others say the magnitude of Repug ups ISN'T normal
I do corporate taxes for a living...lawmakers screwing up the law and inadvertently taxing some things while leaving gaping loopholes IS normal.
others say the magnitude of Repug ups ISN'T normal
While Trump Deals With A Porn Star, Congress Passes Barack Obama's Budget.
From Russell Berman of The Atlantic:
President Obama finally got a Republican-controlled Congress to fund his domestic budget.
All it took was Donald Trump in the White House to get it done.
In the $1.3 trillion spending bill that President Trump reluctantly signed on Friday,
lawmakers did more than reject the steep cuts in dollars and programs that Trump proposed for domestic agencies a year ago.
Across much of the government, Republican leaders agreed to spending levels that matched or even exceeded what Obama asked Congress to appropriate in his final budget request in 2016
—and many of which lawmakers ignored while he was in office.
Amazing how prescient this nation’s last real President was!
The Department of Health and Human Services received $78 billion, nearly identical to the $77.9 billion Obama sought and almost 20 percent more than what the Trump budget called for.
Ditto for the Department of Labor and the Department of Education, which got $1.5 billion more than Obama’s final request and nearly $12 billion more than the reduced level Trump sought.
Obama-era priorities like Head Start and Pell Grants drew increases, too.
The lesson here is not only that most of President Obama’s budget numbers were right on target...because he hired, you know, competent people to calculate them—but the fact that
Trump’s were so grossly off the mark as to be too embarrassing for even the Republican-dominated Congress to stomach:As Berman points out, this was a budget enacted under complete Republican control
Congress eliminated none of the 18 independent agencies Trump wanted to scrap,
including the Corporation for Public Broadcasting,
the National Endowment for the Arts, and
the National Endowment for the Humanities.
And several of the programs he wanted to zero out won huge increases instead.
Take the TIGER grants, an infrastructure program created by Obama’s 2009 economic stimulus package.
Congress had allocated $500 million to it each of the last several years, despite annual Obama requests to boost it to $1.25 billion.
Trump’s budget called for axing it entirely,
but lawmakers went even higher than Obama, giving $1.5 billion to TIGER.
Or the Community Development Block Grant, a federal housing program that had been receiving $3 billion from Congress annually.
Obama actually proposed cutting its funding by $200 million in 2016, while Trump called for chopping it altogether.
In the end, it received $3.3 billion—a 10 percent boost.
https://www.dailykos.com/stories/201...tail=emaildkre
Trash draining the swamp for evangelical Christians and God!
The US will be borrowing $300 billion this week, largest amount since 2008 financial crisis
What happens when you give super wealthy people tax cuts,
while not guaranteeing any other revenue streams for your country, and
zero investment in actual programs that might lead to stronger economic futures? Just plain old debt.
As CNN reports, the United States will be selling off about $294 billion in debt—cause we need some cash!
Federal revenue is declining because of President Trump's tax cuts, so the government needs to borrow more to make ends meet. At the same time, Washington's borrowing costs have climbed rapidly in recent months. [...]
At the same time, the Federal Reserve has stopped buying US debt
as it unwinds a financial crisis-era program that was aimed at keeping borrowing costs low.
And investors are growing more worried that inflation will force the Fed to raise short-term interest rates,making all kinds of debt more expensive.
"It's a tricky dynamic for the markets," Rieder said.
https://www.dailykos.com/stories/201...tail=emaildkre
Get 1200 more back next year if stay the same also get 107 dollars a month more
Thanks trump
TRUMP TAX CUT TRUTHS
HOW ALL OF AMERICA'S BUSINESSESARE SPENDING THEIR TRUMP TAX CUTS
4% of workers getting bonuses &/or wage hikes
6.3 MILLION out of 148 MILLION
Businesses giving bonuses &/or wage hikes
383 out of 26 MILLION
Tax cuts vs. bonuses &/or wage hikes
$61 BILLION vs. $6.5 BILLION
Corporate stock buy backs vs.workers’ bonuses & wage hikes.
