6 months in, GOP tax bill an utter flop

[wvit1001]

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.



http://thehill.com/opinion/finance/393550-6-months-in-gop-tax-bill-an-utter-flop

[Dan]

Thank you for your opinion.

I'll stick with the fact that earnings, wages, growth, employment, and consumer confidence are up.

[chuck_curtis]

They didn't include me.  I have kept hundreds of dollars so far that otherwise would have been taken from me and the relief comes month after month. 

[Truman62]

LOL What Goobers you two are...

Just gobbling down the GOP jism.

[Dan]

LOL What Goobers you two are...

Just gobbling down the democrat jism.

[stretch351c]

The tax cuts make a car payment for me.

[gwboolean]

It would appear that all of our White Conservative Nationalist associates here are telling us that they are completely pleased with those paltry and temporary tax breaks they have received that they didn't even bother to notice was more than offset by tax breaks they no longer receive.  And they all appear to be even more pleased that their Conservative Elite Establishment masters individually got billions (permanently) in tax cuts.  You really can't expect too much from anyone who thinks this way.

[Dan]

It would appear that all of our White

RACIST!!!

telling us that they are completely pleased with those tax breaks

Yep.  Better than paying MORE taxes.

they didn't even bother to notice was more than offset by tax breaks they no longer receive.

What tax breaks?  I take the standard deduction.

And they all appear to be even more pleased that their Conservative Elite individually got billions (permanently) in tax cuts.

The liberal elite got them too.  Yeah, we know!  And yes, we are pleased that businesses of all ideologies are no longer paying the highest tax rate in the world.

You really can't expect too much from anyone who thinks this way.

Actually, I do expect a lot from intelligent people who think that way.

[wvit1001]

what happened to trump's campaign promises dan?


Over time, however, these broad-based tax cuts dissipate due to the sunsetting of some key tax credits and a change in how inflation is calculated. By 2027, according to the Joint Committee on Taxation, every income group below $75,000 will actually see a tax increase.

This is an imperfect tool for addressing child care costs. The new child credits will be partially offset by another provision of the new bill -- the disappearance of the personal and dependent exemption. And the child credit isn't targeted towards parents who need to pay for child care -- many parents who benefit from the credit may have no child care expenses at all.

Trump said that under his tax plan, "we will eliminate the carried interest deduction and other special interest loopholes that have been so good for Wall Street investors, and for people like me, but unfair to American workers."

An elimination of the carried interest provision was not included in the bill.

The bill doesn't eliminate the alternative minimum tax for individuals. Under the bill, the threshold for the individual alternative minimum tax will rise from $164,000 for joint filers to $1 million. That means that fewer households will face the tax, but it doesn't go away, as promised.

[Dan]

what happened to trump's campaign promises dan?

Many of them fulfilled, wvit.  Where have you been, buddy?

Over time, however, these broad-based tax cuts dissipate due to the sunsetting

So I can expect you to support making them permanent, right?

[wvit1001]

why didn't the republican congress and trump make them permanent dan?   maybe he realized the tax cuts would explode the national debt and wouldn't be sustainable.   

[Dan]

why didn't the republican congress and trump make them permanent dan?

Liberals opposed it.

maybe he realized the tax cuts would explode the national debt

Nope.  They result in MORE revenue.