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Nope..Democrats seize on report of FedEx's $0 tax bill to slam Trump's tax plan | TheHill
Democrats are seizing on a report published by The New York Times on Sunday that found FedEx didn’t owe anything in taxes in fiscal year 2018, a year after President Trump signed off on a $1.5 trillion tax cut that sharply reduced tax rates for corporations in the country.
According to The Times, the package signed by Trump in December 2017, which FedEx reportedly lobbied heavily for, spelled good news the following year for the shipping company, which would later see a 34-percent drop in its effective tax rate in fiscal year 2018. Its tax rate was reportedly brought to less than zero at the time.
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And the poor & middle-class picked up the tab, the ones who can least afford to subsidize big corporations & fat cat beneficiaries like the Waltons.
Trump tax cuts and the middle class: Here are the facts | Fox BusinessA family of four with annual income of $73,000 is seeing a 60 percent reduction in federal taxes -- totaling to more than $2,058. According to the Heritage Foundation, the typical American family will be almost $45,000 better off over the next decade because of higher take-home pay and a stronger economy.
Tax reform doubled the child tax credit from $1,000 to $2,000, giving over 22 million American families important tax relief. The standard deduction was doubled from $6,000 to $12,000 ($12,000 to $24,000 for a family) giving tax relief for over 105 million taxpayers that took the deduction prior to tax reform and simplifying the code for tens of millions Americans that will not take the standard deduction instead of itemizing.