A devastating analysis of the tax cut shows it’s done virtually no economic good

[RandomGuy]

You may remember all the glowing predictions made for the December 2017 tax cuts by congressional Republicans and the Trump administration: Wages would soar for the rank-and-file, corporate investments would surge, and the cuts would pay for themselves.

The nonpartisan Congressional Research Service has just published a deep dive into the economic impact of the cuts in their first year, and emerges from the water with a different picture. The CRS finds that the cuts have had virtually no effect on wages, haven’t contributed to a surge in investment, and haven’t come close to paying for themselves. Nor have they delivered a cut to the average taxpayer.

The negligible (at best) economic impact of the cuts shouldn’t surprise anyone, the CRS says. “Much of the tax cut was directed at businesses and higher-income individuals who are less likely to spend,” its analysts write. “Fiscal stimulus is limited in an economy that is at or near full employment.”

https://www.latimes.com/business/hiltzik/la-fi-hiltzik-tax-cut-effects-20190529-story.html

[Spurminator]

But those one-time bonuses!

[DarrinS]

That double-sized standard deduction sucks


Said no one

[RandomGuy]

That double-sized standard deduction sucks


Said no one

The CRS finds that the cuts have had virtually no effect on wages, haven’t contributed to a surge in investment, and haven’t come close to paying for themselves. Nor have they delivered a cut to the average taxpayer.

Try again, idiot.

[spurraider21]

That double-sized standard deduction sucks


Said no one
yep that was the entire bill.

[DarrinS]

The CRS finds that the cuts have had virtually no effect on wages, haven’t contributed to a surge in investment, and haven’t come close to paying for themselves. Nor have they delivered a cut to the average taxpayer.

Try again, idiot.



All I know is I have reduced tax burden. And, my bracket has a lower percentage. Should I be mad?

[RandomGuy]

All I know is I have reduced tax burden. And, my bracket has a lower percentage. Should I be mad?

Good to know the rest of us are subsidizing your lazy ass.

[DarrinS]

Good to know the rest of us are subsidizing your lazy ass.

You paid more taxes in 2018 than 2017?

[RandomGuy]

You paid more taxes in 2018 than 2017?

Ah the subject change.

Can't refute the aggregate data in the OP... shift topic to meaningless anecdotal evidence.

Idiot.

[DarrinS]

Ah the subject change.

Can't refute the aggregate data in the OP... shift topic to meaningless anecdotal evidence.

Idiot.


So, you paid less. Good.

[spurraider21]

So, you paid less. Good.
good to know we're all subsidizing his lazy ass

[DarrinS]

good to know we're all subsidizing his lazy ass

:lmao

I'm pretty sure he's not lazy and is actually a good dude. He's just passionate about hating drumpf. I get that.

I'm getting a bit desensitized to all the lies and drama, tbh.

[Spurtacular]

Ah the subject change.

Can't refute the aggregate data in the OP... shift topic to meaningless anecdotal evidence.

Idiot.

Your bottom line is meaningless, snowflake?

[Spurtacular]

:lmao

I'm pretty sure he's not lazy and is actually a good dude. He's just passionate about hating drumpf. I get that.

I'm getting a bit desensitized to all the lies and drama, tbh.

He's a cretin.

[boutons_deux]

Trash degrading the Medal of Freedom, like he degrades, poisons everything he touches

Trump to Give Arthur Laffer, Tax-Cut Champion, the Presidential Medal of Freedom


https://www.nytimes.com/2019/05/31/business/trump-arthur-laffer-medal-of-freedom.html (https://www.nytimes.com/2019/05/31/business/trump-arthur-laffer-medal-of-freedom.html)

[RandomGuy]

Your bottom line is meaningless, snowflake?

In regards to the OP yes.

I could explain it to you, but you are neither smart enough to understand the economics/statistics, nor honest enough to admit I have a point even if you did.

[RandomGuy]

So, you paid less. Good.

I would not tell you either way, because it is not really relevant, and I don't like you. That will remain simply another in a long line of factless conclusions about reality on your part.

[RandomGuy]

Should I be mad?

That depends on how mad you get about massive, pointless increases in US government debt.

[Spurtacular]

In regards to the OP yes.

I could explain it to you, but you are neither smart enough to understand the economics/statistics, nor honest enough to admit I have a point even if you did.

:lol The things you have to tell yourself.

Stop pretending that your motivations are intrinsic. You're just j/o. Of course you have an eye on your bottom line; and if you're spouting sh** that's against it, then there's your first clue, snowflake.

[ChumpDumper]

Debt good now.

[boutons_deux]

Debt good now.

Repug debt "doesn't matter"

Dem debt must be stopped

[rmt]

You may remember all the glowing predictions made for the December 2017 tax cuts by congressional Republicans and the Trump administration: Wages would soar for the rank-and-file, corporate investments would surge, and the cuts would pay for themselves.

