Sorry Dick and Jane, corporations get to keep deductions you’re losing under the GOP tax heist
When Mitt Romney famously declared in 2011 that “corporations are people,” everyone laughed—except for Paul Ryan and his tax henchmen. They took it to heart. But as the Washington Post’s Dana Milbank points out, corporations aren’t just any people in the GOP’s eyes, they’re “Very Important Persons with superhuman privileges” who retain the very right to deductions that many taxpayers are being stripped of in the Republican tax heist.
At Monday’s markup, Rep. Suzan DelBene (D-Wash.) quizzed a tax expert on this corporate exceptionalism:
“Will a teacher in my district who buys pens, pencils and paper for his students be able to deduct these costs from his tax returns under this plan?” He will not.
“Will a corporation that buys pens, pencils and papers for its workers be able to deduct those costs from its tax returns?” It will.
“Will a firefighter in my district be able to deduct the state and local sales taxes that she pays from her tax return?” She will not.
“Will a corporation be able to deduct sales taxes on business purchases?” It will.
“If a worker in my district had to move because his employer was forcing him to relocate . . . can he deduct his moving expenses under this plan?” He cannot.
“Can a corporation under this plan deduct outsourcing expenses incurred in relocating a U.S. business outside the United States?” It can.
That about says it all. What exactly are Republicans doing? It’s primarily a redistribution scheme from middle-class taxpayers in blue states to corporations mostly located in red states. And while the Republican tax bill will already raise taxes on about one-third of middle-class households next year, the GOP tax hike will hit almost half of middle-class taxpayers by 2026.
That’s right—Republicans plan to provide permanent tax cuts to corporations by gouging middle-class Americans. It’s like robbing Peter to pay Paul, Inc.
Alliance Tax Advocate . Free Tax Consultation. Call Us Now 1.888.315.8269 #help #gop #economy #entrepreneur #tax #Taxes #IRS #college #taxreturn #taxrefund #personalfinance #money