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Old 05-17-2018, 05:45 AM  
AMDChief AMDChief is offline
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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, 12:08 PM   #31
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Originally Posted by Lex Luthor View Post
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.
Impacts? Everyone is impacted. Impacts negatively? No.
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Old 05-17-2018, 12:09 PM   #32
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Old 05-17-2018, 12:12 PM   #33
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Originally Posted by IowaHawkeyeChief View Post
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.
Congratulations. You've managed to create a dichotomy in which BOTH alternatives are completely false representations of my position. You get an A+ in Dishonest Debating 101.

Just to be clear, I never said I'm fine with raising taxes or that I wanted anybody's taxes to go up, nor have I ever said high tax states citizens should have an advantage over low tax states. My position has been completely consistent all along. The tax rates were just fine before the GOP passed the Reckless and Irresponsible Tax Bill of 2017. If it ain't broke, don't "fix" it.

This flawed bill gives nearly all of its benefits to 1% of the citizens, it adds $1.5 trillion to the debt, and it was totally unnecessary because the economy had been doing just fine for the 7 years prior to it. This flawed bill also give the GOP an excuse to do what it has been hell-bent to do for years: cut Medicaid, cut Medicare, and cut Social Security. After all, that $1.5 trillion for the millionaires and billionaires has to come from somebody.

This flawed bill obviously wasn't based upon any empirical evidence, since the empirical evidence completely contradicts the macroeconomic benefits the GOP claims will occur. (See the Bush and Brownback tax cuts for evidence of that). It was passed because the GOP has a dogmatic belief that all tax cuts are good, no matter what the circumstances.

I realize you disagree. That's because you share that dogmatic belief, and you're completely unwilling to consider any evidence that contradicts the GOP dogma regarding tax cuts. This does work out great for the GOP in one respect: there are lots of low-information voters who believe the GOP propaganda and think they are actually better off now. We've seen evidence of that in this thread.

Fortunately, you and I have a bet on this. I'll enjoy reading your signature file when it comes time to pay off.
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Old 05-17-2018, 12:26 PM   #34
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Am I missing the author and link to the article?
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Old 05-17-2018, 12:35 PM   #35
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Originally Posted by Lex Luthor View Post
Congratulations. You've managed to create a dichotomy in which BOTH alternatives are completely false representations of my position. You get an A+ in Dishonest Debating 101.

Just to be clear, I never said I'm fine with raising taxes or that I wanted anybody's taxes to go up, nor have I ever said high tax states citizens should have an advantage over low tax states. My position has been completely consistent all along. The tax rates were just fine before the GOP passed the Reckless and Irresponsible Tax Bill of 2017. If it ain't broke, don't "fix" it.

This flawed bill gives nearly all of its benefits to 1% of the citizens, it adds $1.5 trillion to the debt, and it was totally unnecessary because the economy had been doing just fine for the 7 years prior to it. This flawed bill also give the GOP an excuse to do what it has been hell-bent to do for years: cut Medicaid, cut Medicare, and cut Social Security. After all, that $1.5 trillion for the millionaires and billionaires has to come from somebody.

This flawed bill obviously wasn't based upon any empirical evidence, since the empirical evidence completely contradicts the macroeconomic benefits the GOP claims will occur. (See the Bush and Brownback tax cuts for evidence of that). It was passed because the GOP has a dogmatic belief that all tax cuts are good, no matter what the circumstances.

I realize you disagree. That's because you share that dogmatic belief, and you're completely unwilling to consider any evidence that contradicts the GOP dogma regarding tax cuts. This does work out great for the GOP in one respect: there are lots of low-information voters who believe the GOP propaganda and think they are actually better off now. We've seen evidence of that in this thread.

Fortunately, you and I have a bet on this. I'll enjoy reading your signature file when it comes time to pay off.
By "gives all the benefits" you mean returns money to those in which it was taken from to begin with, right?
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All kinds of people vote. Not enough of those people think highly enough of Trump to make him President but all kinds of people vote.
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So, if they were polling better than Trump and the primary goal was to prevent Hillary from becoming POTUS, perhaps it would have been a better strategic decision to nominate someone who actually had a chance of beating her and preventing that than nominating Donald Trump.
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Old 05-17-2018, 01:12 PM   #36
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Originally Posted by Lex Luthor View Post
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.

How many people have itemized deductions exceeding 24,000 annually?

If you have deductions exceeding $24,000 annually how much $ do you think you would have to make to even achieve that bar?

If your SALT taxes make up a significant part of your $24,000+ in itemized deduction you are making damn good money.

Out of those people how many is this going to effect negatively?

