You're Probably Getting Screwed

Tax Cuts For the Super Wealthy and Corporations Cost Us All!!!

We are living in the 2nd Gilded Age where economic concentration works for a few but leaves the majority of us behind. This newsletter is intended to highlight the stories of how regular Americans are getting screwed in this economy. This newsletter is for those who feel economically left behind.

Welcome to You’re Probably Getting Screwed, a weekly newsletter and video series from J.D. Scholten and Justin Stofferahn about the Second Gilded Age and the ways economic concentration is putting politics and profits over working people.

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Welcome to this Week’s You’re Probably Getting Screwed.

Just before Xmas, was the 6 year anniversary of The Tax Cuts and Jobs Act (aka Trump Tax Cuts aka Trump Tax Cut and ship jobs overseas act…)

Remember in 2023 when it took Kevin McCarthy 15 attempts to become Speaker of the House? Then the Speaker Fiasco where House Republicans kicked McCarthy out and took 3 weeks to find a replacement?

The precursor to that mess was from 2017 to 2018 when Republicans controlled the House, the Senate and the White House. When they could have passed anything, like something that could solve the border crisis but they continue blame other people all of the time…, their only main piece of legislation was this tax bill.

And nothing defines this legislation and the Republican Party more than giving permanent tax cuts to the super wealthy and huge corporations while making the working-class tax cuts temporary and ending in 2025.

According to Investopedia, the world's leading source of financial content on the web, they describe the tax cuts as is:

For the wealthy, banks, and other corporations, the tax reform package was considered a lopsided victory given its significant and permanent tax cuts to corporate profits, investment income, estate tax, and more.

So you can see why this is so unpopular. A couple of years ago, one poll showed just 17 percent of Americans believe their own taxes will go down as a result of the bill. 

Another poll found that 40 percent said they saw no change from the tax bill. And more said it drove their taxes up (32 percent) than lowered their tax bill (25 percent.)

And Politico added “The bill itself has been unpopular from the start and remains so..”

Remember that 3.5 number from the beginning? Extending Trump’s Tax Cuts would cost $3.5 trillion to the deficit. 

To quote Senator Wyden (D-OR)

 “The Republican game plan is clear. For every penny they give in tax handouts to the rich, down the road they’re going to demand equivalent cuts that boot people off their health care, increase child hunger, and raise the cost of living for typical Americans.” 

So remember that the next time you read about someone buying an extra yacht, the billionaire space race or building a $42 million clock in a mountain that they own, because that money means… You’re Probably Getting Screwed!

YOU’RE PROBABLY (ALSO) GETTING SCREWED BY:

Media Conglomerates

Axios reported recently that Warner Brothers and Paramount have plans to merge into a media behemoth. To give just a sliver of context of how massive this would be, it would place CNN and CBS under one company! 

Pharma

This CNN segment boasted about the three major insulin manufacturers capping copays at $35, but they buried the lead. The reason those prices were capped was because of changes included in the Inflation Reduction Act, not the charity of pharmaceutical manufacturers! 

PharmaBros

The FTC capped off 2023 with another victory, putting a halt to a proposed merger that would have created a duopoly in the advertising doctors receive about the drugs available to patients. Matt Stoller has a thorough analysis of the merger here. 

The Koch Brothers

Koch Industries wants to purchase the Iowa Fertilizer Company, which would allow the company to expand its share of the highly consolidated fertilizer industry that has gouged farmers.

Overdraft Fees

The Consumer Financial Protection Bureau found that a quarter of consumers said someone in their household was charged an overdraft or insufficient funds fee last year and that most of these charges were a surprise for households. 

Private Equity

Giant PE firm Brookfield (which is being sued for price-fixing) is acquiring 2,165 apartments in San Francisco, making it the largest landlord in the city. This is just the latest move by private equity to roll-up housing. According to one estimate, by 2030 PE might control 40% of single family home rentals! 

Hospital Monopolies

A forthcoming case study analysis from think tank Third Way will show how growing consolidation of Maine’s hospitals have driven up costs according to the Portland Press Herald. 

BEFORE YOU GO

Before you go, I need two things from you: 1) if you like something, please share it on social media or the next time you have coffee with a friend. 2) Ideas, if you have any ideas for future newsletter content please comment below. Thank you.

Standing Tall for All,

J.D. Scholten