The GOP tax legislation is a giant tax cut for the rich, but it’s going to hit companies that employ hundreds of thousands of Americans with the brunt of the tax cuts.
Here are some of the top industries in the country with the most significant impacts:Businesses like Walmart and Target are the top two beneficiaries of the GOP’s $1.4 trillion tax cut.
The bill is also the largest tax cut since the Reagan tax cuts in 1981, which combined to raise the national debt by $2.2 trillion.
The Republican tax plan would provide a $1,000 tax cut to the top 2 percent of earners, with the rest of the income going to corporations and the top 1 percent.
But the top 0.1 percent of Americans would get an additional $1 trillion in tax cuts under the GOP bill, according to a new report from the Tax Policy Center.
That means the tax bill would provide $3,000 to every $1 earned by the top one percent.
The top 1.5 percent of households would receive $4,000.
The top 0:1 percent would get a total of $3.7 trillion in additional tax cuts from the GOP plan.
The rest of us would get the $1 tax cut plus the $400 credit for a family of four.
The tax cuts for corporations are a little trickier to predict.
The corporate tax rate is currently 35 percent, and many companies are moving into the 35 percent bracket to lower their tax bills.
The Senate is expected to vote on the bill on Thursday.
But some companies have already moved to cut their taxes to move their headquarters abroad.
For example, Wal-Mart said it will move 2,000 of its U.S. stores overseas, including some in Asia, as it reduces its tax burden.
The company has a global tax rate of roughly 39.6 percent, so moving its U, S., and P facilities overseas should be easy.
But moving those operations overseas also reduces revenue.
The Senate will vote on Thursday on the Republican tax bill.
But before the bill passes, we’ll have to see how big the corporate tax cuts really are.