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Old 05-17-2018, 05:45 AM  
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Trump’s Tax Cuts Didn’t Benefit U.S. Workers, Made Rich Companies Richer, Analysis

Trump’s Tax Cuts Didn’t Benefit U.S. Workers, Made Rich Companies Richer, Analysis Finds



Trump’s corporate tax cuts might not have trickled down to American workers in the way that he suggested they would.

Trump and Republican leadership have long touted their tax cuts as a massive boon to America’s working class, if not through direct tax reductions or refunds, then through the trickle-down effect of bonuses and wage increases from their employers who receive massive corporate cuts. “Tax reform is working,” Republican House Speaker Paul Ryan said in January, mentioning Apple’s decision to reward a bonus of $2,500 in stock grants to some Apple employees. “Workers are coming home and telling their families they got a bonus, or they got a raise or they got better benefits.”

But a new analysis of all Fortune 500 companies found only 4.3 percent of workers will receive a one-time bonus or wage increase tied to the business tax cuts, while businesses received nine times more in cuts than what they passed on to their workers, according to Americans for Tax Fairness, a political advocacy group devoted to tax reform. The analysis also found that companies spent 37 times as much on stock buybacks than they did on bonuses and increased wages for workers.

The study looked at corporate data, news reports and independent analyses of the top companies in the United States, which represent more than two-thirds of the gross domestic product, and analyzed changes in wages and share buybacks since the announcement of the Republican tax plan in December.

“There are too many disingenuous claims that the Trump and Republican tax cuts for corporations will trickle down to the middle class,” said Frank Clemente, executive director of Americans for Tax Fairness. “President Trump and Republicans gave huge tax cuts to big drug companies, big oil and other corporations, but corporations are giving back little—if anything—to working families,” said Clemente. “In fact, this [analysis shows] that 433 corporations out of the Fortune 500 have announced no plans to share their tax cuts with employees.”

The newest projections by the nonpartisan Congressional Budget Office found that the Republican tax plan led to, in part, a 2018 deficit $242 billion higher than previously estimated.

Roughly 36 percent of Americans approve of the Republican tax cuts, according to a March Quinnipiac University Poll and a CNBC poll found that 52 percent of working adults said they had not seen a change to their paychecks since the cuts were passed.

In January, Treasury Secretary Steven Mnuchin said 90 percent of all working adults would see increases in their paychecks because of the cuts.
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Old 05-17-2018, 08:27 AM   #16
Loneiguana Loneiguana is offline
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Originally Posted by IowaHawkeyeChief View Post
Reagan's approval numbers were below 35% after 2 years in office. Mondale and the Dems decided class warfare and unfair taxation was the strategy they decided to take in the '84 election. How did that go?
How'd the pledge to not raise taxes go for Bush after Reagan blew up the budget?

/how many times did Reagan have to raise taxes after he blew up the budget?
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Old 05-17-2018, 08:39 AM   #17
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How'd the pledge to not raise taxes go for Bush after Reagan blew up the budget?

/how many times did Reagan have to raise taxes after he blew up the budget?
Bush got killed because he raised taxes...

Mondale got killed because he threatened to raise taxes...

The left is repeating history with their current strategy.


Did we have a budget deficit in the 80's because of decreased tax revenues over spending? Who controls the spending in our government? Congress. Was Congress in the hands of R's or D's under Reagan? Who controlled congress during the budget surplus in the mid-late 90's?

Why did Reagan raise taxes? Taxes were marginally raised for several reasons, but they were still a huge reduction and departure from the crippling tax structure when he took office.

https://www.quora.com/Why-did-Reagan...taxes-11-times

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This was due to divided government and the Reagan administrative having to work with Democrats. Some was due to the realization that the budget deficits were too large and tax revenues were needed to pay for increased national defense spending. Also, Ronald Reagan administration began to better understand (despite the rhetoric) that there was not just a bunch of waste that could be easily cut from the government.

The primary increase in taxes was actually related to various tax reforms and adjustments to close loopholes. Some of this had unintended negative effects. In 1986, the Reagan administration took away the ability to utilize passive losses on investments. This provision had been abused and used to create tax-loss partnerships. One unexpected side effect was that a lot of syndicated partnerships and real estate investments set up for such purposes lost their utility and lost value. This contributed to the savings & loan crisis and scandal and slower growth in the second half of the 1980s.

