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Texas has been humming for a while now, through several iterations of federal tax policy. Colorado and Washington are doing even better.
AIPAC isn't world Jewry, and the political state of Israel and its policies aren't "the Jews."
Texas has been humming for a while now, through several iterations of federal tax policy. Colorado and Washington are doing even better.
Trash’s tax cuts are failing spectacularly as the GOP’s predictions go down in flames
“A treasury secretary who can’t count needs to be held accountable.”
the deficit has soared in the two years since passage of the tax legislation.
CNN reported earlier this month that the deficit topped a trillion dollars during the first 11 months of fiscal year 2019.
“Mnuchin’s empty promise shows just how much the 2017 tax cuts for the rich were a scam on the American people,”
“Mnuchin’s prediction was off by $1 trillion.”
Mnuchin’s other
false promises, including his prediction that the Republican tax bill would send economic growth soaring above three percent.
“Annual gross domestic product was under three percent last year after passage of the tax cuts, and
the latest third quarter results show GDP growth of two percent and a likely increase of 2.2 percent for the year.”
the tax bill did virtually nothing to boost wages or GDP.
the tax cuts led to a surge in stock buybacks, which largely benefit rich executives.
Republican allies are deliberately boosting the budget deficit
to bolster their case for slashing safety net programs like Medicare, Medicaid, and Social Security.
Trump has discussed cutting major social programs as a possible “second-term project.”
“This was the bait-and-switch plan all along,” Clemente said.
“Bust the budget with tax handouts to the rich and corporations, and
then pay for them by cutting essential services to working families.”
https://www.rawstory.com/2019/09/trumps-tax-cuts-are-failing-spectacularly-as-the-gops-predictions-go-down-in-flames/?utm_source=&utm_medium=email&utm_campaign=1578
Low IQ Fox Guest Claims Wealth Tax Hurts The Poor & Middle Class
RECESSION LOOMING? CORPORATE KINGPINS ARE DUMPING STOCK
insiders are selling at rates unseen in two decades.
Executives across the United States are shedding stock in their own companies at the fastest pace in two decades, amid concerns that the long bull market in equities is reaching its final stages.
Corporate insiders — typically CEOs, chief financial officers and board members — sold a combined $19 billion of stock in their companies through to mid-September,
That year executives sold $37 billion of stock amid the giddy highs of the dot-com bubble. That projected total for the year would also set a postcrisis high, eclipsing the $25 billion of stock sold in 2017.
Enthusiastic sellers of their own stock this year include members of the Walton family, who have sold a combined $2.2 billion of shares in the Walmart retail empire. Executives at Estée Lauder, the cosmetics giant, and clothing group Lululemon Athletica also appear among the most active sellers,
Investors often use data on insider stock sales as a rough marker for the confidence of executives in their own companies’ prospects.
es in selling indicate that top figures in boardrooms around the country are taking advantage of high valuations in the U.S. stock market, which has broken records this year but which faces pressures stemming from slowing global growth and Washington’s lengthy trade dispute with Beijing.FACEBOOK CEO MARK ZUCKERBERG
HAS SOLD $960 MILLION IN STOCK FOR THE YEAR SO FAR.
https://www.ozy.com/a en/recession-looming-corporate-kingpins-are-dumping-stock/96958?utm_term=OZY&utm_source=Sailthru&utm_medium= email&utm_campaign=DD_2019_09_29&utm_content=Final
Last edited by boutons_deux; 09-30-2019 at 10:31 AM.
Trump’s Trillion-Dollar Hit to Homeowners
By reducing deductions for real estate taxes, Trump’s 2017 tax plan has harmed millions — and helped give corporations a $680 billion gift.
it has inflicted a trillion dollars of damage on homeowners — many of them middle class — throughout the country?
That massive number is the reduction in home values caused by the 2017 tax law that capped federal deductions for state and local real estate and income taxes at $10,000 a year and also eliminated some mortgage interest deductions. The impact varies widely across different areas.
Counties with high home prices and high real estate taxes and where homeowners have big mortgages are suffering the biggest hit, as you’d expect, given the larger value of the lost tax deductions.
because of the 2017 tax law, U.S. house prices overall are about 4% lower than they’d otherwise be.
