S5 E8: Corporate Taxes, James Comey & Syria: Last Week Tonight with John Oliver

16 Sep 2024 (2 days ago)

Political News and Events

James Comey gave an interview to ABC discussing allegations involving Donald Trump and prostitutes in Moscow, which he found very strange.
The FBI raided the office of President Trump's personal lawyer, Michael Cohen, causing significant distress to Trump.
It was revealed that Cohen arranged hush money for other political figures, including a $1.6 million settlement for Republican fundraiser Elliot Broidy, who resigned after the news broke.
Speaker of the House Paul Ryan announced he would not seek re-election, Trump pardoned Scooter Libby, and rumors surfaced about Trump fathering a secret child.
The U.S. bombed Syria in response to a suspected chemical attack, sparking debates about Trump's authorization and the potential for prolonged conflict.
Trump defended his use of the term "mission accomplished" regarding the Syrian raid, despite criticism and historical context.

Tax Reform and Loopholes

The main story focused on taxes, highlighting the complexity and frustration of the U.S. tax system, with a humorous reference to Cardi B's Instagram video questioning government spending.
The recently passed Omnibus spending package covers the military, healthcare, Social Security, veteran and unemployment benefits, discretionary spending, and interest.
The Tax Cuts and Jobs Act of 2017 lowered the top federal corporate tax rate from 35% to 21%.
Companies like GE have used loopholes to lower their effective tax rate, with some companies paying no federal income tax between 2008 and 2015.
Apple had $269 billion in profits parked overseas at the end of last year.
Google licensed intellectual property created in the U.S. to a subsidiary in Ireland, then reportedly funneled profits through the Netherlands and into Bermuda to avoid U.S. taxes.
The 2004 American Jobs Creation Act, which offered a one-year 5% tax holiday for companies that brought overseas profits back to the U.S., did not result in significant job creation. Instead, companies used 94 cents of every dollar to reward shareholders through stock buybacks and dividends.
President Trump celebrated Apple creating 20,000 new jobs, attributing it to tax cuts, but Apple CEO Tim Cook stated that the hiring would have likely occurred regardless of the tax cuts.
The speaker argues that the recent tax reform was a missed opportunity, as it focused on lowering rates without addressing loopholes such as tax havens.
While publicly touting the benefits of tax reform for average Americans, President Trump privately celebrated the wealth it generated for affluent individuals.

Russell Crowe Memorabilia Auction

Russell Crowe auctioned off memorabilia from his acting career, including a leather jockstrap worn in the film Cinderella Man, which sold for $7,000.
The show purchased several items from the auction, including Russell Crowe's and Denzel Washington's director chairs from the film American Gangster, a vest worn by Crowe in Les Misérables, a hood worn by Crowe in Robin Hood, and a satin robe and gym shorts worn by Crowe in Cinderella Man.
The show is offering all of the memorabilia to the manager of the last Blockbuster in Anchorage, Alaska, located at 5600 Debarr Road, if they call within 48 hours.