Another provision limited some of the ability to avoid double taxation upon the sale of the assets of the business through deemed “liquidations.” This had helped fuel a mergers and acquisition trend by allowing acquirers to step up the basis of assets but the sellers avoided paying taxes within the corporate and again on dividends.

Please, Please keep this narrative up!
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Old 05-17-2018, 08:42 AM   #18
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This is an absolutely horrific attempt at a spin job and bordering the telling of flat out lies.

A) Most deductions are still there for most people if they want to take them
B) The Standard Deduction was doubled thus eliminating A for most people
C) Some states choose to insist that the Fed Gov provide Welfare to them in the form of a deduction paid to state taxes. That's the fault of the state, not the Fed Gov

You can still deduct your mortgage interest if you want but you will now most likely benefit from taking the standard deduction instead of itemizing.

You really should not talk about this shit because you're either ignorant or a liar.

Every time a liberal opens their mouth about the tax cuts it only proves that literally know nothing about it.

Apparently they are all unemployed or make next to nothing or they would have noticed the increase in their pay.

And then they apparently have no idea the standard deduction doubled which basically means the first $24,000 made per married couple is completely tax free and will make it where people have no need to itemize.
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Old 05-17-2018, 08:50 AM   #19
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Originally Posted by Marcellus View Post
Every time a liberal opens their mouth about the tax cuts it only proves that literally know nothing about it.

Apparently they are all unemployed or make next to nothing or they would have noticed the increase in their pay.

And then they apparently have no idea the standard deduction doubled which basically means the first $24,000 made per married couple is completely tax free and will make it where people have no need to itemize.


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Old 05-17-2018, 08:50 AM   #20
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Originally Posted by petegz28 View Post
This is an absolutely horrific attempt at a spin job and bordering the telling of flat out lies.

A) Most deductions are still there for most people if they want to take them
B) The Standard Deduction was doubled thus eliminating A for most people
C) Some states choose to insist that the Fed Gov provide Welfare to them in the form of a deduction paid to state taxes. That's the fault of the state, not the Fed Gov

You can still deduct your mortgage interest if you want but you will now most likely benefit from taking the standard deduction instead of itemizing.

You really should not talk about this shit because you're either ignorant or a liar.
There's no need for your typical hysterical rant, Pete. You can pontificate all you want about how wonderful you think it is to eliminate the deduction for state and local taxes, but that doesn't change the fact that removing those deductions will result in MANY taxpayers paying more federal income tax. How can I say this more clearly? MANY TAXPAYERS WILL SEE THEIR TAX BURDEN INCREASE BECAUSE OF THIS CHANGE. It's not a lie. It's a fact. Please try to learn the difference between the lies and facts.

Also, you claim to love tax cuts. The reality is that you love tax INCREASES if the increases are targeted at groups you don't like, such as people who live in states that tend to vote Democratic. In your mind, anything that "pisses off the libs" is great public policy.

Do us all a favor, cut the bullshit, and just admit it.
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Old 05-17-2018, 08:57 AM   #21
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AMDChiefs/RodeoPants2/cosmos is having himself a busy morning with his multi-mult muli-thread palapalooza!
Lol, papercut?
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Old 05-17-2018, 09:01 AM   #22
IowaHawkeyeChief IowaHawkeyeChief is offline
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There's no need for your typical hysterical rant, Pete. You can pontificate all you want about how wonderful you think it is to eliminate the deduction for state and local taxes, but that doesn't change the fact that removing those deductions will result in MANY taxpayers paying more federal income tax. How can I say this more clearly? MANY TAXPAYERS WILL SEE THEIR TAX BURDEN INCREASE BECAUSE OF THIS CHANGE. It's not a lie. It's a fact. Please try to learn the difference between the lies and facts.

Also, you claim to love tax cuts. The reality is that you love tax INCREASES if the increases are targeted at groups you don't like, such as people who live in states that tend to vote Democratic. In your mind, anything that "pisses off the libs" is great public policy.

Do us all a favor, cut the bullshit, and just admit it.
So let's get this straight... Reducing the Salt deduction to $10,000 will hurt wealthier taxpayers. So you are fine with raising taxes, as long as they are on other people, or are you saying high tax states citizens should have an advantage over low tax states? Trying to figure out where you stand.
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Old 05-17-2018, 09:02 AM   #23
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Lol, papercut?




