Repug tax cut

[boutons_deux]

if only more american taxpayers had wells fargo stocks, they could have benefited and used those benefits to create jobs

you're not taking the trickle down far enough

Goddam, you're ing stupid.

create jobs? selling what?

[boutons_deux]

The Republican tax bill got worse: now the top 1% gets 83% of the gains

By 2027, more than half of all Americans — 53 percent — would pay more in taxes under the tax bill agreed to by House and Senate Republicans,

a new analysis by the Tax Policy Center finds.

That year, 82.8 percent of the bill’s benefit would go to the top 1 percent, up from 62.1 under the Senate bill.

And even in the first years of the bill's implementation, when it’s an across-the-board tax cut, the

benefits of the law would be heavily concentrated among the upper-middle and upper-class Americans,

with nearly two-thirds of the benefit going to the richest fifth of Americans in 2018.



https://www.vox.com/policy-and-polit...-policy-center

[spurraider21]

Goddam, you're ing stupid.

create jobs? selling what?

you think borowitz is real

[boutons_deux]

Robert Reich: A Guide to Why the Trump-Republican Tax Plan Is a Disgrace—for When You Confront Your Republican Uncle Bob During the Holidays


Here are the three main Republican arguments in favor of the Republican tax plan, followed by the truth.

1.It will make American corporations compe ive with foreign corporations, which are taxed at a lower rate.

Rubbish.

(1) American corporations now pay an effective rate (after taking deductions and tax credits) that’s just about the same as most foreign based corporations pay.

(2) Most of these other countries also impose a “Value Added Tax” on top of the corporate tax.

(3) When we cut our corporate rate from 35% to 20%, other nations will cut their corporate rates in order to be compe ive with us – so we gain nothing anyway.

(4) Most big American corporations who benefit most from the Republican tax plan aren’t even “American.” Over 35 percent of their shareholders are foreign (which means that by cutting corporate taxes we’re giving a big tax cut to those foreign shareholders). 20 percent of their employees are foreign, while many Americans work for foreign-based corporations.

(5) The “compe iveness” of America depends on American workers, not on “American” corporations. But this tax plan will make it harder to finance public investments in education, health, and infrastructure, on which the future compe iveness of American workers depends.

(6) American corporations already have more money than they know what to do with. Their profits are at record levels. They’re using them to buy back their shares of stock, and raise executive pay. That’s what they’ll do with the additional $1 trillion they’ll receive in this tax cut.

2.With the tax cut, big corporations and the rich will invest and create more jobs.

Baloney.

(1) Job creation doesn’t trickle down. After Ronald Reagan and George W. Bush cut taxes on the top, few jobs and little growth resulted. America cut taxes on corporations in 2004 in an attempt to get them to bring their profits home from abroad, and what happened? They didn’t invest. They just bought up more shares of their own stock, and increased executive pay.

(2) Companies expand and create jobs when there’s more demand for their goods and services. That demand comes from customers who have the money to buy what companies sell. Those customers are primarily the middle class and poor, who spend far more of their incomes than the rich. But this tax bill mostly benefits the rich.

(3) At a time when the richest 1 percent already have 40 percent of all the wealth in the country, it’s immoral to give them even more – especially when financed partly by 13 million low-income Americans who will lose their health coverage as a result of this tax plan (according to the Congressional Budget Office), and by subsequent cuts in safety-net programs necessitated by increasing the deficit by $1.5 trillion.

3.It will give small businesses an incentive to invest and create more jobs.

Untrue.

(1) At least 85 percent of small businesses earn so little they already pay the lowest corporate tax rate, which this plan doesn’t change.

(2) In fact, because the tax plan bestows much larger rewards on big businesses, they’ll have more ability to use predatory tactics to squeeze small firms and force them out of business.

Don’t let your Uncle Bob be fooled:

Republicans are voting for this because their wealthy patrons demand it.

Their tax plan will weaken our economy for years –

reducing demand,

widening inequality, and

increasing the national debt by at least $1.5 trillion over the next decade.

Shame on the greedy Republican backers who have engineered this.

Shame on Trump and the Republicans who have lied to the public about its consequences.

https://www.alternet.org/right-wing/guide-why-trump-republican-tax-plan-disgrace-when-you-confront-your-republican-uncle-bob

[baseline bum]

Goddam, you're ing stupid.

create jobs? selling what?

Selling the American Dream you ignorant mother er

[boutons_deux]

Warren and Sanders: Who Is Congress Really Serving?



https://www.nytimes.com/2017/12/17/o...e=opinion&_r=0

Is the question still asked? The answer from the Repugs has been clear for a long time.

[Spurminator]

if only more american taxpayers had wells fargo stocks, they could have benefited and used those benefits to create jobs

you're not taking the trickle down far enough

Goddam, you're ing stupid.

Never ceases to amaze.

[boutons_deux]

Wells Fargo CEO admits he won’t use his tax windfall to create more jobs

In an interview with CNN Money, Wells Fargo CEO Time Sloan made it clear what he plans to do with the corporation’s tax windfall — and it doesn’t benefit the average American worker.

