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Old 07-16-2018, 07:45 AM  
Loneiguana Loneiguana is offline
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3 Articles on the Tax Scam

Tax cuts since 2000 have mostly benefited high earners: study

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Households in the top fifth of income levels have received 65 percent of the value of tax changes enacted since 2000, according to a report released Wednesday by the left-leaning Institute on Taxation and Economic Policy (ITEP).

“Anyone who is concerned about working Americans — the people who are at the bottom and the middle — would have to conclude that tax policy has not been geared to help them, particularly in the Bush years and the Trump years,” Steve Wamhoff, one of the study's authors, told The Hill.

ITEP found that from 2001 through 2018, the tax changes have reduced federal revenue by $5.1 trillion, and by the end of 2025, they will have reduced federal revenue by $10.6 trillion. Including interest payments, the tax changes are projected to add $13.6 trillion to the deficit from 2001 through 2025, according to the study.
http://thehill.com/policy/finance/39...-earners-study

U.S. records nearly $75 billion budget deficit in June

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The federal government recorded a $74.9 billion deficit in June, a month when the government often runs a surplus, as corporate taxes dropped sharply compared to a year ago.

The June deficit pushed the imbalance so far this year to $607.1 billion, 16.1 percent higher than the same period a year ago, the Treasury Department said in its monthly report. The Congressional Budget Office is forecasting that the deficit for the entire budget year will total $793 billion, up 19.1 percent from the prior year, reflecting in part the impact of the $1.5 trillion tax cut that Congress approved in December plus increases in government spending lawmakers approved earlier this year.

The government has run a surplus in June in all but 12 of the past 64 years because it is a month when quarterly tax payments are due from both corporations and individuals.
https://www.cbsnews.com/news/u-s-rec...ficit-in-june/

In my lifetime, every single Republican President blew up the debt and deficit. Every single Democratic President lowered the deficit, and one even had a surplus.

Republicans are the party of fiscal irresponsibility.

Worker wages drop while companies spend billions to boost stocks

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Six months after the Tax Cut and Jobs Act became law, there's still little evidence that the average job holder is feeling the benefit.

Worker pay in the second quarter dropped nearly one percent below its first-quarter level, according to the PayScale Index, one measure of worker pay. When accounting for inflation, the drop is even steeper. Year-over-year, rising prices have eaten up still-modest pay gains for many workers, with the result that real wages fell 1.4 percent from the prior year, according to PayScale. The drop was broad, with 80 percent of industries and two-thirds of metro areas affected.

"Now, economic confidence has been good, we're in a strong economy, GDP is growing, but the question has been, where's the paycheck?" said Katie Bardaro, vice president of data analytics at PayScale.

The answer is, largely, in the companies' coffers. Businesses are spending nearly $700 billion on repurchasing their own stock so far this year, according to research from TrimTabs. Corporations set a record in Q2, announcing $433 billion worth of buybacks — nearly doubling the previous record, which was set in Q1.
https://www.cbsnews.com/news/worker-...-boost-stocks/
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Old 07-16-2018, 07:48 AM   #2
HonestChieffan HonestChieffan is offline
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Hopefully we can move to get more of the reforms in place after midterms. CapGains needs to be eliminated on anyone who makes under 250K a year. #MAGA is working.
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Old 07-16-2018, 07:50 AM   #3
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I can only speak for myself - I've noticed a nice bump every week in the paycheck, and I'm not in upper management.

But I have no doubt that these companies are taking these extra monies and spending it on themselves or management types that don't really do dick in the first place, instead of using it on their workforce.
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Old 07-16-2018, 07:57 AM   #4
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It truly is shocking that those who pay the most taxes benefit from when there are cuts.
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Old 07-16-2018, 08:00 AM   #5
IowaHawkeyeChief IowaHawkeyeChief is offline
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We have a spending problem, not a revenue problem. Most of our spending is on out of control entitlements that need reformed, but the Dems won't even discuss without running commercials of Republicans pushing Grandma off a cliff in a wheelchair. The reform would be for those under age 50, but hey, let's play politics.

