GOP Tax Bill

shootersa · Jun 14, 2018

"Center for American Progress policy"

Now, there's a fair and unbiased source.

Shooter prefers BLS figures
https://www.bls.gov/opub/ted/2018/r...rivate-employees-april-2017-to-april-2018.htm

tenguy · Jun 14, 2018

Number of jobs May 2017 to May 2018 is way higher, meaning far more people are working, but you already knew that.

stumbler · Jun 23, 2018

6 months in, GOP tax bill an utter flop

Six months after President Trump and Republicans in Congress jammed through massive tax cuts mostly for corporations and the wealthy, it has become clear that working families are suffering while billionaire GOP campaign contributors luxuriate in a tax windfall.

While stumping for his tax plan, President Trump claimed cutting taxes for big corporations would result in an average pay raise of $4,000 for working families.

Well, the tax bill slashed the corporate tax rate by more than 40 percent and handed multinational corporations a $400 billion tax discount on their accumulated offshore profits, but what was the result?

Working people are still waiting for their $4,000 raise. Average hourly wages have actually gone down slightly, after adjusting for inflation, since the tax bill passed.

So where did all the money go? Corporations are not reinvesting their tax windfall; they are paying that money out in the form of stock buybacks and dividends.

Stock buybacks boost stock prices and CEO pay in the short term, making the rich even richer, but most financial analysts say that money could be put to better use investing in the long-term success of the company.

The rest of the tax windfall from the new law — individual tax cuts — is also flowing into the pockets of corporate CEOs and other millionaires. Once fully phased in, 83 percent of the tax cuts in the new law will go to the richest 1 percent.

Republicans claimed their tax plan would put a stop to outsourcing, but the opposite is true. When it comes to outsourcing, the tax law is a job killer. The base tax rate for profits from outsourced jobs is zero. The best case is foreign profits would be taxed at half the rate as domestic profits.

It's that simple — the Trump-GOP tax law taxes corporations that create jobs in the U.S. and subsidizes corporations' outsourcing of operations and jobs offshore. Republicans also claimed the new law would stop corporations from hiding profits and shifting jobs offshore, but profit shifting will pretty much continue as before.

Motorcycle icon Harley-Davidson offers a good example of how American corporations are taking advantage of their tax windfall. The tax benefit to Harley-Davidson — a profitable company with $800 million to $1 billion in pre-tax profits — appears to have provided the capital to fund a plan to outsource U.S. jobs.

Following passage of the tax bill, the company announced the layoff of 800 workers at a plant in Kansas City, the opening of a new factory in Thailand and a plan to buy back 15 million shares currently valued at $700 million.

The total cost of the GOP tax boondoggle is $1.9 trillion to $2.3 trillion. Right on cue, Republicans are now trying to push through drastic cuts in Medicare, Medicaid, Social Security and public education to make up for the lost tax revenue.

Generations of working people fought hard to establish these programs that help make our society more civilized. We stand in full-throated opposition to any attempt to dismantle these accomplishments in order to line the pockets of Wall Street CEOs and other corporate chieftains and make the rest of us pick up the tab.

Finally, by weakening a central part of ObamaCare to pay for tax cuts for the rich, the Republican tax law will raise health insurance premiums for working families and cause 3 million people to lose health coverage in the next year.

Republicans claim their tax cuts are responsible for the strength of the economy, but job growth has continued its slow decline from the peaks of 2015 under Obama. Average monthly job growth was stronger under Obama after the Great Recession than it has been under Trump.

Not content with giving away the store to the rich and profit-laden corporations, Republicans are now talking about a “round two” of tax cuts, which would again mostly benefit the rich.

Rather than doubling down on a bad idea, we should correct our mistakes. The AFL-CIO believes the Republican tax law, as enacted, will be destructive to jobs and growth over the long term.

We urge Congress to make significant structural changes to the tax law, beginning with the following:

S

1. Eliminate all the incentives for outsourcing jobs and profits built into the Republican tax bill, including by equalizing the corporate tax rate for offshore and onshore profits, as provided in the No Tax Breaks for Outsourcing Act of 2018 (S. 2459/H.R. 5108) introduced by Rep. Lloyd Doggett (D-Texas) and Sen. Sheldon Whitehouse (D-R.I.).

