The looting of America is not the byproduct of protests, but rather it can be seen in our country’s broken economic system, one that allows tax breaks for the ultra-rich, unchecked legislation that enables shareholders to get payouts even when the money comes from a federal bailout, and corporate double-dipping while employees lose their livelihood.
This type of looting has a long history, but the coronavirus pandemic has only emphasized its impact, and shown clearly who the real looters are. Amidst this, the greatest public health crisis in the last century, 40 million people filed for unemployment and the federal government scrambled to find ways to bail out companies and bolster the economy. Within the CARES Act, a myriad of programs were introduced, one of which enables adjustments to tax law which alters what certain business owners are allowed to deduct from their taxes, with a goal of allowing companies to hold onto more money during a time of uncertainty.
And, because trickle-down economics is not much more than a nice idea rather than a reality, approximately 82% of the benefits from that tax law change go to people making $1 million or more annually. This means that 95% of the individuals who benefit make at least $200,000 a year, according to an analysis conducted by Congress’ joint committee on taxation.
(for more, go here:)
https://www.refinery29.com/en-us/2020/06/9852642/billionaires-rich-looting-america-tax-law-money
lifelessons - a blog by Judy Dykstra-Brown 