Hiltzik: Corporate tax breaks are exploding the federal deficit. Guess who profits from that

分组1 - The 2017 corporate tax cuts have not resulted in significant long-term economic growth, and the measure has failed to pay for itself, leading to increased federal deficits [1][3] - The Tax Cuts and Jobs Act of 2017 reduced the corporate tax rate from 35% to 21%, resulting in a revenue loss of approximately $188 billion for the federal government in the previous year [2] - The Congressional Budget Office estimates that the recent corporate tax cut will increase the federal deficit by $77 billion this year [3] 分组2 - The benefits of the 2017 tax cuts have primarily flowed to the wealthy, with 56% of the gains going to company owners, 12% to executives, and 32% to high-paid workers, while low-paid workers received none [7] - The budget bill signed by Trump includes provisions allowing businesses to fully expense depreciable assets and research and development spending, which could lead to tax breaks of about $148 billion for companies in the S&P 500 [8][9] - Companies like AT&T and T-Mobile have projected significant tax savings from the budget bill, with AT&T expecting $6.5 billion to $8 billion in tax cuts over several years [9][10] 分组3 - Lockheed Martin anticipates tax benefits of $400 million to $600 million from the budget bill, while simultaneously increasing its stock dividend and authorizing $2 billion in stock buybacks [11] - The average effective corporate tax rate for large companies in the U.S. was just 16% in 2022, indicating that the U.S. collects less corporate tax revenue relative to its economy compared to other wealthy countries [13][14] - The distribution of economic benefits from tax cuts raises questions about who truly benefits, with corporations and their executives often gaining the most, while millions of Americans may struggle with healthcare affordability [15]