Class Warfare Blog

May 25, 2019

Now I Understand!

Filed under: Economics,Politics — Steve Ruis @ 11:59 am
Tags: , ,

In a recent post (What, The Huge Trump Tax Cut Didn’t Prevent This?) I pointed out that the Ford Motor Company has been laying off employees and will be laying off even more in an effort to save money. I though this is what the huge tax cut given to corporations like Ford was supposed to solve.

Then I stumbled on this NYT graphic of the corporations in 2018 which paid no federal tax (some even receiving rebates!):

Stunningly FoMoCo was not on this list, which means they have been paying corporate income taxes! (Apparently three out the past ten years!)

No wonder they are having financial problems! Fools!

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4 Comments »

  1. Remember, it’s not “welfare” (whispers, democratic socialism) when it goes to patriots.

    Liked by 1 person

    Comment by john zande — May 25, 2019 @ 2:59 pm | Reply

    • … or corporations or farmers hurt by stupid tariff policies, or … ?

      On Sat, May 25, 2019 at 2:59 PM Class Warfare Blog wrote:

      >

      Liked by 1 person

      Comment by Steve Ruis — May 26, 2019 @ 1:09 pm | Reply

  2. Hello Steve. I wonder if the lawmakers have made the tax code as confusing as possible on purpose or it happened to become that due to the special breaks and favors they gave to their wealthy donors? I know I am confused. The only thing I am sure of is most of the people in my area seem are losing ground each year. Hugs

    Liked by 1 person

    Comment by Scottie — May 25, 2019 @ 3:05 pm | Reply

  3. Hi, Scottie, are your mug shots getting better because you got a better photographer, or are you just getting more handsome?

    The vast majority of the tax code doesn’t apply to you and me. Much of what does is special perks for this and that. If mortgage interest weren’t deductible, the math would be simpler. (The history of the mortgage tax deduction is quite telling. A hundred years ago, people bought houses for cash. Home loans were quite rare. Ordinary people borrowed from their relatives. But when rich people need to buy more expensive homes, well then loans were involved. (The rich people could be counted on to pay them back, no? And besides the rich people were friends of the bankers, were in the same clubs, etc.) Then a deduction for mortgage interest got passed and ordinary people didn’t care because, well, they never would get such a loan so they never would have to pay one off.

    I argue that a mortgage interest deduction merely allows the sellers to charge higher prices, because the realtors factor that in when counseling us as to whether we can afford to but what they are selling. Of course, repealing it would raise Holy Ned.

    Like

    Comment by Steve Ruis — May 26, 2019 @ 1:15 pm | Reply


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