“Is it our goal to increase return to our shareholders and do we have an excess amount of capital? The answer to both is, yes,” Sloan told CNN Money.

“So our expectation should be that we will continue to

increase our dividend and our share buybacks next year and the year after that and the year after that.”

And it’s not just Wells Fargo that stands to benefit.

Goldman Sachs could also see a tax break worth up to $6 billion dollars from the GOP tax bill.

In the NO- dept:


https://thinkprogress.org/wells-fargo-ceo-tax-reform-job-6b6b8462f239/

[rjv]

Trickle down works in a perfect world but this ain't a perfect world. First of all, the Feds have continued to raise interest rates (while continuing to fail to address its balance sheet of $4,500,000,000,000) and there are bubbles in the stock market, junk bond bubbles and even bubbles in the crypto currency 'market', and I don't see any reason to feel good about avoiding a global recession by some time in 2019. The tax cut is essentially a 4.5 trillion subsidy to the corporations which typically get redistributed among themselves, and that's on top of the Federal Reserve 'subsidy' to the banks of around 6 trillion dollars (although the balance sheet still indicates 4.5) in the form of quan ative easing. When Bush gave out his 3.4 trillion in tax cuts (which Obama extended to the tune of another 6 trillion dollars in tax cuts), 80% of it went to the wealthiest individuals and corporations. The 2005 Multinational Corporation Repatriation Bill gave out a nice incentive to offshore corporate accounts that was basically a huge tax cut (bring your money back over here and get a 5% tax rate in exchange). So, where is all this money going? How much of that could have been invested in jobs if 90% of that revenue went to buy more stocks and pay off dividends? Look for corporations to use loopholes and to convert cash into liquid where they can so that they essentially have no taxes to pay at times. If previous fiscal policy and tax cuts did not generate investment in job creation why would the current tax bill be any different? Wages will not rise, real jobs will not increase and the deficit will enlarge to the point of sequestration.

[boutons_deux]

The tax bill is a giant permission slip for shipping profits overseas

We tried one part of the GOP tax bill in 2004. It was a huge failure.

The bill would take currently untaxed profits of US companies being stored abroad — profits that would normally be taxed at a 35 percent rate upon being brought back to the US — and tax them at new ultra-low rates: 8 percent for profits invested in real estate and other hard assets abroad, and 15.5 percent for profits in cash and stock and other liquid assets.

This isn’t an exclusively Republican idea.

Liberals like former Sen. Barbara Boxer (D-CA), President Obama, and Senate Democratic Leader Chuck Schumer have all endorsed proposals that would give companies that stashed money overseas a big tax break.

The repatriation provision in the tax bill would effectively reward companies that kept profits abroad rather than pay the 35 percent US corporate tax rate on them. That doesn’t raise money — and, what’s more, it costs money in the long term by telling companies that storing profits overseas will be rewarded in the future.

Congress did something very similar in 2004,

offering companies a one-time “repatriation holiday” where they could bring back earnings and face a tax of only 5.25 percent, about a seventh of the normal 35 percent rate. The hope was that this money would then be invested in job-creating business activities in the US. But that’s not what happened:

The top companies repatriating earnings actually shed jobs over the next few years, and the funds were mostly funneled to shareholders in the form of higher dividends and more stock buybacks.

the tax bill set to pass Congress this week copies a policy from 2004 that we know failed.

Congress’s Joint Committee on Taxation has estimated that US companies have about $2.6 trillion in untaxed earnings overseas.

taxes profits invested in liquid assets like stocks and bonds at 15.5 percent, and

profits invested in harder-to-sell assets like real estate and equipment at 8 percent.

Both of those rates are far, far below the statutory rate, meaning companies with overseas profits are effectively being rewarded for keeping them abroad.

https://www.vox.com/2017/12/19/16791...bill-explained

the rightwingnutjobs' hated "elites" (the oligarchy) are looting America.

and the rightwingnutjobs are silent

[Reck]

Stupid s.

[dabom]

Trickle down works in a perfect world but this ain't a perfect world. First of all, the Feds have continued to raise interest rates (while continuing to fail to address its balance sheet of $4,500,000,000,000) and there are bubbles in the stock market, junk bond bubbles and even bubbles in the crypto currency 'market', and I don't see any reason to feel good about avoiding a global recession by some time in 2019. The tax cut is essentially a 4.5 trillion subsidy to the corporations which typically get redistributed among themselves, and that's on top of the Federal Reserve 'subsidy' to the banks of around 6 trillion dollars (although the balance sheet still indicates 4.5) in the form of quan ative easing. When Bush gave out his 3.4 trillion in tax cuts (which Obama extended to the tune of another 6 trillion dollars in tax cuts), 80% of it went to the wealthiest individuals and corporations. The 2005 Multinational Corporation Repatriation Bill gave out a nice incentive to offshore corporate accounts that was basically a huge tax cut (bring your money back over here and get a 5% tax rate in exchange). So, where is all this money going? How much of that could have been invested in jobs if 90% of that revenue went to buy more stocks and pay off dividends? Look for corporations to use loopholes and to convert cash into liquid where they can so that they essentially have no taxes to pay at times. If previous fiscal policy and tax cuts did not generate investment in job creation why would the current tax bill be any different? Wages will not rise, real jobs will not increase and the deficit will enlarge to the point of sequestration.