2. Equalize the tax rate between labor and capital through a combination of a Wall Street Speculation Tax, a higher tax rate on capital gains and collecting Social Security and Medicare taxes on capital gains.

3. End the gigantic loophole the Republican tax law opens up for tax avoidance through pass-through business structures, which threatens massive revenue loss and treats income from similar business activities differently depending on the legal form they take.

4. Restore the deductibility of state and local income taxes, or alternatively offer comparable direct federal support to critical state and local government activities in the areas of education, infrastructure and health care.

Congress should use the money saved from fixing this terrible tax law to invest in America. The U.S. needs to invest trillions of dollars in our infrastructure to be competitive in the 21st century.

Senate Democrats have proposed a good start on what we need to do — $1 trillion for rebuilding and improving our country’s roads, bridges, schools, waterworks, rail systems, electrical grid and more, creating millions of good-paying jobs all along the way.

All this could be paid for by repealing the GOP's huge, pointless, job-killing tax breaks for corporations and the wealthy.
Click to expand...

Distant Lover · Jun 23, 2018

stumbler said: ↑

6 months in, GOP tax bill an utter flop
Click to expand...

We've been through this before. More jobs were created per year during the Carter administration than during the Reagan administration.

http://blogs.wsj.com/economics/2009/01/09/bush-on-jobs-the-worst-track-record-on-record/

When will they ever learn?
Oh when will they ever learn?

tenguy · Jun 23, 2018

Federal receipts are up, outlays are down, just what was predicted by the changes. https://www.treasury.gov/press-center/press-releases/Pages/sm0184.aspx

ace's n 8's · Jun 23, 2018

Distant Lover said: ↑

We've been through this before. More jobs were created per year during the Carter administration than during the Reagan administration.

http://blogs.wsj.com/economics/2009/01/09/bush-on-jobs-the-worst-track-record-on-record/

When will they ever learn?
Oh when will they ever learn?
Click to expand...

You sure get confused over your rosy scenarios.

It's painfully obvious you have no intentions of ever looking deeper than just the surface.

Sanity_is_Relative · Jun 27, 2018

Sanity_is_Relative · Jul 20, 2018

Distant Lover · Jul 20, 2018

Distant Lover said: ↑

We've been through this before. More jobs were created per year during the Carter administration than during the Reagan administration.

http://blogs.wsj.com/economics/2009/01/09/bush-on-jobs-the-worst-track-record-on-record/

When will they ever learn?

Oh when will they ever learn?
Click to expand...

Carter was the worst president in US history until Obama was elected and took that title from him...

- CS natureboy

ace's n 8's said: ↑

You sure get confused over your rosy scenarios.

It's painfully obvious you have no intentions of ever looking deeper than just the surface.
Click to expand...

Confused is an understatement. DL doesn't even know what year it is...

- CS natureboy

---------

stumbler · Jul 21, 2018

The White House Makes a ‘Trillion-Dollar Admission’

The White House Office of Management and Budget on Friday released its updated annual budget request, known as the mid-session review. The numbers don’t mean much given that the president’s budget won’t be enacted — but they do contain what the Committee for a Responsible Federal Budget calls “a very big trillion-dollar admission.” Namely, the White House’s own deficit projections keep rising, thanks to the recently passed tax cuts and spending increases.

The updated budget now includes a projected 2019 deficit of $1.085 trillion, up from $984 billion in February — and more than double the $526 billion the White House called for in its 2018 budget.

“This is a striking acknowledgement following almost two years of claims that economic growth unleashed by these policies will wipe deficits away,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget.

Meanwhile, the average growth rate projected over 10 years has dropped under 3 percent.
Click to expand...

stumbler · Jul 31, 2018

Treasury projects Q3 borrowing to surge to $329 billion

The Treasury Department announced Monday the federal government plans to borrow $329 billion in the current July-September quarter. That's the highest third-quarter figure in eight years, as the government faces rising borrowing needs due to higher budget deficits.

Treasury said the projected borrowing is 74 percent higher than the $189 billion borrowed in the same quarter a year ago and would mark the largest July-September amount since 2010.

The Trump administration announced earlier this month in its mid-session budget review that it expects this year's deficit to rise to $890 billion and climb further to $1.1 trillion in 2019.

Critics say the surging deficits reflect the impact of the $1.5 trillion in tax cuts President Donald Trump pushed Congress to approve in December. The Trump administration contends that the tax cuts will end up paying for themselves by boosting economic growth in coming years.

