It seems like a lifetime ago, but I still hear all the right wing voices screeching in my head back in 2008. Their biggest cry? “Obama is going to redistribute wealth!”. It was a cry over the idea of tax the more wealthy people a higher rate.
Fast forward 11 years and we never saw that. In fact we saw Obama actually extend the Bush tax cuts. Then Obama left and Republicans came into power, in which they passed their new tax bill, which was sold as something to help us all. Well I guess it did, if we “all” our big corporations.
In a new report from the Institute on Taxation and Economic Policy (ITEP), it was found that the king of streaming, Netflix, had a wonderful year thanks to the Trump tax cuts.
The popular video streaming service Netflix posted its largest-ever U.S. profit in 2018—$845 million—on which it didn’t pay a dime in federal or state income taxes. In fact, the company reported a $22 million federal tax rebate.
So they made close to a billion dollars, paid no taxes and even got an additional $22 million from the feds? Well we see where the redistribution of wealth is happening. We’re all paying taxes, while mega-corporations like Netflix aren’t and even getting some of our hard earned money.
People wonder why new faces to the Washington scene like Alexandria Ocasio-Cortez are making such big splashes. Well this is the exact reason why. They are tired of seeing this corporate welfare, paid by hard working Americans. They are standing up to it, calling for higher taxes and leveling of the playing field for those that can afford it. As we start hearing of more companies getting landfalls from the GOP Tax Scam, while workers continue to take it up the keister, the demand for more AOCs will only rise. As a society, we can not continue down the path of reverse Robin Hood.