Since the Republicans’ tax cuts went into effect, the share of corporate profit collected by the U.S. government has fallen to just 10%. The burden could now fall on the working class, as companies pull little weight, writes richardbeales1.
U.S. President Donald Trump formally launched his 2020 re-election campaign on June 18. At a rally in Orlando, Florida, Trump made clear he would run as an outsider, just as he did in 2016.
He revisited campaign themes from four years ago, decrying illegal immigration, the news media and his 2016 Democratic opponent, Hillary Clinton. Trump on June 19 awarded the Presidential Medal of Freedom, the country's highest civilian honor, to economist Arthur Laffer. Laffer is known for the"Laffer Curve," a theory that he used to argue that cutting tax rates could actually increase government revenue by spurring economic growth.
Laffer helped develop the package of tax cuts passed by a Republican-controlled Congress in 2017 that came into effect in 2018. Among other changes, the headline rate of tax on company profit was reduced to 21% from 35%. At least 60 Fortune 500 companies legally paid no federal income taxes in 2018 on a collective $79 billion in pre-tax profit, the Institute on Taxation and Economic Policy said in a report released on April 11. The businesses included Amazon.com, Delta Air Lines and Chevron.
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