The nations's Television talk shows, news media and the Wall Street Journal continue to promote Trump and the GOP's tax plan as tax REFORM, but the latest news from the financial sector tells us that corporate America and the wealthy are doing extremely well and that the tax proposal working its way through congress is actually a scheme and fraud.
Now comes a report that Amazon's founder and CEO Jeff Bezos net worth climbed above $100 billion on Friday as Amazon's stock closed at $1,186.00 per share. The stock has gained 58% so far this year. And so far Bezos' net worth increased $32.6 billion just this year. Just think, all that increase for Bezos and his company took place under the current tax structure and now Trump and the GOP's tax plan, if passed, will take another 15% off their corporate tax bill. The report also said Bezos is selling approximately $1 billion of his stock to invest in another one of his companies. Bezos also owns the Washington Post.
Bill Gates, the founder of Microsoft has a net worth of $88.9 billion according to Bloomberg's index and Warren Buffett's net worth is now $78.9 Billion. It is a sure bet that Microsoft and Buffett's companies do not need a 15% reduction in the corporate tax rate either. But Buffett is already on record as saying the present tax structure is not a road block to companies for making a profit and that corporation should actually pay more in taxes.
When 2017 comes to an end it will be a record profit year for corporate America which will once again demonstrate how Trump, the GOP and corporate America are committed partners in the continued scheme and fraud of transferring wealth from the middle class to the wealthy and corporate America under the fake news of tax REFORM. And that really says it all.
This commentary written by Joe Lorio
