Ron Johnson’s crusade for simplicity
2 months, 1 week ago

Ron Johnson’s crusade for simplicity

Raw Story  

Back during President Donald Trump’s first administration, Wisconsin Republican Sen. Ron Johnson was known as Trump’s most reliable ally in the U.S. Senate. He cast the deciding vote for Trump’s tax code rewrite giving corporations tax cuts worth $1.4 billion — but only after he arm-twisted Trump and Congress into including special benefits for so-called “pass-through” corporations — companies like his own PACUR plastics firm — whose profits are distributed to their owners. “Whatever we do, we need to make it permanent,” Johnson said of the individual income and estate tax provisions of the 2017 Trump tax law. New research shows that workers who earned less than about $114,000 on average in 2016 saw “no change in earnings” from the corporate tax rate cut, while top executive salaries increased sharply, the Center reports. “Similarly, rigorous research concluded that the tax law’s 20% pass-through deduction, which was skewed in favor of wealthy business owners, has largely failed to trickle down to workers in those companies who aren’t owners.” Yet making those tax cuts permanent is among the “top priorities” for Congress and the new administration, Johnson said.

History of this topic

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