The nonpartisan Congressional Research Service has just published a deep dive into the economic impact of the cuts in their first year, and emerges from the water with a different picture. The CRS finds that the cuts have had virtually no effect on wages, haven’t contributed to a surge in investment, and haven’t come close to paying for themselves. Nor have they delivered a cut to the average taxpayer.

The negligible (at best) economic impact of the cuts shouldn’t surprise anyone, the CRS says. “Much of the tax cut was directed at businesses and higher-income individuals who are less likely to spend,” its analysts write. “Fiscal stimulus is limited in an economy that is at or near full employment.”

https://www.latimes.com/business/hiltzik/la-fi-hiltzik-tax-cut-effects-20190529-story.html

I strongly disagree with bolded statement. I worked out the tax savings for the median income on this board. There is NO arguing with the math.

[Th'Pusher]

I strongly disagree with bolded statement. I worked out the tax savings for the median income on this board. There is NO arguing with the math.

Is that the only part of the article you disagree with rmt? If so, why do you think we are not seeing the desired effects from Donald’s tax law? Are you going to hold him accountable for implementing ineffective policy?

[boutons_deux]

The shadow banks are back with another big bad credit bubble

financial regulators have learned many lessons from the 2008 financial crisis, but not the most important one, namely:

If regulators wait to act until they can say with certainty that a credit bubble is about to burst, they’ve waited too long.

That’s particularly true when it comes to

the opaque and unregulated “shadow” banking system on Wall Street that has

now supplanted regulated banks as the leading source of credit for businesses and consumers.

This shadow system gets its money from big investors rather than depositors, and

it revolves around hedge funds,

investment banks and

private equity funds rather than banks.

These shadow banks have made borrowed money cheaper and easier to get,

but they have also made the financial system and the U.S. economy more susceptible to booms and busts.

And with another giant credit bubble ready to burst —

this one having to do with business borrowing —

we’re about to learn that painful lesson again.

https://www.washingtonpost.com/business/economy/the-shadow-banks-are-back-with-another-big-bad-credit-bubble/2019/05/31/a05184de-817a-11e9-95a9-e2c830afe24f_story.html?utm_term=.1e54286001df (https://www.washingtonpost.com/business/economy/the-shadow-banks-are-back-with-another-big-bad-credit-bubble/2019/05/31/a05184de-817a-11e9-95a9-e2c830afe24f_story.html?utm_term=.1e54286001df)

So the Capitalists have figured out a way to "fuck you, bank regulators", and are ready to take possession of companies and citizens homes when they go bankrupt.

[boutons_deux]

'The pain is just beginning': After 38,000 layoffs, Wall Street wakes up to 'peak car'



Global demand for cars will decline 3% in 2019, analysts predict.
There have been 38,000 job losses among automakers in the last six months.
One stark example: Commercial vehicle exports from the UK collapsed by 89% in April.
The decline of cars will hurt GDP growth. It has already wiped 0.2% off global GDP.
The world may have already passed "peak car."


https://www.businessinsider.com/peak-car-38000-layoffs-job-losses-sales-at-auto-makers-2019-5 (https://www.businessinsider.com/peak-car-38000-layoffs-job-losses-sales-at-auto-makers-2019-5)

[boutons_deux]

Trash's tariffs gonna cost every household $830, nullifying tax cut for the non-oligarchy.

[RandomGuy]

I strongly disagree with bolded statement. I worked out the tax savings for the median income on this board. There is NO arguing with the math.

You do understand median is different than mean, yes?

[boutons_deux]

Trash's tariff's costing avg household $800+ / year, annulling any savings from tax cuts

Actually moving tax cut $$$ from citizens back to the govt

[RandomGuy]

I strongly disagree with bolded statement. I worked out the tax savings for the median income on this board. There is NO arguing with the math.


As noted earlier, the increase in the standard deduction and child and dependent
credit was roughly offset by the elimination of the personal exemption.
https://www.everycrsreport.com/files/20190522_R45736_8a1214e903ee2b719e00731791d60f26d7 5d35f4.pdf

Overall the report doesn't support the statement either, with the closest it comes to supporting is the bit above. It does point out an overall reduction int eh marginal rate.

"A cut" to be sure for the average payer, especially if you factor in the wealthiest people who got the lions share of the cut.

What hte article was spot on though, was that all the other things this cut was supposed to do, didn't happen.

No massive wage growth.
No massive economic boost.

What happened was a lot of stock buy back happened. The corporate tax cut also went to the wealthiest Americans.

So basically we borrowed money to give to rich people.

[RandomGuy]

:lol The things you have to tell yourself.

Stop pretending that your motivations are intrinsic. You're just j/o. Of course you have an eye on your bottom line; and if you're spouting sh** that's against it, then there's your first clue, snowflake.

:lol not understanding the difference between anecdotes and data.

You do you little guy, you do you.