Repug tax cut

[boutons_deux]

It's a Wicked Wednesday for Trash,

caved on the child separation,

his budget cuts defeated

Senate rejects billions in Trump spending cuts as two Republicans vote ‘no’

The Senate on Wednesday rejected billions in spending cuts proposed by the Trump administration as two Republicans joined all Democrats in voting no.

The 48-50 vote rebuffed a White House plan to claw back some $15 billion in spending previously approved by Congress

— a show of fiscal responsibility that was encouraged by conservative lawmakers outraged over a $1.3 trillion spending bill in March.

The House had approved the so-called rescissions package earlier this month. But passage had never been assured in the Senate, where a number of Republicans had been cool to the idea from the start.

Nevertheless, Wednesday’s outcome was startling because one of the opposing votes came from

Sen. Richard Burr (R-N.C.), who does not normally buck the White House or GOP leadership.

Sen. Susan Collins (R-Maine), a moderate and one of the Republicans who most frequently side with Democrats, cast the other GOP vote against the cuts.

Burr’s office said the senator was concerned about $16 million in cuts targeting Land and Water Conservation Fund projects under the U.S. Forest Service.

Collins had expressed concerns about cuts to the Children’s Health Insurance Program.

https://www.washingtonpost.com/business/economy/senate-rejects-billions-in-trump-spending-cuts-as-two-republicans-vote-no/2018/06/20/1a44df9a-74aa-11e8-b4b7-308400242c2e_story.html?utm_term=.716ec22b3c8d

[boutons_deux]

Rigged: New Report Details How Combined $5.1 Trillion in Tax Cuts by Bush, Obama, and Trump Went Mostly to Nation's Richest

"When people demand specifics on how to pay for expansions to social insurance, income supports, and public investments, seems like part of the answer is just 'we could stop doing this.'"



With $5.1 trillion, the U.S. government could provide healthcare for all Americans and make public colleges tuition free with cash to spare, but

a report released on Wednesday by the Ins ute on Taxation and Economic Policy (ITEP) shows that

the past three presidents have instead opted to send this vast sum of money to the richest Americans through massive tax cuts.

tax cuts enacted since 2000 have cost the U.S. government $5.1 trillion in revenue,

"with nearly two-thirds of that flowing to the richest fifth of Americans."

Thanks in large part to President Donald Trump's $1.5 trillion tax cut package that was signed into law last December—

which will send 83 percent of its benefits to the top one percent—

"the tally of tax cuts will grow to $10.6 trillion" by 2025 and "nearly $2 trillion of this amount will have gone to the richest one percent,"

At a time when tens of millions of Americans are suffering

from "massive levels of deprivation" and

"appalling rates" of poverty,

the tax cuts rammed through by George W. Bush, extended in part by Barack Obama, and built upon by Trump

"have mostly benefited those who are least in need of help,"

https://www.commondreams.org/news/2018/07/11/rigged-new-report-details-how-combined-51-trillion-tax-cuts-bush-obama-and-trump?cd-origin=rss&utm_term=Rigged%3A%20New%20Report%20Det ails%20How%20Combined%20%245.1%20Trillion%20in%20T ax%20Cuts%20by%20Bush%2C%20Obama%2C%20and%20Trump% 20Went%20Mostly%20to%20Nation%27s%20Richest&utm_ca mpaign=Donald%20Trump%20Is%20President.%20And%20It %27s%20a%20Disaster.%20%20%7C%20Your%20Week%20in%2 0Review&utm_content=email&utm_source=Weekly%20News letter&utm_medium=Email&cm_mmc=Act-On%20Software-_-email-_-Donald%20Trump%20Is%20President.%20And%20It%27s%20 a%20Disaster.%20%20%7C%20Your%20Week%20in%20Review-_-Rigged%3A%20New%20Report%20Details%20How%20Combine d%20%245.1%20Trillion%20in%20Tax%20Cuts%20by%20Bus h%2C%20Obama%2C%20and%20Trump%20Went%20Mostly%20to %20Nation%27s%20Richest

Those $Ts buy power, buy political power, so the oligarchy can worsen its raping, fleecing, looting the non-oligarchy, the environment, and the planet.

Oligarchy's power will never be relinquished peacefully.

America is ed and un able.

[boutons_deux]

Red state charities could be collateral damage from the GOP's war on California's high taxes

The Alabama Opportunity Scholarship Fund has helped 5,000 low-income children since starting in 2013, but its days could be numbered because of a partisan fight over state-and-local tax deductions prompted by the GOP tax overhaul.

Money for the fund, which provides annual scholarships averaging $6,000 to attend a private K-through-12th-grade school or a public one outside of a student’s district, is raised through a tax incentive.

Contributions receive a dollar-for-dollar state tax credit and are fully deductible from the donor’s federal income taxes. Now, the future of that federal deduction is at risk.

The program is among more than

100 charitable tax-credit programs in dozens of states — including red ones such as Alabama, Georgia, South Carolina and Louisiana -- that could be collateral damage

in a dispute between Republicans in the nation’s capital and leaders of Democratic-controlled states, including California.