The next question is how many dollars of lost home value that 4% translates into.
The Federal Reserve Board says that as of March 31, U.S. home values totaled about $26.1 trillion.
Apply Zandi’s 4% number to that, and you end up with a $1.04 trillion setback for the nation’s home owners. That’s right — a trillion, with a T.
house prices are about 4% lower than they’d otherwise be.
Zandi’s numbers imply that homeowners’ equity is down about 6.6% from where it would otherwise be.
(That’s the $1.04 trillion value loss divided by the $15.76 trillion of equity.)
a very big deal to families whose biggest financial asset is the equity they have in their homes. And there are untold millions of families in that situation.
estimated home-price damage done to about 3,000 counties throughout the country. I was fascinated — and appalled — to see that
the biggest estimated value loss in percentage terms, 11.3%, was in Essex County, New Jersey
the four other counties that make up the five biggest-losers list are:
Westchester County, New York, suburban New York City, 11.1%;
Union County, New Jersey, which is adjacent to Essex County, 11.0%;
New York County, the New York City borough of Manhattan, 10.4%; and
Lake County, Illinois, suburban Chicago, 9.9%.
even homeowners who aren’t affected by the inability to deduct all their real estate taxes and mortgage interest costs are affected by the tax bill.
higher interest rates for buyers translate into lower prices for sellers and therefore produce lower values for owners.
eliminating the deduction for millions of homeowners inflicted serious financial damage on homeowners who had no warning that a major tax deduction that they were used to getting would be wiped out.
According to the Tax Policy Center,
the Treasury will get $620 billion of additional revenue over a 10-year period because people can’t deduct their full state and local taxes. ( iow, the Trash/Repug tax cut was a huge tax increase )
That, in turn,
covers most of the 10-year, $680 billion cost of the income tax break that corporations are getting.
So you can make a case that my friends and neighbors and co-workers in New York and New Jersey — and many of you all over the country — are paying more federal income tax in order to help corporations pay less federal income tax.
That, my friends, is the bottom line.
https://www.propublica.org/article/t...investigations
"revenue neutral" : the non-oligarchy while enriching the oligarchy.
One Trump Tax Cut Was Meant to Help the Poor.
A Billionaire Ended Up Winning Big.
Opportunity zones are meant to spur new investment in poor areas.
But Under Armour’s Kevin Plank is getting
a tax break for investments
that are not new and
not in a poor tract.
And Plank’s area was picked over neighborhoods that are actually poor.
Lying near a development project
controlled by Under Armour’s billionaire CEO Kevin Plank, one of Maryland’s richest men, and Goldman Sachs,
the little sliver of land will allow Plank and the other investors to claim what could amount to millions in tax breaks for the project, known as Port Covington.
https://www.nbcnews.com/business/business-news/trump-has-lost-1-billion-personal-wealth-running-president-n916221
How a Tax Break to Help the Poor Went to NBA Owner Dan Gilbert
After a lobbying effort, Dan Gilbert, billionaire founder of Quicken Loans,
won special tax status for wealthy areas of downtown Detroit where he owns billions worth of property.
https://www.propublica.org/article/how-a-tax-break-to-help-the-poor-went-to-nba-owner-dan-gilbert?utm_source=pardot&utm_medium=email&utm_cam paign=majorinvestigations
As always, the oligarchy buys the govt policies, regs, rules that enrich itself and starve everybody else.
The GOP Tax Cuts Didn’t Work
Republicans said the reform would
grow the economy by up to 6 percent,
stimulate business investment, and
pay for itself.
None of that happened.
https://www.theatlantic.com/ideas/archive/2019/10/why-donald-trumps-economic-dream-crumbled/601153/?utm_content=edit-promo&utm_campaign=the-atlantic&utm_medium=social&utm_source=facebook&utm _term=2019-10-31T10%3A00%3A44&fbclid=IwAR0za3m8MUZG-yScOn5Pxa_0HTXnRGaApPKIQzxJijsAxCBVRpT1OclHSas
Charities fear continuing downward trend in giving as GOP tax law changes discourage donations
charitable giving has contracted in the wake of tax code changes implemented under the Tax Cuts and Jobs Act of 2017.
