And it confirms that Trump and the Republican party are still willing to lie in order to accomplish their corrupt agenda for the "swamp" they are in bed with. Trump said the tax plan would eliminate all the tax loop holes and goodies given to corporate America and the wealthy but the fine print in the plan confirms the opposite.
The Institute on Taxation and Economic Policy said Trump and the republican's plan still contains the corporate welfare subsidies for the fossil fuel industry. (The energy industry) Their report points out that Exxon-Mobil received $12.8 billion in subsidies and paid a tax rate of 13.6% over the past 8 years. In contrast, nurses and appraisers earn an average of $60,000 a year and pay a tax rate of 15%. Exxon-Mobil is only one oil company, just think how many more oil companies obtained the subsidies and how much corporate welfare it is costing the average tax payer to fund those subsidies.
The oil industry not only enjoys the tax subsidy, they pay a smaller percentage in taxes than the middle class. And when one thinks of other industries who enjoy the same benefits, the total tax subsidy of corporate welfare is staggering. And Trump and the republicans cut the subsidies allowed in the ACA when they tried to pass their own health care scheme which was defeated by the democratic party and four republicans Senators. Trump and the republicans don't like subsidies to help people buy insurance but they love welfare subsidies for corporate America.
Each day more of the fine print will emerge of the tax scheme and Trump and his party will continue their lies. The tax scheme also ended subsidies for the Electric Automotive Industry. Trump and the republicans dislike subsidies for the clean fuel industry but love them for big oil and the fossil fuel polluting industry. And that really says it all.
This commentary written by Joe Lorio