“We’ve got thousands of kids here whose educations are being jeopardized potentially,” said Lesley Searcy, executive director of the Alabama scholarship fund.

The Internal Revenue Service is preparing to block attempts by lawmakers in California and other high-tax states to help residents avoid a new $10,000 limit on the deductibility of state-and-local taxes that was included in the tax overhaul enacted late last year.

To cir vent the cap, legislation is pending in California and has been adopted in New York, New Jersey and Connecticut that would

allow taxpayers to claim a charitable deduction to help offset state-and-local tax payments above the new limit.
The problem,

according to some tax law experts, is that it will be very difficult for the IRS to prohibit efforts designed to cir vent the state-and-local tax-deduction limit without also disallowing the federal tax deduction for contributions to programs such as the Alabama Opportunity Scholarship Fund.

http://www.latimes.com/business/la-f...717-story.html

So Repugs ABUSING the IRS to punish Dem states is backfiring.

[Winehole23]

don't piss on my shoes and tell me it's raining:

[Winehole23]

There’s still the possibility that Trump’s tax reform will bear fruit in the long term. But early results are pointing to another possibility — that tax cuts have run their course as an economic policy.

https://www.bloomberg.com/view/artic...g-for-workers?

[Spurminator]

But those $1000 bonuses

[Winehole23]

stock buybacks and dividends are more typical

[boutons_deux]

don't piss on my shoes and tell me it's raining:

.... gotta stop illegal immigrants, build that wall, so they stop taking fantastic jobs from 'mercans.

And stop world class East and South Asians, from universities, research orgs, too.

The big picture is that that Capital has been attacking Labor (eg, suppressing wages, exporting jobs, automation) for 45 years in reaction to the "social justice" progress of the '30s, 50's, 60's.

It's not an accident or natural that Labor must keep losing wealth, absolute and relative, while Capital keeps piling up capital often beyond all means of spending it ( Bezos says the only way he can spend it fly into space )

Capital's (oligarchy's) War on Employees has been implemented by Capital's wealth purchasing lawmakers, judges, to implement policies that enrich Capital and over Labor (and the environment, see current BigCorp project to gut Endangered Species Act for profit).

Solution? violent revolution has been the predominant solution historically when Capital/royalty/Catholic Church have mercilessly hoarded wealth while oppressing everybody else.

Voting ain't gonna change .

[boutons_deux]

http://www.pewresearch.org/fact-tank...d-for-decades/

[Spurminator]

stock buybacks and dividends are more typical

It's almost as if the same thing happened the last time there was a major tax cut.

[boutons_deux]

It's almost as if the same thing happened the last time there was a major tax cut.

... or when Repugs gave BigCorp a coporate income tax holiday of 5% for repatriated foreign $300B, esp BigPharma's $Bs?

the deal was to use the gifted $Bs for job creation. Deal done, $300B repatriated, BigPharma laid off 40K people

Repug economy for 2001-2008 period had the lowest job creation since WWII.

[Trill Clinton]

don't piss on my shoes and tell me it's raining:

Damn

[ElNono]

How the Trump Tax Cut Is Helping to Push the Federal Deficit to $1 Trillion

The amount of corporate taxes collected by the federal government has plunged to historically low levels in the first six months of the year, pushing up the federal budget deficit much faster than economists had predicted.

The reason is President Trump’s tax cuts. The law introduced a standard corporate rate of 21 percent, down from a high of 35 percent, and allowed companies to immediately deduct many new investments. As companies operate with lower taxes and a greater ability to reduce what they owe, the federal government is receiving far less than it would have before the overhaul.





The Trump administration had said that the tax cuts would pay for themselves by generating increased revenue from faster economic growth, but the White House has acknowledged in recent weeks that the deficit is growing faster than it had expected. The Office of Management and Budget said this month that it had revised its forecasts from earlier this year to account for nearly $1 trillion of additional debt over the next decade — on average, almost $100 billion more a year in deficits.

https://www.nytimes.com/2018/07/25/b...t-deficit.html

[Th'Pusher]

^ the government just needs to spend less.

We have a spending problem, not a revenue problem.

The federal government just needs to tighten its belt.

It’s my money. I can spend it better than the government.

Freedom!

[boutons_deux]

^ the government just needs to spend less.

We have a spending problem, not a revenue problem.

The federal government just needs to tighten its belt.

It’s my money. I can spend it better than the government.

Freedom!

stupid

go fix a few roads and bridges, buy yourself a tank or a Army platoon.

Goddamn, you rightwingnut assholes are ing stupid

[Th'Pusher]

stupid

go fix a few roads and bridges, buy yourself a tank or a Army platoon.

Goddamn, you rightwingnut assholes are ing stupid

I was being sarcastic...

[rmt]

I was being sarcastic...