The nonprofit Marketplace reports that the
near-doubling of the standard tax deduction for most Americans under the act has made itemizing deductions—formerly an incentive to donating to nonprofits—less attractive.
“The kinds of people who support food banks and local social services,
they tend to be people who are middle class or lower class.
That’s because they’re much more in touch with the needs of social services;
maybe they’ve benefited themselves from a social service at some point.”
“Now, we don’t think people just give because of the tax benefit. But we certainly think it affects the amount they give.”
“I’ve never seen a dip like this.”
https://www.dailykos.com/stories/2019/12/2/1903018/-Charities-fear-continuing-downward-trend-in-giving-as-GOP-tax-law-changes-discourage-donations?detail=emaildkre
After 2 Years, Trump Tax Cuts Have Failed To Deliver On GOP's Promises
It was supposed to be a gift-wrapped present to taxpayers and the economy.
But in hindsight, it looks more like a costly lump of coal.
more than 60% of the tax savings went to people in the top 20% of the income ladder
The measure also slashed the corporate tax rate by 40%.
"It will be rocket fuel for our economy," Trump promised.
"The tax plan will pay for itself with economic growth,"
"It was unbelievable at the time, and it's proven to be absolutely untrue,"
"The tax cuts were never going to — and have not — come anywhere close to paying for themselves."
Corporate tax revenues fell 31% in the first year after the cut was passed.
Overall tax revenues have declined as a share of the economy in each of the two years since the tax cut took effect.
"Not surprising, if you cut taxes, you get less in revenues,"
"And what we've been doing at the same time is we've been increasing spending.
And no surprise, our deficit has exploded."
The federal deficit this year was $984 billion — an extraordinary figure at a time when the country is not mired in recession or widespread war.
"After eight straight years of slow growth and underperformance, America is ready to take off,"
Senate Majority Leader Mitch McConnell saidThe Repugs blocked ALL types of economic stimulus that would make Obama/Dems look good
the economy grew 2.9% last year — exactly the same as in 2015.
"A year further down the road, we're really not seeing much of any leftover of this fiscal stimulus package."
the economy is projected to grow only about 2% this coming year. That's below the administration's target of 3% and
slightly below the average growth rate since 2010.
only about 40% of Americans approved of the cut while 49% disapproved.
experts say most workers did get a bump in their take-home pay,
it was largely invisible to many taxpayers.
Only about 14% of those surveyed by Gallup believe their taxes went down.
"For millions of middle-class Americans, it is not a very happy anniversary,"
the president is now talking about another round of tax cuts, after the 2020 election.
"We're going to be doing a major middle-income tax cut, if we take back the House,"
https://www.npr.org/2019/12/20/789540931/2-years-later-trump-tax-cuts-have-failed-to-deliver-on-gops-promises
Last edited by boutons_deux; 12-25-2019 at 08:19 PM.
New analysis of Trump and Republican tax breaks shows tons of corporations paying nothing in taxes
The Ins ute on Taxation and Economic Policy (ITEP.ORG) has done an analysis of 379 corporations and their tax burdens since the Republican Party and Donald Trump gave them the enormous tax cuts that most Americans were dead-set against.
“Corporate Tax Avoidance In The First Year of The Trump Tax Law” is available
The 379 profitable corporations identified in this study paid an effective federal income tax rate of 11.3 percent on their 2018 income, slightly more than half the statutory 21 percent tax
91 corporations did not pay federal income taxes on their 2018 U.S. income. These corporations include Amazon, Chevron, Halliburton and IBM. An ITEP study released in April 2019 examined 2018 Fortune 500 filings released to date and found 60 companies paid zero in federal income taxes. Now, all companies have released their 2018 financial filings, and this report reflects that.
Another 56 companies paid effective tax rates between 0 percent and 5 percent on their 2018 income. Their average effective tax rate was 2 percent.
