Congresswoman’s Proposal Is Supported by History, Current Economic Research & Is One Way to Raise Substantial Income Needed for Vital Public Services WASHINGTON, D.C.—The recent suggestion by Rep. Alexandria Ocasio-Cortez (D-NY) that the marginal tax rate on incomes over $10 million could be raised to as high as 70% is consistent with recent American history […]
Rx Industry’s Share Repurchases Hit $73 Billion Since Tax Law Passed While Drug Prices Continue to Surge The recently announced $74 billion merger between drug industry giants Bristol-Myers Squibb (BMS) and Celgene highlights how pharmaceutical companies are using their massive Trump-GOP tax cuts: to further enrich their shareholders and CEOs, rather than generally boost industry […]
Maker of Popular Arthritis Drug Humira That Costs Patients $38K Per Year Pays a 9% Corporate Tax Rate, Reports No U.S. Profits After raising the price of its best-selling drug 100% over the past six years and paying a corporate tax rate of just 9%—courtesy of the Trump-GOP tax cuts—pharmaceutical giant AbbVie yesterday announced the authorization […]
November 27, 2018
GM Layoffs Prove Tax Cuts Hurt, Don’t Help, Workers
General Motors’ announcement yesterday that it was idling five North American assembly plants and laying off nearly 15,000 workers proves once again that the only guaranteed winners from corporate tax cuts are corporations and their wealthy shareholders—not local communities and working families. So far this year, the giant automaker reports that it has received a […]
Trump-GOP Tax Cut Law Backfiring in GOP Reelection Bids Democratic challengers are winning newspaper endorsements around the country due in part to their opponents’ support of the Trump-GOP tax cuts that mostly benefit the wealthy and big corporations. Chicago Sun Times: “We have endorsed (Rep. Randy) Hultgren (R-IL) in the past, but we can’t this […]
September 20, 2018
ANALYSIS OF TAX ISSUES IN THE 2018 FEDERAL MIDTERM ELECTIONS
KEY FINDINGS “Republicans lost the messaging battle on the [tax] issue, per a Sept. 2 polling memo prepared for the Republican National Committee. Their poll found that by 61% to 30%, voters said the law benefits “large corporations and rich Americans” over “middle class families.” The memo attributed this to message discipline from the tax […]
On top of Bailouts, Big Banks Rewarded with Huge Tax Windfall America’s big Wall Street banks and financial firms, profiting handsomely from the new Trump-GOP tax law, are using the bulk of their huge tax-cut savings to further enrich their already wealthy shareholders and executives while sharing little or nothing with their rank-and-file workers, according […]
AMERICANS FOR TAX FAIRNESS STATEMENT FOR THE RECORD “Hearing Series on Tax Reform: Growing Our Economy and Creating Jobs” U.S. House Ways and Means Committee Wednesday, May 16, 2018 Submitted by: Frank Clemente, Executive Director May 30, 2018 Dear Members of the Committee: Thank you for the opportunity to submit comments for the record regarding […]
View the Full Report in PDF here. INTRODUCTION & KEY FINDINGS America’s 10 biggest prescription-drug corporations—the Pharma Big 10—are among the biggest winners from the Trump-GOP tax cuts but they are sharing few of the benefits with their employees and are offering no pricing relief to their customers. Instead, they are mostly rewarding their CEOs […]
With Tax Cut, Plane Maker Decided to Buy Back $4B of Stock, Boost Dividend by 20%, but not Give Employees a Pay Hike or Bonuses President Trump will try to rally support for his unpopular corporate tax giveaway at a St. Louis Boeing plant Wednesday, but the company serving as his backdrop has yet to […]