To The Editor:
It seems that if large and profitable companies are given a very large tax cut, there should be a specific and defined action to be taken by these companies to show they have used those tax breaks to improve and expand their business.
They should have to prove within a reasonable amount of time that they have expanded their job force. They should have brought back a significant portion of overseas operations. They should have stopped sheltering profits in offshore accounts. They should prove they have improved worker benefits. They should show examples of corporate support for community and state charities. They should show they are not using these tax cuts to fund political campaigns.
Certainly any company that benefits from this massive tax cut should never be allowed to go to state and local governments expecting any special tax exemptions to start up a company or to move a company there.
As it stands now, the Trump government is handing them this big tax break without expecting any specific requirements for the application of these funds. Many economists believe this windfall will only go to the shareholders and bigger salaries for the top executives. Billionaire Warren Buffet, whose Berkshire Hathaway Company owns controlling stock in more than 60 major companies, says, “I don’t think any of them (his companies) are noncompetitive in the world because of the corporate tax rate.
The real problem, in my view, is the prosperity has been unbelievable for the extremely rich people.” He continues, “If you go to 1982, when Forbes put out its first 400 list, those people had $93 billion. Now they have $2.4 trillion, (a multiple of) 25 for one. This has been a prosperity that’s been disproportionately rewarding to the people on top.”