As Corporate Profits Soar After Tax Cuts, 40% of Americans Can't Afford Basic Needs
"As Corporate Profits Reach New Heights After Trump Tax Cuts, 40% of Americans Can't Afford Basic Necessities." "If it sounds unfair, that's because it is." By Jake Johnson, Common Dreams, Aug. 30, 2018.
Just days after an alarming study by the Urban Institute found that nearly half of the American public can't afford basic necessities like food, healthcare, and housing, new Commerce Department data released on Wednesday showed that corporate profits are soaring to new heights thanks in large part to President Donald Trump's $1.5 trillion tax cuts.
Viewed side-by-side, this contrast between booming profits for corporations and dwindling quality of life for much of the U.S. population provides a striking picture of America's two-tiered economy, one that has become even more lopsided in favor of the rich since President Donald Trump took office in 2017.
While rich companies like Walmart and Target are enjoying huge profit boosts, most American workers have seen their wages decline over the past several months—a fact that undermines Trump and the GOP's glowing assessment of the U.S. economy.
As the Wall Street Journal reported on Wednesday, the Commerce Department said that "its broadest measure of after-tax profits across the U.S. rose 16.1 percent in the quarter [that] ended June 30 from a year earlier, the largest year-over-year gain in six years."
"Because of the lower corporate tax rate signed into law last year," the Journal added, "taxes paid by U.S. companies in the quarter were down 33 percent from a year earlier, according to the government data, or more than $100 billion at an annual rate."...
More, https://www.commondreams.org/news/2018/08/30/corporate-profits-reach-new-heights-after-trump-tax-cuts-40-americans-cant-afford
While rich companies are enjoying huge profit boosts, most American workers have seen their wages decline over the past several months—a fact that undermines Trump and the GOP's glowing assessment of the U.S. economy.
= new reply since forum marked as read
