When we of the resistance start calling our US Senators and / or our US Congress representatives, it is helpful to know the real reason they are pushing this supposed tax cut bill for the middle class, while they cut taxes for the rich, bigly.
As per a 1/ 20/ 2016 NY Times report by Adam Davidson, “But even if you accept all these reasons (companies sitting on large piles of cash), we are still left with an enormous puzzle. Companies like Google and GM are holding on to far more cash — many times more — than could possibly be explained by emergency funds and tax efficiencies and M.&A. intimidation put together. Lee Pinkowitz, a professor at Georgetown, told me that finance economists agree that there is a puzzle here but break into two distinct camps over the cause. One camp believes that a large cash hoard is a sign of an unhealthy company. Maybe its whole industry is doing so poorly that there is nothing worth investing in; maybe it’s because executives are up to something shady, stockpiling cash as a personal war chest to mask poor decision-making and protect their jobs (cash in the bank, suddenly deployed, can make a firm seem more profitable than it actually is). The other camp doubts that the free market could be allowing executives to hold all that cash if it were purely for their own benefit.” See: Why Are Corporations Hoarding Trillions? – The New York Times
THE US SENATE’S TAX CUT BILL IS STILL OPEN FOR INPUT.
It is important for us who are part of the resistance to start contacting our senators to insist that at the very least, the tax cuts be legitimately more targeted to the middle class instead of another “smoke and mirrors” plan which is designed to be a pay back to “big money” donors.
TO FAX: Resistbot will do it all for you. Text “RESIST” to 50409 or message Resistbot on Facebook and it will walk you through the steps to fax your Senator and will tell you when your fax has been delivered.
The main US Senate phone line 202-225-3121 (202-224-3121) or YOU CAN FIND PHONE NUMBERS FOR EVERY SENATOR HERE. or U.S. Senate: Senators of the 115th Congress.
Here’s the rest of the story…
On November 7, 2017, Dylan Scott of VOX penned the following report, “House Republican: my donors told me to pass the tax bill “or don’t ever call me again.””
“The House Republican tax overhaul has already made a lot of enemies.”
“Moderate Republicans from New York and New Jersey worry their constituents would lose big if they can no longer deduct their state and local taxes from their federal tax bill — one of the key ways Republicans are hoping to pay for the corporate tax cut at the center of the plan. Outside groups on the right, like Club for Growth, also object to the bill, saying that taxes for millionaires should be cut even more. Outside estimates project that millions of middle-class Americans could end up paying higher taxes.”
“Yet the bill is still expected to pass the House.”
“Why? Consider this comment from Rep. Chris Collins (R-NY), one of those New York Republicans who theoretically might be upset that his constituents would be expected to lose under the GOP bill.”
“We know donor pressure is a big reason that Republicans kept trying to repeal Obamacare. But they still failed. Tax reform is their next — and maybe last — chance to deliver a big legislative victory. Republicans know it.”
“We haven’t repealed Obamacare, so if we don’t get tax reform done, we are in trouble,” Sen. Mike Lee (R-UT) said back in September. “We might as well flip up our tent and go home.”
“So House Republicans aren’t going to sweat the details. Their donors put them in office to cut their taxes.”
Related Article: What we know — and don’t know — about the Senate’s tax plan