GOP Tax Reform bill:
Massive corporate welfare and moral obscenity, says Sen. Bernie Sanders
December 19, 2017
(NATIONAL) -- Just after 6:00 am Pacific Time Tuesday morning Vermont Senator Bernie Sanders tweeted the following:
NEW REPORT prodyuced for Sen. Bernie Sanders on corporate welfare aspect of GOP Tax Reform bill. CLICK TO OPEN
"The Republican tax bill is a moral and economic obscenity. Donald Trump and his Republican colleagues want to provide hundreds of billions of dollars in tax cuts to the largest and most profitable corporations in America, while forcing more than half of middle class families to pay more in taxes and paving the way to Social Security, Medicare and Medicaid cuts. This is a disgrace."
"The CEOs of Pfizer, GE, Exxon Mobil and Goldman Sachs do not need a raise. It is time for their greed to end, for large, profitable corporations to pay their fair share and to invest in working families rather than the top 1 percent."
Sanders' statement is bolstered by a report on Monday from Common Dreams titled, "GOP Tax Plan Would Give 15 of America's Largest Corporations a $236B Tax Cut."
The report says if you needed "any more evidence that the GOP tax bill is a massive giveaway to the most profitable corporations in the country, a new report prepared for Sen. Bernie Sanders provides it."
The report finds that 15 of America's already most profitable corporations would receive a combined $236 billion tax cut if the GOP plan becomes law.
Released as Republicans prepare for a final vote on their tax bill as early as today, the report notes that "[o]ver the last 30 years, 15 of the largest U.S. corporations have accepted $3.9 trillion of corporate welfare in the form of subsidies, tax credits, and bailouts, and another $108 billion in government handouts in the form of federal contracts."
See the report for yourself in the PDF file at upper right.
The report also notes that, "Far from living up to its lofty goal of discouraging outsourcing, the deeply unpopular GOP tax bill actually "encourages companies to shift their jobs and profits overseas by moving to a 'territorial' tax system that would exempt future offshore profits of U.S. subsidiaries from taxation."