He's not paying attention to who he's talking to - rightwingnut - welcome to the club, Th'Pusher :-)

[rmt]

How the Trump Tax Cut Is Helping to Push the Federal Deficit to $1 Trillion

The amount of corporate taxes collected by the federal government has plunged to historically low levels in the first six months of the year, pushing up the federal budget deficit much faster than economists had predicted.

The reason is President Trump’s tax cuts. The law introduced a standard corporate rate of 21 percent, down from a high of 35 percent, and allowed companies to immediately deduct many new investments. As companies operate with lower taxes and a greater ability to reduce what they owe, the federal government is receiving far less than it would have before the overhaul.





The Trump administration had said that the tax cuts would pay for themselves by generating increased revenue from faster economic growth, but the White House has acknowledged in recent weeks that the deficit is growing faster than it had expected. The Office of Management and Budget said this month that it had revised its forecasts from earlier this year to account for nearly $1 trillion of additional debt over the next decade — on average, almost $100 billion more a year in deficits.

https://www.nytimes.com/2018/07/25/b...t-deficit.html

Sorry, can't read that article. Isn't corporate tax (in 2017) only about 7% of revenue and the majority comes from taxpayers? Doesn't the tax cut take effect in 2018 and don't we file our tax return under this tax cut in April of 2019? So how do they already know that they've underestimated when the new withholding tables came out in Feb/Mar? And how can anyone be blaming corporate tax rate decrease - especially so early (and when it's such a small percent of revenue)?

[boutons_deux]

Sorry, can't read that article. Isn't corporate tax (in 2017) only about 7% of revenue and the majority comes from taxpayers? Doesn't the tax cut take effect in 2018 and don't we file our tax return under this tax cut in April of 2019? So how do they already know that they've underestimated when the new withholding tables came out in Feb/Mar? And how can anyone be blaming corporate tax rate decrease - especially so early (and when it's such a small percent of revenue)?

ask Mnuchin/Treasury, they are the ones reporting reduced tax revenues, and explain to them "how can anyone be blaming corporate tax rate decrease"

[rmt]

ask Mnuchin/Treasury, they are the ones reporting reduced tax revenues, and explain to them "how can anyone be blaming corporate tax rate decrease"

I did say I can't read the article. We're only in July - 7 months into the new tax cut year - with taxes and reporting (i assume each quarter) lagging that time frame.

[boutons_deux]

I did say I can't read the article. We're only in July - 7 months into the new tax cut year - with taxes and reporting (i assume each quarter) lagging that time frame.

employee withholdings would be down, self-employed and company estimated quarterly tax payments would be down.

GDP booming at 4.1% annual rate, while wages go DOWN and the oligarchy reaps 95% of wealth increases.

The oligarchy is ing brilliant, anti-American, and unstoppable.

[rmt]

employee withholdings would be down, self-employed and company estimated quarterly tax payments would be down.

GDP booming at 4.1% annual rate, while wages go DOWN and the oligarchy reaps 95% of wealth increases.

The oligarchy is ing brilliant, anti-American, and unstoppable.

As far as what was posted above, the blame was on corporate tax break. There's been at most 2 (Apr 17 and Jun 15) quarters reported. How can they make such sweeping assumptions on small time period.

[ElNono]

As far as what was posted above, the blame was on corporate tax break. There's been at most 2 (Apr 17 and Jun 15) quarters reported. How can they make such sweeping assumptions on small time period.

No such thing, and it's not an assumption, there's a report already from the OMB which was linked with the post:
https://www.whitehouse.gov/wp-conten...8/07/19msr.pdf

And the article you didn't read also doesn't put the blame squarely on corporate taxes, but the tax break overall. The graph simply illustrates one such variable, where corporate tax receipts are at a 75-year low.

You just need to a little less posting and a little more reading, the info is available right in front of you, even if it doesn't fit your narratives.

[ElNono]

^ the government just needs to spend less.

We have a spending problem, not a revenue problem.

The federal government just needs to tighten its belt.

It’s my money. I can spend it better than the government.

Freedom!

I know you're being sarcastic, but this is actually a subject we touched upon before.

In times where the economy is faltering, there's depression, high unemployment, etc, it makes sense to run some deficits to increase liquidity and try to accelerate the velocity of money. But once the economy is in full flight, you want to do the opposite: rake in the money to cover for that previous expense. The latter normally starts happening (see Barry entering his government with a $1.4 trillion fiscal deficit and the economy in shambles, and leaving with a $693 billion deficit and a solid economy), but it normally gets derailed by some unpaid-for benefit.

[rmt]

No such thing, and it's not an assumption, there's a report already from the OMB which was linked with the post:
https://www.whitehouse.gov/wp-conten...8/07/19msr.pdf

And the article you didn't read also doesn't put the blame squarely on corporate taxes, but the tax break overall. The graph simply illustrates one such variable, where corporate tax receipts are at a 75-year low.

You just need to a little less posting and a little more reading, the info is available right in front of you, even if it doesn't fit your narratives.

The first statement in 2 of my 3 posts SAYS that I didn't read the article (over the limit for the month, I guess). I was going off what was posted in YOUR post - which was the only thing I read.