The so-called Republican “Tax Cuts and Jobs Act” amounts to the single most substantial reduction of the corporate tax rate in U.S. history. It permanently slashes the rates at which corporations pay taxes from 35 percent to 21 percent. Based on recent data, the reduction of the corporate tax rate amounts to a $1.3 trillion tax cut over the next decade.
If this impacts you in any way, try not to panic. Taxes can be confusing enough as it is, with having to contact accountants like Dave Burton to help file tax extensions and refunds. However, with the below information, you’ll hopefully understand what impact this reform will have.
Before the American historical tax giveaway by Trump and the Republican Party, the world community was given a gift documenting an illegal money laundering networks of the global elite. These documents are known as the “Panama Papers” which consist of 11.5 million leaked documents
These documents known as the “Panama Papers” were “leaked to journalists from a law firm in Panama that created shell companies in which large corporations and wealthy individuals from around the world parked their money out of the view of their governments and their governments’ tax collectors.”
Additionally, before the 2016 U.S. presidential election, there was another set of leaked of documents known as the “Paradise Papers.” The “Paradise Papers.” consist of approximately 13.4 million leaked files. These documents were obtained from “a Bermuda-based law firm that helped corporations and wealthy individuals set up offshore companies and accounts’ designed to allowed the firm’s clients to avoid paying taxes in their home country. It is my option that before the consideration of reducing the U.S. corporate tax rate lawmakers should have initiated laws to tax income from offshore trusts.
Corporate greed will bring an end to America as we know it. For Corporate America to flourish, the American people must grow. If the American people don’t have jobs/money, they can’t buy corporate goods. It the American people can afford to buy corporate products, layoffs follow, and hence, we lose more jobs. It becomes a losing proposition for all.
It is a fact that in the U.S, as in other Western Capitals around the world, the rich are getting richer and the poor are unquestionably getting poorer. Wages are going down, and the cost of living is going up. You do the math! The income gap between the top 1% and the 99% hasn’t been this bad since Great Depression/1920’s. Some want us to believe that “Corporations are People.” Therefore, I say to you Mr. and Mrs. “Corporate America,” if you continue your malicious, immoral, and foul ways, you will lose and lose badly. Citizens can only take so much, and then, the whole of society deteriorate!
In closing, I am confident that members of Congress, who gave U.S. corporations the most significant tax cut in American history, were well aware that the leaked documents revealed “business ties between Russia and some of the most prominent members of Trump’s Cabinet.” Therefore, if “Corporations are People” or not, then they must be required to pay their fair share of taxes just like all other working men and women of this great nation. No individual or group can be allowed preferential treatment as it relates to paying taxes. Everyone should be paying taxes. If people or businesses are unable to file their own taxes, they could always consider visiting a website like https://www.raise.com/coupons/hr-block to see if there are any discounts on any tax companies. At a more affordable price, more people would probably use tax professionals to make sure their taxes are being filed properly. Corporations might also need to find tax professionals too, especially now that people will be waiting for them to start paying. It’s past time for the American People to Wake Up and Demand Economic Justice and Tax Equity.