Congressional Budget Office as evidence that the tax cuts, along with increased government spending approved earlier this year, will have significantly increased the deficit estimates.

The administration's new forecasts added $17 billion to its deficit estimate for this budget year ending Sept. 30. The administration's forecast of a deficit of $890 billion this year is higher than the latest estimate of the Congressional Budget Office, which forecasts this year's deficit will total $793 billion.

The administration's projection over the next 10 years sees the deficits climbing to $1.1 trillion in the 2019 budget year and remaining above $1 trillion for three consecutive years from 2019 through 2021 before starting to fall.

The only other time the government ran annual deficits of $1 trillion or more was the four years from 2009 through 2012 when the Obama administration was dealing with the 2008 financial crisis and the deep recession that followed.

Opponents of the Trump tax cuts argued that with strong economic growth and low unemployment, now is not the time to approve large tax cuts that will drive deficits higher and could prompt the Federal Reserve to accelerate its interest rate hikes out of concerns about rising inflation.

The Treasury's new borrowing projection estimates the government will need to borrow $440 billion in the October-December quarter. That would represent a 56 percent increase from the $189 billion the government borrowed during that quarter a year ago.

Treasury on Wednesday will announce what mix of Treasury securities it will use to borrow the $329 billion. Investors anticipate that the size of various bond and note offerings will be expanded.
Click to expand...

stumbler · Jul 31, 2018

Worker wages remain stagnant as wealthy executives are rolling in cash
CEOs are using corporate share buybacks to enrich themselves.

Congressional Republicans and President Trump continue to push their sole legislative accomplishment, the Tax Cuts and Jobs Act of 2017, as a game-changer for average working Americans — but the benefits of that bill appear to be going mostly to the people at the top.

Rather than delivering an “economic turnaround of historic proportions,” as Trump boasted last week, the bill will likely end up costing well over $1.4 trillion dollars and will instead provide corporations and the wealthiest Americans a giant hand-out.

A recent Politico review of Securities and Exchange Commission (SEC) filings also revealed corporate executives, who often receive most of their compensation in stock, have been profiting enormously off the bill, which slashes the corporate tax rate to 21 percent.

Following the bill’s passage in December last year, Oracle Corp. CEO Safra Catz sold $250 million worth of shares in her company, the “largest executive payday this year,” according to Politico. The company’s president of Product Development, Thomas Kurian, also sold $85 million worth of shares, directly after the company announced a $12 billion share repurchase.

Oracle isn’t the only company whose top brass have benefited from the tax bill: in May, Mastercard CEO Ajay Banga sold $44.4 million of stock. Only a few months earlier, the company had announced it would buy back $4 billion in shares. According to Reuters, Mastercard also announced that month it had “increased its quarterly cash dividend to 25 cents per share, a 14 percent increase over the previous dividend of 22 cents a share.”

Similarly, after Eastman Chemical announced in February it would purchase $2 billion of its own stock, its CEO, Mark Costa, sold 55,000 shares, raking in at least $5.4 million in the process.

Data from Americans For Tax Fairness found that powerful Fortune 500 companies have spent a total of over $238,244,348,330 in stock buybacks since December. The numbers showed few corporations have actually used their respective tax windfalls to benefit workers directly, as many pledged they would do.

Out of the over 1,500 companies from which Americans for Tax Fairness collected data, only 359 of them actually promised to increase wages for their employees. Of those that promised to bump wages, the majority only offered an increase up to $15 an hour in entry-level pay — which, by all accounts, should already be what companies pay entry-level employees in a tightening labor market.

Despite what Republicans in Washington have suggested, stock buybacks do absolutely nothing to help struggling middle America. Instead, they traditionally enrich both the company buying back shares and those who own corporate stock, which typically means the already-rich. The wealthiest 10 percent of American households own 84 percent of all shares, while the top 1 percent own 40 percent. Roughly one-half of American households don’t own stock at all.

The AFL-CIO’s annual Executive PayWatch database, released in May, also revealed just how stark income inequality is among CEOs and their workers. On average, data showed, CEOs are paid 333 times more than an average employee at their company.

The disparity between CEO and worker pay is consistent with income inequality on a wider scale. While average worker wages have been stagnant for decades, the top 1 percent of U.S. income earners have “more than doubled their share of the nation’s income” since the 1970s, the Institute for Policy Studies observed.

