Dear Editor: In 2016, the corporate taxes were 35%, according to Americans for Tax Fairness. In 2017, Trump, McConnell and Ryan gave corporations a federal 40% income tax cut to 21%, but in most cases, they paid no taxes.
This is fueling a $7 trillion federal deficit over 10 years. Now the corporations want more tax breaks before the end of this year, and as prices rise on everything from food to gas, corporations are raking in record profits. In 2021, corporations recorded annual profits of $2.8 trillion, up 25% from the year before. And in 2022, they enjoyed the highest profit margin in over 70 years.
As the cartoon of the “piggy” oil companies that appeared in the Cap Times last Thursday, corporations are price gouging us hardworking taxpayers, and that is the major cause of inflation and higher prices.
Call all your Republican legislators and tell them not to give the corporations another tax break, but rather raise their taxes to 35% again, bring our jobs home and stop catering to them when I pay more taxes than they do.