Proposed Tax on Amazon, Microsoft: A Fiscal Fairytale
Newsweek reports on a bill aiming to tax Amazon and Microsoft. Apparently, this is to 'offset' the 2017 Trump tax cuts that disproportionately benefited the ultra-rich and corporations. One might wonder why we're discussing 'offsetting' rather than simply addressing the systematic gutting of corporate tax obligations that allowed these behemoths to reach their current size, often paying pennies on
the dollar compared to average citizens. While politicians grandstand on taxing 'big tech,' the same corporations spend millions lobbying Congress to ensure tax loopholes remain gaping chasms. For instance, Amazon paid $15.3 million for lobbying in 2023 alone (OpenSecrets.org), ensuring any proposed 'taxes' are mere window dressing. How many 'big beautiful bills' will it take for actual tax
reform, not just performative offsets?