Also how did we have increased taxes, with lower rates, which should result in quarterly payments from business being much lower...

https://www.wsj.com/articles/treasur...its-1525976157

Also, nice article in your post that shows a drop from the previous quarter in wage growth, despite the fact the previous quarter was the best wage growth since the recession...

https://www.bloomberg.com/news/artic...ost-since-2009
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Old 07-16-2018, 08:20 AM   #6
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Quote:
Originally Posted by IowaHawkeyeChief View Post
We have a spending problem, not a revenue problem.
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The June deficit pushed the imbalance so far this year to $607.1 billion, 16.1 percent higher than the same period a year ago, the Treasury Department said in its monthly report. The Congressional Budget Office is forecasting that the deficit for the entire budget year will total $793 billion, up 19.1 percent from the prior year,
Remember kids, Republicans are going to lie to keep giving away more and more money to the top percent.
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Old 07-16-2018, 08:23 AM   #7
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Originally Posted by Loneiguana View Post
Remember kids, Republicans are going to lie to keep giving away more and more money to the top percent.
The deficit is a problem, but we are having record tax revenues as the economy has had its choke chain removed...

Get it yet. We have a spending problem, not a revenue problem. Good to see you are on board to cut spending.
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Old 07-16-2018, 08:26 AM   #8
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1. Tax cuts possibly could pay for themselves depending on upcoming quarter growth(s) (it's expected to be off the charts).

2. Unemployment rate

3. Articles leave out benefits and tell only one side. Wages + benefits have skyrocketed.

Last edited by New World Order; 07-16-2018 at 08:43 AM..
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Old 07-16-2018, 08:36 AM   #9
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Quote:
Originally Posted by Loneiguana View Post
Remember kids, Republicans are going to lie to keep giving away more and more money to the top percent.
Yes, we spend too much. You agree with that, right?
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Old 07-16-2018, 08:52 AM   #10
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Originally Posted by Donger View Post
It truly is shocking that those who pay the most taxes benefit from when there are cuts.
This is an outrage!!
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Old 07-16-2018, 08:53 AM   #11
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If you believe tax cuts = giving money away. I can't reason with you about why you're wong.

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Old 07-16-2018, 08:59 AM   #12
Loneiguana Loneiguana is offline
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Quote:
Originally Posted by IowaHawkeyeChief View Post
The deficit is a problem, but we are having record tax revenues as the economy has had its choke chain removed...

Get it yet. We have a spending problem, not a revenue problem. Good to see you are on board to cut spending.
Quote:
the tax changes have reduced federal revenue by $5.1 trillion, and by the end of 2025, they will have reduced federal revenue by $10.6 trillion.
Remember kids, conservatives will lie in order to cut programs that benefit you.
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Old 07-16-2018, 09:00 AM   #13
HonestChieffan HonestChieffan is offline
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Old 07-16-2018, 09:03 AM   #14
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Quote:
Originally Posted by Donger View Post
Yes, we spend too much. You agree with that, right?
Compared to what? And on what?

For example, in social spending, we aren't even in the top 20 as a percent of GDP.

Now, our completely failed healthcare market helps us spend more money as a percent of GDP than other countries, but conservatives love defending out bloated and inefficient system there.

And of course, there is the military. Which I know conservatives say we need to spend more.

But let me guess, you think we spend too much on social spending, despite that being the one thing we spend less on than most other developed countries.
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Old 07-16-2018, 09:05 AM   #15
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Originally Posted by digger View Post
If you believe tax cuts = giving money away. I can't reason with you about why you're wong.

Sent from my SM-G960U using Tapatalk
Tax cuts during good economic times, besides being completely and utterly irresponsible and economically stupid, are a give away of money that the data proves via the massive tax buy backs that have only enriched a select few.
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