$238 BILLION vs. $6.5 BILLION
HOW AMERICA'S 500 RICHEST CORPORATIONS ARE SPENDING THEIR TRUMP TAX CUTS
Stock buybacks vs.bonuses &/or wage hikes
$201 BILLION vs. $5.7 BILLION
Corporations giving bonuses &/or wage hikes
65 out of 500
https://americansfortaxfairness.org/...trump-tax-scam
And what about the huge hikes in investments, durable goods, research, machinery, that were being held back by taxes?
6 Wall Street Banks Saved $3.6 Billion In Taxes Thanks To Trump’s Tax Law
The results show why banks supported the tax overhaul. Tax rates at banks such as JPMorgan Chase, Goldman Sachs and Morgan Stanley dropped to between 17 and 23 percent.
https://talkingpointsmemo.com/news/w...+%28TPMNews%29
As GOP Spends Big Money Trying to Make Corporate Tax Cut Popular, New Poll Shows Most Americans Still Smart Enough to Hate It
"Republicans are going to throw more money and air time to try to make their tax bill popular.
But so far, at least, voters have somehow figured out that
a giveaway to wealthy corporations is not in their best interests."
https://www.commondreams.org/news/20...to%20Hate%20It
I made the most in 2017 than I have ever made in one year. Paid over 120k in taxes. New tax law would have saved me over 20k in taxes, because of higher standard deduction. But, Dems should definitely run against this.
Oh, and instead of 33% bracket, I would be at a lower percentage. Fvckin one third — ridiculous.
Im impressed with your salary. You paid 120k and didnt itemize? Im hoping the new tax law will just be a wash for me but think its gonna cost me about 20K more. My returns more complicated and I cant use the standard deductions.
It’s not my usual salary. I got a payout from my company stock option. Not much to itemize as previous home was paid off and kids are too old now. And I had my allowances on w4 set too high (set to zero now).
Wealthiest Americans poised to take advantage of loophole left by GOP tax plan
Republicans marketed it as a "small business tax cut."
nearly 44 percent of the tax cuts for so-called pass-through businesses will go to tax filers making more than $1 million in 2018,
while more than 90 percent of the cuts will go to those earning more than $100,000.
even though Republicans repeatedly claimed their tax plan would provide cuts for small business owners,
pass-through businesses are not small businesses in the mom-and-pop sense,
but rather are en ies like partnerships, S-corporations, and limited liability companies (LLCs).
The final version of the GOP tax bill transformed the pass-through tax break into a deduction against taxable income,
effectively cutting the top rate on pass-through income down from 39.6 percent to 29.6 percent.
This provides top pass-through earners — such as hedge fund owners and lawyers — with
an enormous loophole, allowing them to effectively re-characterize parts of their income to pay taxes at a rate 10 points lower than what they are currently paying.
several members of Congress who helped craft the tax bill will benefit as well.
According to a report from the Center For American Progress Action Fund (ThinkProgress is an editorially independent news site housed at CAPAF),
there are 15 Republicans from tax writing committees in Congress that can expect to receive an average tax windfall of $314,000 from the pass-through provision.
It should come as no surprise that President Donald Trump himself, along with many of his Cabinet members, are the owners of such pass-through businesses. The Trump Organization oversees at least 500 of them. As a result,
Trump could get an annual tax cut worth $23 million,
while one of his closest advisers and son-in-law,
Jared Kushner, could see a cut of up to $17 million.
top 1 percent will get an average cut of $1,022,120, while
the middle 20 percent will get an average cut of $420.
https://thinkprogress.org/wealthy-ar...-6ee3c93fc0bc/
With their tax law a bust, Republicans to run on their old favorite: misogyny
tax law? They tried to campaign on that one and came up with a big old nope.
So their big plan is … yeah, it's Hillary Clinton. Again.
GOP's most powerful players are preparing to spend big on plans to
feature Clinton as a central villain in attack ads against vulnerable Democrats nationwide.
the resilience and political potency of Republican voters' antipathy for Clinton.
As difficult as it's been for Democrats to move past the Clinton era, it may be even harder for Republicans.
"I promise you that you'll continue to see it — Hillary Clinton starring in our paid media. She's a very powerful motivator,"
"It's about what she represents.
