It’s one thing to claim that the corporate tax cut will boost the bottom line and spur the economy.
It’s another to suggest that the bill is an enormous boondoggle, designed to provide benefits for the few at the expense of everyone else.
And yet, it is, to the tune of $1.5 trillion over the next decade, a massive giveaway to the 1 percent.
This is what the corporate welfare industry is all about.
In the case of the corporate-pass-through tax credit, the corporate owners of companies that receive the credit are able to deduct the corporate taxes paid from their paychecks.
In other words, they’re not paying a tax.
This tax credit is meant to be used for things like investing in the U.S. economy, increasing job creation, and creating more good-paying jobs for the rest of us.
But, in reality, the government has provided it to them for free, thereby rewarding the wealthy at the cost of the rest.
To understand how this subsidy has worked in practice, it’s important to understand what the credit is actually meant to do.
First, it should be clear that the credit only exists because the U