Trump’s Tax Event Reveals His Tax Hypocrisy
March 14, 2018
Trump plans to hold a tax roundtable today at a Missouri Boeing plant, which is an interesting choice, considering Boeing epitomizes the overwhelming trend of corporations using their massive windfalls to benefit their wealthy shareholders over their workers.
Today Trump is going to a Boeing plant in Missouri to tout his corporate tax cut, even though Boeing has only paid an effective tax rate of 8.4% over the last decade.
Reuters: “Trump to visit Boeing plant in Missouri to tout impact of tax overhaul”
Institute On Taxation And Economic Policy: “Over 10 years (2008 to 2017), the company paid an effective federal tax rate of 8.4 percent on $54.7 billion of U.S. profits. Boeing’s latest annual financial report is for 2017, the final year it would be subject to the former 35 percent corporate tax rate. The report shows that Boeing paid an effective federal corporate tax rate of just 13.3 percent that year on $9.6 billion of U.S. income.”
After the Trump tax, Boeing distributed 60 times more to their wealthy shareholders than their workers.
Bloomberg: “The quarterly dividend will rise 20 percent to $1.71 a share, Boeing said in a statement Monday, surpassing analyst expectations. Directors also authorized $18 billion in share buybacks, up from a $14 billion program they put in place a year ago.”
Investor’s Business Daily: “In addition to expectations that GOP tax-cut plans will boost payouts and buybacks, hopes for bigger shareholder returns had already been running high at Boeing as improving operations have grown the outlook for cash flows.”
CNN Money: “Boeing (BA) has promised to invest $300 million on workers through training, upgraded facilities and charitable giving.”