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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsA Wave of Corporate Propaganda Is Boosting Trumps Tax Cuts
https://www.thenation.com/article/a-wave-of-corporate-propaganda-is-boosting-trumps-tax-cuts/By Joshua Holland
February 23, 2018
Three major business groups alonethe US Chamber of Commerce, the National Association of Realtors, and the Business Roundtablespent $56 million in the last three months of 2017 lobbying Congress to give them a massive tax cut. According to Public Citizen, 6,243 lobbyistsmore than half of the total number of active lobbyists in DCworked on the bill, which works out to 11 for each and every lawmaker in Congress.
For their effort, they got massive, permanent cuts to the corporate-tax rate. Republicans had talked about closing loopholes so that their cuts wouldnt blow up the deficit, but that fell by the wayside, and in the end well mostly be financing this huge giveaway through public debt.
Now many of the corporations that lobbied for the bill are trying to make what began as a historically unpopular law more palatable with a series of high-profile announcements crediting the tax cuts for investments that theyd already planned to make or touting one-time bonuses for workers.
Exxon Mobil CEO Darren Woods penned a blog post crediting the tax bill for playing a major role in the companys plans to invest $50 billion in the United States over the next five years. This generated a slew of headlines along the lines of the one that appeared in Reuters: Exxon plans major U.S. investments due to tax reform: CEO. But according to an analysis of the companys financial statements by Americans for Tax Fairness, thats actually $2.7 billion less than the company invested in the United States between 2012 and 2016. And Bloomberg reports that the companys investments dipped in the last couple of years after oil prices crashed, and the capital-investment plan represents nothing more than a return to the oil giants spending habits before crude suffered its worst price rout in a generation. (The companys fourth-quarter profit nearly quintupled after President Trumps tax cuts gave the oil giant a big lift, according to USA Today.)
Disney made headlines when it announced that it would give 125,000 theme-park workers a $1,000 bonus as a result of the cuts, but now the company is threatening to withhold those payouts from its unionized workers if they dont accept an offer for a new contract with a 50-cent hourly wage increasean offer the union rejected in December. The unions representing them are now accusing the media giant of illegal labor practices for holding the bonuses hostage.
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A Wave of Corporate Propaganda Is Boosting Trumps Tax Cuts (Original Post)
swag
Feb 2018
OP
Lithos
(26,403 posts)1. It's not sustainable
The Tax Cuts were supposed to have a lasting impact which corporations will not come anywhere close to matching...
Also, people are now discovering the tax refund is not as much as they expected - in fact it's so small as to be unnoticeable.