What she represents, just like what Nancy Pelosi represents, is out-of-touch far-left liberal positions." LIE
she won the popular vote in 2016
—but
I guess that’s part of what pisses Republicans off so much about her.
Can’t run on their own major achievement,
so they’re reaching back to someone irrelevant to 2018 because
misogyny is their strongest play.
https://www.dailykos.com/stories/1759273
and Trash's misogyny is fundamental to evangelicals who support him for his white male supremacist misogyny. Misogyny is Biblical.
How’s That Tax Cut Working Out?
So far, Donald Trump and his allies in Congress have achieved one and only one major legislative victory:
passing a large tax cut, mainly aimed at corporations and business owners.
The tax cut’s proponents promised that it would lead to a dramatic acceleration of economic growth and produce big gains in wages;
they hoped that it would also yield big political dividends for the midterm elections.
So how’s it going? Politically, the tax cut is a damp squib:
Most voters saythey haven’t seen any boost to their paychecks, and
Republicans are barely talking about the law in their political campaigns.
But what about the economics?
To deliver on its backers’ promises,
the tax cut would have to produce a huge surge in business investment
— not in the long run, not five or 10 years from now, but more or less right away.
And there’s no sign that anything like that is happening.
any short-term boost will probably be quickly squelched by the Federal Reserve,
which believes that we’re at full employment and which is gradually raising interest rates to keep the economy from overheating.
the case for a corporate tax cut is the claim that in the long run it will raise wages.
How is that supposed to work?
It never made sense to believe that corporations would immediately share their tax-cut bounty with workers, and they haven’t.
The real logic behind corporate tax cuts is that they’re supposed to lead to higher investment.
There are two questions about this supposed process.
One is how much wages will rise in the long run. Most independent estimates predict only modest gains;
But the other, equally important question is, how long is the long run?
“every month in which wage rates are not sharply higher than they would have been absent the legislation, and investment returns are not sharply lower, is a month in which the benefits of
those corporate tax cuts accrue primarily to shareholders.”
big windfalls for stock owners with only trivial wage gains for the next five or 10 years, is not what we were promised.
we’d need to have a huge near-term boom in business investment,
mainly financed by inflows of capital from overseas. I mean really, really huge.
And there’s no sign that this is happening.
True, business investment as a share of G.D.P. is up slightly over the past year, but it’s still well below its level before the financial crisis — let alone the heights it reached in the 1990s.
A vast majority of businesses say either that the tax law has had no effect on their investment plans, or that they are planning only a modest increase.
Trump tax cut are already looking like the effects of the Brownback tax cut in Kansas, the Bush tax cut and every other much-hyped tax cut of the past three decades:
big talk,
big promises,
but no results
aside from a swollen budget deficit.
https://www.nytimes.com/2018/04/30/o...t-workers.html
Thanks to Trump Tax Cuts, Major Corporations Set to Spend 'Obscene' $1 Trillion Rewarding Investors Instead of Workers
Apple announced Tuesday it will spend $100 billion buying back its own stock—333 times the amount it has spent on one-time worker bonuses
America's biggest and most profitable companies are on track to hand "a record $1 trillion to investors through dividend increases and stock buybacks."
"This is more proof that the Trump tax scam was never meant to benefit workers," ATF tweeted on Tuesday. "It was designed to benefit the wealthy, rich CEOs, and big corporations."
a slew of giddy profit reports by Wall Street banks, which have already raked in billions thanks to the Trump-GOP tax cuts.
"hard evidence" of a massive investment boost has yet to appear,
while there is plenty of evidence that companies are following Apple's lead and dumping their tax savings into the pockets of ultra-wealthy executives.
"Trump and GOP lawmakers said the huge corporate tax cuts were going to be 'rocket fuel' to increase corporate investment,"
wrote author and labor reporter Steven Greenhouse on Tuesday.
