The wealthiest people + largest corporations = least taxes.
Dear Editor,
The wealthiest people + largest corporations = least taxes.
Understand taxation before voting this November. U.S.’s wealthiest corporations and wealthiest people pay the least taxes. Between 2018 & 2022, America’s biggest corporations increased their profits by $1.25 trillion: that’s 63%.(Did yours?) Yet the average tax actually paid by these corporations was only 14%: a third less than the legal rate of 21% (because of “loopholes”) and less than the average American family’s. Twenty-three giant corporations paid ZERO taxes. Why? It’s because Republicans write & sign tax loopholes for the richest.
Their trillions in corporate profits didn’t improve working conditions or wages for us, instead increased fortunes for shareholders and top executives. Oxfam reported 90% of corporate profits went into stock buybacks and dividends, benefiting only themselves.
Trump’s tax cut for us expires in 2025, but not for the richest. For the wealthy, Trump plans more massive tax cuts in 2025, reducing the U.S. treasury $4.2 trillion over 10 years, thereby keeping our Social Security and Medicare funding at risk. Why? It’s because the ultra-rich don’t want these programs.
The richest are under-taxed. The richest keep getting richer. We get poorer and angrier. This trend held true since Ronald Reagan.
What will help? Biden’s plan will raise the corporate tax rate from 21% to 28%, cut some loopholes, and raise the stock buyback tax from 1% to 4%. He’ll put a 25% tax on the wealth gains of households with over $100 million in assets, (that’s NOT us!), redo the inheritance tax, and return to fully funding the IRS to catch the wealthiest tax cheats. They’re not looking for us.
Congress writes laws and controls budgets. Our President/governor either signs the laws, or not. If we keep voting for Republicans, we’ll keep getting these results. Republicans work for the richest. Democrats work for us.
What can we do about it? It’s so simple. This November, vote in the entire ballot’s Democrats: President, US, Michigan & Wisconsin House’ Senate, etc.
Vote in Democrats for our families, or the growing income inequality will be our own fault. Vote in the Democrats.
Natalie Lashmet
Menominee