Of the 91 corporations not paying anything in federal income taxes, here are the top 10 most profitable:
- Amazon.com
- Delta Air Lines
- Starbucks
- Chevron
- General Motors
- EOG Resources
- Occidental Petroleum
- Duke Energy
- Dominion Resources
- Honeywell International
In all 10 of those examples, their effective tax rates are negative.
https://www.dailykos.com/stories/201...tail=emaildkre
The Repugs tax cuts of 2001 and 2017 were nothing but the oligarchy paying Repugs to rig the economy in favor of the oligarchy and against the non-oligarchy.
With Repugs cutting nearly $1B from IRS, the IRS doesn't have the resources to go after big, complicated BigCorp and the hyper-wealthy, so it hammers the small companies and individuals with audits and penalties.
Thanks to Trump, Workers Pay Higher Tax Rates Than World’s Largest Corporations
workers at some of the biggest corporations in the world are paying higher tax rates than their employers
Republican-passed tax cuts signed by President Trump in 2017
permanently lowered the corporate tax rate from 35 percent to 21 percent but
many companies are paying nowhere near that figure.
The study identified
379 Fortune 500 companies that turned a profit in 2019 and found that the companies paid an average tax rate of 11.3 percent.
At least 91 of the profitable Fortune 500 companies paid no taxes or had a negative tax rate,
including giants like Amazon, Starbucks, Netflix and General Motors.
Another 56 companies paid an effective tax rate of 2.2 percent.
Just 57 of the companies the study looked at paid effective tax rates of 21 percent or higher.
https://truthout.org/articles/thanks...-corporations/
Capital continues to win big by attacking and impoverishing Labor
Just as a reference, Rawstory owns Alternet
Please continue your psychotic ranting.
Dunno about The Intercept being left. Strike me more as libertarian.
Also WSJ definitely right of center, not just opinion.
The Republican tax law is bringing in far less money than claimed—but it's not an accident
the efficiency with which big U.S. corporations were able to extract a host of tax breaks
from the Trump administration's "regulators" in the wake of the hastily scribbled-together 2017 Republican "tax cuts" is a good example of this.
It has specific corporate names,
specific lobbyist efforts, and
the specific tweaks they won
to undermine whatever pretense the Republican law had of "closing loopholes" or,
more critically, meeting the revenue claims the Paul Ryans of the party blustered it would.
the overall effort has ended in a budgetary disaster.
government coffers are expected to be down a trillion dollars in 2020,
Republicans were racing to use unified Republican government to push forward a longtime dream of the Ayn Rand wing of the party:
murder effective government through orchestrated neglect.
goals taken directly from Grover Norquist and other hard-right conservatives who have for decades expressed
open contempt at government doing anything for anyone that did not involve bombing them;
the explicit technique favored has been, since Reagan,
to slash government revenues to unsustainable new lows,
then use the resulting deficits to argue that steep, vicious cuts are required—for social services.
This is not a hidden agenda,
The budget deficit, meanwhile, has exploded to a staggering $1 trillion.
It will be met, when Republicans next lose the presidency,
with Republican demands that something is done about this outrage that somehow happened under Republican watch,
Conservatives will then demand we spend less on fixing the roads, and
less on feeding the poor, and
that Social Security is either gutted or
at the very least given to Wall Street as seed money for whatever new gambling effort the markets will next invent.
And then they will propose another corporate tax cut. And again,
the Paul Ryans of the party will lie, outright,
to claim that the next one will fix all this up for sure.
https://www.dailykos.com/stories/1911025
=============
How Big Companies Won New Tax Breaks From the Trump Administration
https://www.nytimes.com/2019/12/30/b...eat-gilti.html
If you consider Fox the first block of "right" then WSJ would be left of Fox by a wide margin.
LMAO at the Clinton News Network being hard left, or MSNBC with all their Republican hosts plus Claire McCaskill's fatass being hard left.
they put CNN opinion as hard left and CNN news only as slight left
CNN's opinion pieces seemed to be Clintonstanning during the primaries last election. Calling that hard left is crazy.
also having fox news as far right as WaPo is left is absurd tbh
i get what ur saying, but i dont think they mean farther on the spectrum of left, but rather showing a stronger bias to the left, generally. i know you dont consider clinton left, but in the context of the american spectrum, she's a democrat and clearly left
On the American spectrum she is at most center left.
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