The Trump #taxscam was supposed to create jobs by handing $1 trillion in cuts to multinational corporations and one percenters, who, we were promised, would put that money into R&D, business development, and other job-creating initiatives. Read the rest
In 2017, AT&T CEO Randall Stephenson campaigned for Trump's massive tax-cuts by promising that they would create 7,000 jobs with the $3,000,000,000 they stood to gain, as well as investing in new infrastructure: instead, the company has reduced its headcount by 23,328 workers (6,000 in the first three months of 2019!) while reducing capital expenditures by $1.4B (AT&T reduced capex by another $900m in Q1/2019). Read the rest
Politicians love introducing tax-cuts, because they're reliable vote-getters, even if they're structured to blow up later by giving massive breaks to the super-rich and more modest breaks to middle-class voters, resulting in mounting deficits and eventual service cuts. Read the rest
Amazon doubled its profits in 2018, to $11.2 billion; the company will receive a $129 million tax rebate for the year. Read the rest
Trump's multi-trillion-dollar giveaway to the richest Americans and largest US corporations led to a rise in GDP, but it was a short-lived sugar-high: the major effect was a trillion dollars in stock buybacks that padded the bottom lines of super-rich investors who barely touch the real economy (you can only own so many super-yachts and operating costs are funneled through offshore flags-of-convenience anyway). Read the rest
When Trump's FCC Chairman Ajit Pai killed Net Neutrality (by illegally ignoring legitimate comments in support of it in favor of millions of anti-Net Neutrality comments sent by identity-stealing bots), he promised that it would spur growth in the telcoms sector -- and of course, he should know, because he used to be a Verizon exec. Verizon agreed: they objected to Obama-era Neutrality orders by saying the measures would "severely curtail job growth." Read the rest
Between Trump's massive tax-breaks for the super-rich and rules like California's disastrous Prop 13, our cities perennially cash-starved and have led to the erosion of the same public services that make cities attractive to businesses (for example, the subway, public education, roads, grid and other public services that made NYC so attractive to tax-dodging Amazon for its second headquarters). Read the rest
After Trump's tax-cuts and forgiveness program, Apple repatriated $260 billion it had stashed in offshore tax havens (or, more truthfully, had funneled through offshore tax-havens to buy onshore financial products that were notionally held offshore); this made Apple the leading beneficiary of the Trump tax forgiveness program. Read the rest
Abigail Disney is Walt Disney's grand-niece; she is an activist and documentarian and being the grand-daughter of Roy Disney, she is rich as hell. Read the rest
The CEO:worker wage ratio was stable in 2015/6, but some unnameable policy or policies, which we can only guess at, were at work in 2017, boosting the gap by 17.6% to 312:1. Read the rest
Trump finance secretary/supervillain Steve Mnuchin says he wants to unilaterally allow Americans to factor in inflation when calculating capital gains; the move would cost the US government $100 billion and 97% of that would go to the top 10% of US earners (66% would go to the 0.1% of US earners). Read the rest
In the rush to vote through Trump's trillion-dollar-plus tax gift to the super-wealthy, Congressional Republicans voted on unfinished drafts full of notes, erasures, and incoherencies, with no one really sure what they were casting a vote in favor of. Read the rest
It was once the standard that firms that performed well would give all their employees an annual raise, in part to acknowledge workers' contribution to the business's fortunes, in part to ensure that wages kept pace with inflation (otherwise workers would be suffering a real-terms pay-cut every year). Read the rest
Stock buybacks are a form of economically useless, business-starving financial engineering that makes rich people much, much richer. Read the rest
Tax lawyer Jed Bodger has publised an analysis in the journal Tax Notes detailing the expected gains for superheroes under the Trump tax plan. Read the rest
When Donald Trump announced that he would "drain the swamp" by filling his cabinet with lobbyists, billionaires, and political operators, we all braced for an onslaught of rules that benefited the fattest of cats at the expense of everyone else, but Gary Cohn outdid himself. Read the rest
Shortly after the election of Donald Trump, Russian exile Masha Gessen's essay Autocracy: Rules for Survival swept the internet, offering both hope and caution for the years to come. Read the rest