"So far the tax cuts have been rocket fuel for just one thing: a surge in stock buybacks, making the rich even richer."
https://www.commondreams.org/news/20...lion-rewarding
The wealthy, all-powerful, unstoppable oligarchy votes itself more $T, political power, protection.
the lower 4 quintile America is ed and un able
amazing, Repug pols and Repug base have figured out that Repug tax scam scammed the Repug base
Republicans in key election races turn down volume on Trump's tax cuts
The most vulnerable Republican in bents in the tightest congressional races in the November elections are talking less and less about the tax cuts on Twitter and Facebook, on their campaign and congressional websites and in digital ads, the vital tools of a modern election campaign,
the number of tax messages has fallen by 44 percent since January.
For several congressmen in tough reelection fights, Steve Knight in California, Jason Lewis in Minnesota, and Don Bacon in Nebraska, messaging is down much more - as much as 72 percent.
Most of the 13 Republican in bents in the most compe ive reelection bids, and their aides, declined to answer Reuters’ questions on why they were communicating less online about the tax cuts.
But a Reuters/Ipsos poll conducted from March 14 to 29 found that
just 3 percent of American adults were aware of receiving a material benefit from the Republican legislation.
https://www.reuters.com/article/us-u...litics+News%29
Apple took the GOP tax cut and turned it into a $100 billion stock buyback
Apple’s latest earnings report shows it’s a huge winner in the Republican tax cut bill, and so are its shareholders.
Apple just announced a stock buyback equal to the size of Ecuador’s GDP, thanks to the Republican tax cut bill.
In a quarterly earnings announcement on Tuesday, the Cupertino, California-based company said it would put in place a new $100 billion share buyback program and increase its quarterly dividend by 16 percent.
It’s no coincidence that Apple is a major beneficiary of the GOP tax cuts —
its effective tax rate (the amount it actually pays) has dropped by about 10 percent between this year and last,
and it’s saving an estimated $47 billion on taxes on profits earned overseas as well.
https://www.vox.com/policy-and-polit...im-cook-iphone
Cash-Rich Companies Set Record for Buybacks
American companies, flush with cash from the $1.5 trillion tax cut, bought back a record quan y of their own shares during the first three months of the year.
https://www.nytimes.com/2018/05/18/b...er=rss&emc=rss
The Repug LIE was that "high" taxes were pent-up, crippling investment and job creation?
The TRUTH IS that Repug tax cuts unleashed pent-up greed by the oligarchy to pocket $100Bs initially, with more pocketing to come.
revenues down, deficit up.
board deficit hawks have ghosted.
http://thehill.com/policy/finance/39...ion-in-may-cbo
'Morally Bankrupt': After Tax Cuts for Richest, House GOP Unveils $5.4 Trillion Attack on Nation's Safety Net
The Republican budget's "extreme cuts to healthcare, retirement security, anti-poverty programs, education, infrastructure, and other critical investments are real and will inflict serious harm on American families."
House Republicans on Tuesday quietly unveiled their 2019 budget proposal that calls for
$537 billion in cuts to Medicare,
$1.5 trillion in cuts to Medicaid, and
$4B in cuts to Social Security over the next decade
in an effort to pay for their deficit-exploding tax cuts for the wealthy.
"We know what they stand for: tax cuts paid for with healthcare cuts."
House GOP budget also calls for
partial privatization of Medicare and
the repeal of the Affordable Care Act,
a move that would throw tens of millions off their health insurance.
https://www.commondreams.org/news/2018/06/19/morally-bankrupt-after-tax-cuts-richest-house-gop-unveils-54-trillion-attack-nations
This is why Repugs and the oligarchy haven't care about the oligarchy's tax cut causing deficits.
Their plan all along was to over the poor, sick, disabled, vets, old Americans, and the lower 4 quintiles to "pay for" enriching the oligarchy.
The Congressional Budget Office (CBO) said in a report released Thursdaythat government spending surged 6 percent relative to last year, while revenues only increased 3 percent.
revenues went up a bit, I must've crossed a wire
thanks for the correction, Spurraider21
Last edited by Winehole23; 06-20-2018 at 03:21 AM.
the Obama economy keeps growing, of course the tax revenues go up, but the "fiscally responsible" Repugs still losing money (until they save money by screwing the non-wealthy)
and of course, most of the increase in wealth, like 90%+, got to the top 5% to float only their mega-yachts.
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