Crack down on big corporations

Crack down on big corporations

On Nov. 25, The News-Gazette reported: "Trump really wants to lead on welfare reform." Apparently, President Donald Trump wants to put his personal stamp on our nation's welfare system. He is talking tough in favor of a "more restrictive policy," as he believes that people are taking advantage of the system.

In 2016, 20 major corporations in America demonstrated that they were taxed the lowest among major economically advanced nations. In that year, they earned a total of $3.2 trillion and paid a total of $108.7 billion in federal taxes, an average of 3.4 percent. The 2016 corporate tax rate was 35 percent. Those tax loopholes really work.

Boeing was an interesting case, reporting $95 billion in profits, mostly from defense contracts, while paying only $1 billion in federal taxes, just about 1 percent. When corporations and politicians engage in bipartisanship, ordinary taxpayers have to make up for what is lost.

So, Mr. Trump, I want you to get tough with someone your own size and put your "stamp" on what appears to be a welfare system for the wealthy. I suggest you get tough with corporate America by opposing the lowering of their tax rate and eliminating all of the loopholes they use to avoid paying federal taxes at their current 35 percent rate.


Rural Champaign