla, and George Soros at times have paid zero federal income taxes. (https://www.cnbc.com/2021/06/08/bezos-musk-buffett-bloomberg-icahn-and-soros-pay-little-in-taxes.html)
*Kevin McCarthy, Mitch McConnell, Trump, and their cabal of corporate lobbyists gave a gift of tax revenue to corporations and the very rich that is poised to cost $2.3 trillion over the next 10 years.
An independent analysis found that while the TCJA would result in increased economic growth, all of the revenue from this growth would go toward paying for the cuts. The cost is too high for the tax cuts to pay for themselves. Instead, the deficit and debt would continue to grow.
(https://www.thebalancemoney.com/cost-of-trump-tax-cuts-4586645)
Americans, shouldn't we tell the corporate lobbyists in Congress to get serious about reducing the national deficit by ending the subsidies and tax escapes that they gifted large corporations and the very rich with, and helped to deplete the national treasury of trillions of dollars that could have been used to pay our bills.
Americans, shouldn't we tell the corporate lobbyists in Congress to keep hands off of the goods and services that the American taxpayer contracted with our government to provide us with paid for with own tax dollars.
Shouldn't we tell Kevin McCarthy, Mitch McConnell and their cabal of corporate lobbyists to reduce the deficit by repealing the tax giveaways to corporations and the very rich, ending the subsidies of huge corporations, closing tax loopholes, shelters, and escapes, and stop paying corporations to ship and keep their profits overseas." Shouldn't they do so or SHUT UP and PAY OUR BILLS !