(Ventura, CA-AP) — Patagonia is announcing it plans to use the 10-million-dollars it earned because of tax cuts Republicans pushed through last year to help fight climate change. It said in a news release that it will donate the unplanned cash to organizations that are fighting climate change.
Patagonia CEO Rose Marcario called the tax cuts “irresponsible” and the President’s continued denials of climate change “evil.” Bloomberg reports the tax cuts passed last year have given companies about 13-billion-dollars in unplanned cash.
On Friday the Trump Administration issued a Congressionally-mandated report on climate change that said it is real and getting worse because of man. It also concluded climate change will cost the U.S. economy hundreds of billions of dollars over the century. Trump said he doesn’t believe it.
(SL) – The new tax bill will hurt the majority of Americans instead of helping them and we’re not even going to get into the 1.5 trillion dollars that it will add to the nation’s debt.
Republicans would like for you to believe that the middle class will experience some relief but that’s just not the case. READ THE FULL 505 PAGES HERE…
A new tax cut for the rich: The final plan lowers the top tax rate for top earners. Under current law, the highest rate is 39.6 percent for married couples earning over $470,700. The GOP bill would drop that to 37 percent and raise the threshold at which that top rate kicks in, to $500,000 for individuals and $600,000 for married couples. This amounts to a significant tax break for the very wealthy, a departure from repeated claims by Trump and his top officials that the bill would not benefit the rich. The new tax break for millionaires goes beyond what was in the original House and Senate bills, with Republicans seeking to ensure wealthy earners in states such as New York, Connecticut and California don’t end up paying substantially higher taxes as a result of the bill.
A massive tax cut for corporations: Starting on Jan. 1, 2018, big businesses’ tax rate would fall from 35 percent to just 21 percent, the largest one-time rate cut in U.S. history for the nation’s largest companies. The House and Senate bills originally had the big-business tax rate falling to 20 percent, but Republicans were not able to make the math work to keep the rate that low and start it right away in the new year, so they compromised by moving the rate to 21 percent. It still amounts to roughly a $1 trillion tax cut for businesses over the next decade. Republicans argue this will make the economy surge in the coming years, but most independent economists and Wall Street banks predict only a modest and short-lived boost to growth.
Continue reading New Tax Bill Caters To Wealthy 1%, Will Add 1.5 Trillion Dollars To National Debt
(SL) – Democrats say the Republican tax bill unveiled today is a tax cut for the wealthy at the hands of the middle class. In a Capitol press conference, House Democratic Leader Nancy Pelosi called the bill a Ponzi Scheme and said Americans who depend on Medicare, Medicaid, or credits for childcare would be the losers of this bill.
Senate Democratic Leader Chuck Schumer added that the bill is designed for major corporations and the wealthiest bracket of Americans to get ahead.
He said Republicans were ashamed of this bill, or they would give it the hearings and time for independent scoring that it deserved.
Meanwhile, Trump believes the plan will help make the U.S. globally competitive again. Trump met with GOP leaders at the White House today and called it a tremendous bill that will produce historic tax cuts.
He said the tax code will be greatly simplified and joked that the only people who won’t like it are those who work for H&R Block. Trump predicts that the tax cuts will stimulate more job growth and higher wages.