From columnist hiltzikm: Home Depot's co-founder and a supermarket tycoon wrote an op-ed together explaining why they shouldn’t have to pay more taxes.
It’s a safe bet that President Trump will devote part of his State of the Union address Tuesday night to talking up the great virtues of the tax cut he signed into law just before Christmas.
The authors also boast about “our enterprises..helping cure terrible and painful diseases from cancer to multiple sclerosis.” For perspective, consider that the single biggest funding agency of biomedical research in the world is the National Institutes of Health. The budget for the NIH, however, has consistently come under attack by the Trump administration, which this year proposed to cut its budget by $5 billion, or 13%.
Then there’s the irony that the essay by Marcus and Catsimatidis is transmitted to millions of readers via the internet, the product of a government program, or that the goods sold by Home Depot and Catsimatidis’ Gristedes supermarkets reached their shelves via the interstate highway system. Employees, not so much. The company said the tax cut allowed it to pay bonuses of up to $1,000 to its workforce, but these turned out to be largely chimerical. Only workers with 20 years of service at the company would get the full $1,000, which would work out to about 48 cents an hour for full-time work. Others would receive as little as $200. And it’s proper to note that one-time bonuses are no substitute for raises, which keep on giving.
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