A lot of people don't know this. Especially the last part.

[baseline bum]

Stupid s.

What didn't pass the parliamentarian?

[boutons_deux]

What didn't pass the parliamentarian?

The Senate ruled that two provisions in the bill did not comply with the budget rules of reconciliation, which Republicans are using to avoid a Democratic filibuster, according to multiple congressional sources.

http://thehill.com/blogs/floor-action/house/365670-house-will-have-to-vote-for-tax-cut-bill-again

[baseline bum]

The Senate ruled that two provisions in the bill did not comply with the budget rules of reconciliation, which Republicans are using to avoid a Democratic filibuster, according to multiple congressional sources.

http://thehill.com/blogs/floor-action/house/365670-house-will-have-to-vote-for-tax-cut-bill-again

OK, so they had to remove some crap Cruz was pushing to fund expenses for home-schooling and the other was removing an exemption to tax on endowments for universities with fewer than 500 students. No reason to think Pence won't cast the deciding vote in the senate tonight for it.

[ElNono]

So I gather that after years of promises and complaints, the tax code has been vastly simplified with these changes? Less brackets, easier to prepare and file your taxes, etc?

[boutons_deux]

the owners of a particular sort of commercial real-estate en y—the kind that Donald Trump, Senator Bob Corker, and certain other members of Congress just so happen to own.

(On Monday afternoon, Senator Orrin Hatch, the chairman of the Senate Finance Committee, admitted that he was responsible for inserting the offending provision. The real-estate industry has long been a big donor to his campaigns.)

With a corporate rate of just twenty per cent, and a big new break for proprietors of unincorporated businesses and certain types of partnerships, the new code will contain enormous incentives for tax-driven restructurings, creative accounting, and outright fraud.

Every tax adviser and scammer in the country will be looking for ways to reclassify regular salary income as favored types of business income.

the first step will be to see how many of their

well-to-do clients could feasibly convert themselves into corporations.

“Taxpayers will be able to shield their labor income from tax by simply setting up a corporation and having their income accrue in the form of corporate profits. . . . Income that would have been taxed at the high individual rates is instead taxed at the low corporate rate,”

For some high earners, another alternative will be to go freelance and set up their own businesses, reporting their profits as “pass through” income on their personal tax returns. If they do this, many of them

will be able write off twenty per cent of their taxable income, thus reducing the new top rate from thirty-seven per cent to 29.6 per cent, and the new second-top rate from thirty-five per cent to twenty-eight per cent.

This “game is clear,”

it might well make sense for law firms to set up different companies to handle their accounting, computer systems, and other routine services. Here again, the trick would be to overcharge the main business and generate profits in en ies that are eligible for the pass-through deduction.

the scale of the problems introduced by this new tax bill could very quickly overwhelm the tax agency.

The shortfall in tax revenues could be enormous.

Perhaps that is what Republicans want to happen.

there are some in the Party who would like to see

the tax base decimated,

the I.R.S. crippled, and

the federal government forced to slash spending on domestic programs, particularly en lement programs.

But, for anybody who believes in a properly functioning government, a rational, clearly defined tax system is essential.

The Republican reform doesn’t meet that standard.

https://www.newyorker.com/news/our-c...MwMTgwNzI1OQS2

America is INARGUABLY ED AND UN ABLE.

[spurraider21]

So I gather that after years of promises and complaints, the tax code has been vastly simplified with these changes? Less brackets, easier to prepare and file your taxes, etc?

you can file them on a postcard iirc

[DarrinS]

So I gather that after years of promises and complaints, the tax code has been vastly simplified with these changes? Less brackets, easier to prepare and file your taxes, etc?

I never thought they were complicated, tbh.

All I know is that mine are going down now. I’m rich !!

[baseline bum]

I never thought they were complicated, tbh.

All I know is that mine are going down now. I’m rich !!

Nice. Now you can double what Soros pays me and I'll come post along with TSA and Chris for the right now.

[ElNono]

I never thought they were complicated, tbh.

All I know is that mine are going down now. I’m rich !!

Hide yo money y'all, there's poor people around...

[DMC]

I still think those against it should refuse any higher refunds.

[boutons_deux]

The next fight over the GOP tax package is just around the corner

As Jonathan Bernstein of Bloomberg News points out, the months following enactment of the

1986 tax bill revealed “hundreds of mostly minor drafting errors … with more being found each week.”

But the GOP will need the help of at least nine Senate Democrats to address them,

since Republicans there won’t have the benefit of the fast-track rules they used to pass the tax package with a bare majority.

And as Democrats revealed Tuesday,

they’re in no mood to help Republicans out of any messes they made.

https://www.washingtonpost.com/news/...nl_most&wpmm=1

[Mitch]

[spurraider21]

I still think those against it should refuse any higher refunds.

And you should voluntarily subject yourself to additional background checks when purchasing a gun