You are arguing a massive straw-man.
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Old 05-17-2018, 01:13 PM   #37
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Originally Posted by petegz28 View Post
By "gives all the benefits" you mean returns money to those in which it was taken from to begin with, right?
20% of the country pays 80% of the income tax. The system works perfect./Lex
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Old 05-17-2018, 01:13 PM   #38
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Originally Posted by petegz28 View Post
By "gives all the benefits" you mean returns money to those in which it was taken from to begin with, right?
Oh great, Pete has been reduced the ultra stupid "taxes are theft".
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Old 05-17-2018, 01:22 PM   #39
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Originally Posted by Loneiguana View Post
Oh great, Pete has been reduced the ultra stupid "taxes are theft".
You're losing any thread of sanity you had before the start of the day with your recent post on DC...
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Old 05-17-2018, 01:28 PM   #40
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Originally Posted by IowaHawkeyeChief View Post
You're losing any thread of sanity you had before the start of the day with your recent post on DC...
He has a dog in this fight so to speak.

Loneignoramus needs the government to pay for his sex reassignment surgeries.
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Old 05-17-2018, 01:33 PM   #41
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Originally Posted by petegz28 View Post
By "gives all the benefits" you mean returns money to those in which it was taken from to begin with, right?
Governments provide all kinds of services, including national defense, interstate highways, police protection, fire departments, and other basic infrastructure items that differentiate a modern country from a third-world country. High income people derive at least as much value from those things as low income people do. Actually, they get a lot MORE value because they get to live in a society that isn't a complete anarchy, they have a police force that protects them from people who would murder them and take their money, and thus they are able to reap the benefits of their high incomes.

Those things have a price tag, and the whole idea behind an income tax is to generate the revenue to pay for these things by collecting taxes from people who (1) benefit the most from living in a stable society, and (2) have the ability to pay.

When high income people constantly whine about taxes, they are really saying "GIVE ME all of the benefits that a government provides, but DON'T expect ME to pay for it".

Who benefits the most from police protection, fire departments, and interstate highways: high income people, or low income people?
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Old 05-17-2018, 01:34 PM   #42
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Originally Posted by Marcellus View Post
How many people have itemized deductions exceeding 24,000 annually?

If you have deductions exceeding $24,000 annually how much $ do you think you would have to make to even achieve that bar?

If your SALT taxes make up a significant part of your $24,000+ in itemized deduction you are making damn good money.

Out of those people how many is this going to effect negatively?

You are arguing a massive straw-man.
Actually, if you really looked, you'd find a lot of people in that category.
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Old 05-17-2018, 01:36 PM   #43
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Originally Posted by Lex Luthor View Post
Actually, if you really looked, you'd find a lot of people in that category.
In what financial category Lex?
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Old 05-17-2018, 01:39 PM   #44
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Originally Posted by Loneiguana View Post
Oh great, Pete has been reduced the ultra stupid "taxes are theft".
Where did I ever say the word theft? Maybe you can enlighten us all as to how people who don't pay income taxes deserve a bigger tax break than those that do?
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All kinds of people vote. Not enough of those people think highly enough of Trump to make him President but all kinds of people vote.
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Originally Posted by Donger View Post
So, if they were polling better than Trump and the primary goal was to prevent Hillary from becoming POTUS, perhaps it would have been a better strategic decision to nominate someone who actually had a chance of beating her and preventing that than nominating Donald Trump.
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Old 05-17-2018, 01:40 PM   #45
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Originally Posted by Lex Luthor View Post
Governments provide all kinds of services, including national defense, interstate highways, police protection, fire departments, and other basic infrastructure items that differentiate a modern country from a third-world country. High income people derive at least as much value from those things as low income people do. Actually, they get a lot MORE value because they get to live in a society that isn't a complete anarchy, they have a police force that protects them from people who would murder them and take their money, and thus they are able to reap the benefits of their high incomes.

Those things have a price tag, and the whole idea behind an income tax is to generate the revenue to pay for these things by collecting taxes from people who (1) benefit the most from living in a stable society, and (2) have the ability to pay.

When high income people constantly whine about taxes, they are really saying "GIVE ME all of the benefits that a government provides, but DON'T expect ME to pay for it".

Who benefits the most from police protection, fire departments, and interstate highways: high income people, or low income people?
So do you go to McDonald's and pay $1.25 for something off of the $1 menu so the guy behind you can pay .75?

You are the one screaming about wanting benefits I doubt you pay much if anything for.
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All kinds of people vote. Not enough of those people think highly enough of Trump to make him President but all kinds of people vote.
Quote:
Originally Posted by Donger View Post
So, if they were polling better than Trump and the primary goal was to prevent Hillary from becoming POTUS, perhaps it would have been a better strategic decision to nominate someone who actually had a chance of beating her and preventing that than nominating Donald Trump.
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