Federal tax payments by big businesses are falling much faster than anticipated in the wake of Republicans’ tax cuts, providing ammunition to Democrats who are calling for corporate tax increases.
The U.S. Treasury saw a 31 percent drop in corporate tax revenues last year, almost twice the decline official budget forecasters had predicted. Receipts were projected to rebound sharply this year, but so far they’ve only continued to fall, down by almost 9 percent or $11 billion.
Though business profits remain healthy and the economy is strong, total corporate taxes are at the lowest levels seen in more than 50 years.
Who would have predicted that the same lie Republicans have told before every one of their other tax cuts about how it would pay for itself would prove to be false just has it always has before? Weird.
* Katherine Faulders, John Santucci, and Will Steakin report that even Trump’s own polling shows him in bad shape:
Data from President Donald Trump's first internal reelection campaign poll conducted in March, obtained exclusively by ABC News, showed him losing a matchup by wide margins to former Vice President Joe Biden in key battleground states.
Trump has repeatedly denied that such data exists.
The polling data, revealed for the first time by ABC News, showed a double-digit lead for Biden in Pennsylvania 55-39 and Wisconsin 51-41 and had Biden leading by seven points in Florida. In Texas, a Republican stronghold, the numbers showed the president only leading by two points.
ABC News did not obtain the poll’s early matchups against other candidates.
Amusingly, Trump campaign manager Brad Parscale spun away this news by claiming that the internal polling has shown a huge swing in his favor since March, partly in reaction to ... the Mueller report. Yeah, right, Brad. Good one. -- gs
* Ellen Knickmeyer and Seth Borenstein report that the White House has been communicating with climate deniers outside government to strategize on how to undermine government efforts to combat climate change.
* Margaret Sullivan nails Sarah Sanders as the queen of gaslighting.
* Jason Samenow reports that this summer is seeing record ice melting in the Arctic.
* And Anne Applebaum explains how easy it is to bribe Jared Kushner, if that’s what you’re inclined to do.