The Trump administration continues to tout the nation’s record low unemployment rate as a sign that the country’s economy is thriving. But as former Secretary of Labor Robert Reich detailed in a recent op-ed for The Guardian, 80 percent of Americans are living paycheck-to-paycheck.

“The typical American worker now earns around $44,500 a year, not much more than what the typical worker earned in 40 years ago, adjusted for inflation,” Reich wrote. “When Republicans delivered their $1.5 trillion tax cut last December they predicted a big wage boost for American workers. Forget it. Wages actually dropped in the second quarter of this year.”
Click to expand...

CS natureboy · Jul 31, 2018

stumbler said: ↑

Worker wages remain stagnant as wealthy executives are rolling in cash
CEOs are using corporate share buybacks to enrich themselves.
Click to expand...

That is because Democrat policies have decimated the middleclass over the last 40+ years. Middleclass America took a big hit under 8 years of Obama.

It will take some time to repair the damage Obama has done and turn things around. Thankfully president Trump is off to a good start.

stumbler · Jul 31, 2018

OH FUCKING ROFLCOPTRRS!!!

Distant Lover · Jul 31, 2018

stumbler said: ↑

Worker wages remain stagnant as wealthy executives are rolling in cash
CEOs are using corporate share buybacks to enrich themselves.
Click to expand...

Why am I not surprised? Employers do not give pay raises when they can but when they have to.

Nevertheless, the Real Clear Politics average of ten recent surveys has Trump's approval rating at 43.3%. Now his average disapproval rating is 52.9%. However, why does anyone who is not in the upper ten percent of wealth and income support Trump?

In his New York Times essay, "In Our ‘Winner-Take-Most’ Economy, the Wealth Is Not Spreading," Thomas B. Edsall explains:

"Nearly half the country’s voters support a president who embraces upwardly redistributive policies that many of them do not benefit from.

"Why? Because on race, religion, abortion, LGBTQ rights and immigration, President Trump — unlike previous Republican presidents — has given his voters exactly what they want...

[Millions of white] "men — have been infuriated by economic and cultural developments they feel have devastated neighborhoods, local environments and workplaces so that they can no longer recognize them."

--------

Edsall's essay deserves to be read in its entirety. Nevertheless, I am afraid that if I post a web address the website may in the future include a photo of a fully dressed minor.

Also, you may need to be a subscriber of The New York Times, like I am, to read the essay.

Because of the social resentments of poorly educated white men the Democrat Party has not been able to address the following problem, Edsall writes about in his essay:

"Firms dominating concentrated labor markets “face relatively inelastic labor supply” (i.e., job choices are limited) which, in turn, allows employers to “reduce wages without losing all (or even a large fraction) of their workforces.”

The United States is experiencing the nightmare scenario predicted as a possibility by Democratic Socialists of America founder Michael Harrington in 1968. He did not think this was likely, but he thought it was possible if the democratic left failed. He predicted a time when the black and brown have not's struggled with the white have little's for the crumbs that fell from the tables where the rich dined on gourmet delicacies.

At any rate, those who condemn democratic socialism no longer have the Union of Soviet Socialist Republics to show as a horrible example of socialism. Much of the stuff you see at a department store is made in Communist China, so something must be working well over there.

Those who condemn democratic socialism need to defend an economic system that is no longer working for most Americans.

shootersa · Jul 31, 2018

Shooter is pretty sure that the minorities having the lowest unemployment rate in their history, and the 1.5 Million Americans who left the labor force starting in 2010 who are now reentering the labor force, and the hundreds of thousands of people who have moved from part time to full time work, and the almost 1 Million who have found better paying jobs are cheering Trump's economy.

Which does not bode well for arrogant unsupporters. Which is why we face the task of seeing so much copy and paste from the general.

Distant Lover · Jul 31, 2018

shootersa said: ↑

Shooter is pretty sure that the minorities having the lowest unemployment rate in their history, and the 1.5 Million Americans who left the labor force starting in 2010 who are now reentering the labor force, and the hundreds of thousands of people who have moved from part time to full time work, and the almost 1 Million who have found better paying jobs are cheering Trump's economy.

Which does not bode well for arrogant unsupporters. Which is why we face the task of seeing so much copy and paste from the general.
Click to expand...