But but the more alias's I have the more people agree with me---
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Old 05-17-2018, 09:09 AM   #24
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Originally Posted by Lex Luthor View Post
You won't have enough information to know the real impact on your tax bill for 2018 until you actually prepare your 2018 return. The tax bill either reduces or completely eliminates several deductions that significantly reduce the tax burden for a large number of taxpayers.

I used to save a lot of money on taxes because I was able to deduct income taxes paid to other states, and I was able to deduct the interest I pay on my home mortgage.

Just looking at your paycheck today is an incomplete analysis. Your overall tax burden could easily go up.
The vast majority of taxpayers (and even some non-taxpayers) will be better off after all of these things are taken into account. If I were a betting man, I'd bet you'll be among them.
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Old 05-17-2018, 09:13 AM   #25
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But but the more alias's I have the more people agree with me---
He/she/it still hasn't found one that people like or doesn't eventually get's banned to romper room.
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Old 05-17-2018, 09:14 AM   #26
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Originally Posted by Lex Luthor View Post
There's no need for your typical hysterical rant, Pete. You can pontificate all you want about how wonderful you think it is to eliminate the deduction for state and local taxes, but that doesn't change the fact that removing those deductions will result in MANY taxpayers paying more federal income tax. How can I say this more clearly? MANY TAXPAYERS WILL SEE THEIR TAX BURDEN INCREASE BECAUSE OF THIS CHANGE. It's not a lie. It's a fact. Please try to learn the difference between the lies and facts.

Also, you claim to love tax cuts. The reality is that you love tax INCREASES if the increases are targeted at groups you don't like, such as people who live in states that tend to vote Democratic. In your mind, anything that "pisses off the libs" is great public policy.

Do us all a favor, cut the bullshit, and just admit it.
As long as by "many" you mean "tiny minority".
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Old 05-17-2018, 09:52 AM   #27
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Originally Posted by Lex Luthor View Post
There's no need for your typical hysterical rant, Pete. You can pontificate all you want about how wonderful you think it is to eliminate the deduction for state and local taxes, but that doesn't change the fact that removing those deductions will result in MANY taxpayers paying more federal income tax. How can I say this more clearly? MANY TAXPAYERS WILL SEE THEIR TAX BURDEN INCREASE BECAUSE OF THIS CHANGE. It's not a lie. It's a fact. Please try to learn the difference between the lies and facts.

Also, you claim to love tax cuts. The reality is that you love tax INCREASES if the increases are targeted at groups you don't like, such as people who live in states that tend to vote Democratic. In your mind, anything that "pisses off the libs" is great public policy.

Do us all a favor, cut the bullshit, and just admit it.
Only because of their high state income taxes. Like I said, you want welfare from the Fed Gov. Move some place that has lower state taxes. Or no state taxes. It' snot my fault you choose to live in and support a state that bends you over.
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Old 05-17-2018, 10:01 AM   #28
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JFC more proof Lex is a moron.

Doubling the standard deduction is going to simplify taxes and reduce the number of people itemizing significantly.

This means that unless you are wealthy enough to still itemize, eliminating the SALT deduction is insignificant because poor people wont be itemizing anyway.

SALT deductions are only applicable when you itemize.

Its still a net gain for the poor and only impacts wealthier people who lose their SALT deductions.

This isn't even complicated.
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Old 05-17-2018, 10:13 AM   #29
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Dems will have a hard enough time competing with Trump for 2020 from whatever candidate they put forward, but campaigning to raise taxes puts the nail in the coffin for good.
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Old 05-17-2018, 11:49 AM   #30
Lex Luthor Lex Luthor is offline
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JFC more proof Lex is a moron.

Doubling the standard deduction is going to simplify taxes and reduce the number of people itemizing significantly.

This means that unless you are wealthy enough to still itemize, eliminating the SALT deduction is insignificant because poor people wont be itemizing anyway.

SALT deductions are only applicable when you itemize.

Its still a net gain for the poor and only impacts wealthier people who lose their SALT deductions.

This isn't even complicated.
Who said anything about poor people? I'm pretty sure I didn't.

This impacts anyone whose itemized deductions in prior years exceed the new standard deduction. You don't have to be "wealthy" to be affected by this.
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