What about the deficits Republicans complained about when Obama was president? Credit card prosperity is built on sand.

stumbler · Aug 5, 2018

Trump's tax cuts will widen the trade deficit and hurt GDP

After narrowing for three straight months, the U.S. trade balance with the rest of the world expanded in June to $46.3 billion as exports slowed. Exports rose sharply in prior months as the potential impacts from tariffs imposed by the Trump administration were front-run.

Economists at Barclays see Friday’s report as a harbinger of things to come, as the tax cuts boosting the U.S. economy will continue to grow imports while exports growth is likely to slow as firms deal with the impact of tariffs. Imports subtract from the GDP calculation while exports add to GDP growth.

“The widening in the trade deficit in June, after three consecutive months of narrowing, suggests that some of the transitory factors that drove those trends are starting to fade,” Barclays said in a note to clients on Friday.

“We expect the trade deficit to continue to widen, as a fiscal-stimulus led boost to demand leads to higher imports. As a result, trade is likely to subtract from GDP growth in the coming quarters, reversing the significant positive contribution recorded in Q2.”

Trade actions could also limit GDP growth in the quarters ahead alongside this tax cut boost.

“Much of the rise in exports was driven by Chinese imports of soybeans, which we believe reflects a reaction to potential imposition of tariffs,” Barclays said last week in response to the GDP number. “Hence, we do not expect the trade deficit to narrow further in Q3 and, instead, look for it to begin to widen.”

main impetus for his trade actions is to get this number down." data-reactid="25">And while the balance of trade’s negative impact on GDP is an accounting entry as much as it reflects an economy that is actually softer, a centerpiece of Trump’s economic policy and the main impetus for his trade actions is to get this number down.
Click to expand...

Distant Lover · Aug 5, 2018

tenguy said: ↑

Federal receipts are up, outlays are down, just what was predicted by the changes. https://www.treasury.gov/press-center/press-releases/Pages/sm0184.aspx
Click to expand...

Then why is the yearly deficit increasing?

stumbler · Aug 9, 2018

National deficit grew 20% last year, partially due to Trump tax cuts

The U.S. national deficit grew by 20% ($75 billion) over the past year, according to the latest report by the Congressional Budge Office, partially due to Trump's tax cuts as well as increased national spending.

Between the lines: Axios' Jonathan Swan has reported that there has been an ongoing tussle between debt-loving President Trump and his penny-pinching Budget Director Mick Mulvaney. Mulvaney has been privately pushing Trump to get more aggressive about cutting spending, but debt and deficits have, so far, only ballooned under Trump.

By the numbers:

Spending is up by $143 billion (4%) from last year.

2018 saw a $66-billion drop in corporate taxes, largely due to Trump's newest tax policy, according to the CBO.

Revenue from individual income taxes, however, grew more than expected because of economic growth and wage increases, according to the CBO. But the growth was not nearly enough to compensate for increased spending.

The deficit, which is now at $685 billion, is expected to reach $793 billion by the end of the year and come close to $1 trillion next year.

Click to expand...

Log in or Sign up

shootersa Frisky Feline

tenguy Reasoned voice of XNXX

stumbler Porn Star

Distant Lover Master of Facts

tenguy Reasoned voice of XNXX

ace's n 8's Porn Star

Sanity_is_Relative Porn Star

Sanity_is_Relative Porn Star

Distant Lover Master of Facts

stumbler Porn Star

stumbler Porn Star

stumbler Porn Star

CS natureboy Porn Star

stumbler Porn Star

Distant Lover Master of Facts

shootersa Frisky Feline

Distant Lover Master of Facts

stumbler Porn Star

Distant Lover Master of Facts

stumbler Porn Star

GOP Tax Bill

Log in or Sign up

shootersa Frisky Feline

tenguy Reasoned voice of XNXX

stumbler Porn Star

Distant Lover Master of Facts

tenguy Reasoned voice of XNXX

ace's n 8's Porn Star

Sanity_is_Relative Porn Star

Sanity_is_Relative Porn Star

Distant Lover Master of Facts

stumbler Porn Star

stumbler Porn Star

stumbler Porn Star

CS natureboy Porn Star

stumbler Porn Star

Distant Lover Master of Facts

shootersa Frisky Feline

Distant Lover Master of Facts

stumbler Porn Star

Distant Lover Master of Facts

stumbler Porn Star

Useful Searches