Passing of GOP tax plan leads to payday for corporate employees

MTAtech said:

Where Government Is a Dirty Word, but Its Checks Pay the Bills

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I keep posting this and you keep ignoring it, the Federal Taxpayers are responsible for funding Federal Programs passed by Congress not your state and local taxpayers. Seems like a simple concept except to you. Keep harping on more federal dollars going to red states than blue states while ignoring what those federal dollars fund.

You are like a kid playing football without a helmet, keep coming back and keep getting hit in the head with facts, logic and common sense. Wonder why you don't have a headache and stop playing?

https://www.nationalpriorities.org/smart/texas/

Simply change the name from TX to your state and see what is being paid out. While you're at it plug in the bluest state of them all, California and see what federal dollars go to the state, the largest dollar amount in the country!!

Is there something wrong with working people getting a break due to some tax break? I'd rather see that instead of lowering standards so more people can be on welfare.

Joecool44 said:

Is there something wrong with working people getting a break due to some tax break? I'd rather see that instead of lowering standards so more people can be on welfare.

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A) The tax breaks mainly went to the wealthy and corporations.
The top 1% gets 83% of the gains
B) When the law expires in 2027, poor and middle-class Americans would see a tax increase.
C) Tax-cuts aren't free. How did the GOP plan to partially pay for the tax-cut? After Tax Overhaul, GOP Sets Sights on Medicare, Social Security Cuts

MTAtech said:

A) The tax breaks mainly went to the wealthy and corporations.

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Who do you suppose pays the most taxes?

MTAtech said:

A) The tax breaks mainly went to the wealthy and corporations.
The top 1% gets 83% of the gains
B) When the law expires in 2027, poor and middle-class Americans would see a tax increase.
C) Tax-cuts aren't free. How did the GOP plan to partially pay for the tax-cut? After Tax Overhaul, GOP Sets Sights on Medicare, Social Security Cuts

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And yet they pay 40% of the Federal Income Taxes, a fact you want to ignore. If the law expires in 2027 you will have your liberal bureaucrats to blame as that is why there is a sunset provision in it as the tax bill wouldn't have passed without it

Taxes are free they are people keeping more of what they earn. tax cuts aren't an expense since most people earning income don't work for the federal govt. where payroll is a federal expense, not so with private sector employees keeping more of what they earn. You keep saying the same thing over and over again and have no problem being wrong all the time

MTAtech said:

A) The tax breaks mainly went to the wealthy and corporations.
The top 1% gets 83% of the gains
B) When the law expires in 2027, poor and middle-class Americans would see a tax increase.
C) Tax-cuts aren't free. How did the GOP plan to partially pay for the tax-cut? After Tax Overhaul, GOP Sets Sights on Medicare, Social Security Cuts

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Oh, by the way, MTA, I am still waiting for you explain how you give a tax cut to people who don't pay Federal income taxes, MAGIC?? Want to cut payroll taxes again for after all they only pay for SS and Medicare and obviously in your world don't need the money

Since you love increasing taxes so much why don't you go to your state legislature and tell them to increase your state and local taxes to fund programs in your state that are important to you?? No you prefer spreading liberal misery equally to everyone else.

Joecool44 said:

Who do you suppose pays the most taxes?

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You started this with a question: "Is there something wrong with working people getting a break due to some tax break? " Yes, there is something wrong with it when 83% go to the rich and then the working people get a tax increase in 2027. End of story.

You can shill it any way that you want but the fact is that the Trump tax-cut goes disproportionately to the rich. He's a false populist.

MTAtech said:

You started this with a question: "Is there something wrong with working people getting a break due to some tax break? " Yes, there is something wrong with it when 83% go to the rich and then the working people get a tax increase in 2027. End of story.

You can shill it any way that you want but the fact is that the Trump tax-cut goes disproportionately to the rich. He's a false populist.

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Yep, continue to ignore the question and the fact that 40% of all Federal Income taxes are paid by the top 1%. How do you give an income tax cut to people who don't pay federal income taxes? Keep running MTA

MTAtech said:

You started this with a question: "Is there something wrong with working people getting a break due to some tax break? " Yes, there is something wrong with it when 83% go to the rich and then the working people get a tax increase in 2027. End of story.

You can shill it any way that you want but the fact is that the Trump tax-cut goes disproportionately to the rich. He's a false populist.

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https://taxfoundation.org/summary-latest-federal-income-tax-data-2016-update/

In 2014, the bottom 50 percent of taxpayers (those with AGIs below $38,173) earned 11.27 percent of total AGI. This group of taxpayers paid approximately $38 billion in taxes, or 2.75 percent of all income taxes in 2014.

In contrast, the top 1 percent of all taxpayers (taxpayers with AGIs of $465,626 and above) earned 20.58 percent of all AGI in 2014, but paid 39.48 percent of all federal income taxes.

In 2014, the top 1 percent of taxpayers accounted for more income taxes paid than the bottom 90 percent combined. The top 1 percent of taxpayers paid $543 billion, or 39.48 percent of all income taxes, while the bottom 90 percent paid $400 billion, or 29.12 percent of all income taxe

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I might add that people receiving government assistance might actually be taking something from the pot without contributing anything.

upsideguy said:

...and, how much did he get this year?

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I don't know, but he's taking me and my wife to Disney World in February and yesterday he gave US $1,000 in spending money for the trip. (Christmas came early this year due to job commitments.) So I guess he's doing fine.

upsideguy said:

...and, how do you feel about this one year later?

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Just as peachy as I did last year. :2wave:

Ahlevah said:

I don't know, but he's taking me and my wife to Disney World in February and yesterday he gave US $1,000 in spending money for the trip. (Christmas came early this year due to job commitments.) So I guess he's doing fine.



Just as peachy as I did last year. :2wave:

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OK. Thanks. Enjoy Disney World.

As a rule, most of that tax cut money went to corporations that neither reinvested NOR paid it out in wages. Many did spif their employees via bonuses, but that was mostly a political stunt. ...and, since most of them were not bullish on the economy or America, rather than reinvest it, they use the cash for stock buybacks, which enriched the then existing stockholders and then later will enrich insiders. It general, the tax cut was a complete sham....

https://www.nbcnews.com/business/ec...erica-do-tax-break-buy-record-amounts-n886621
https://www.thestreet.com/investing/tax-cut-fueled-stock-buybacks-stymie-trump-economy-14613720
https://www.vox.com/2018/8/2/17639762/stock-buybacks-tax-cuts-trump-republicans
https://money.cnn.com/2018/07/10/investing/stock-buybacks-record-tax-cuts/index.html
https://www.brookings.edu/wp-content/uploads/2018/06/ES_20180608_tcja_summary_paper_final.pdf

Meanwhile, many of those that got more money in their pocket because of withholding adjustments will be in for a rude surprise on April 15 when they realize their withholdings are not sufficient to cover their tax liabilities.

I am glad your experience is atypically positive.

upsideguy said:

OK. Thanks. Enjoy Disney World.

As a rule, most of that tax cut money went to corporations that neither reinvested NOR paid it out in wages. Many did spif their employees via bonuses, but that was mostly a political stunt. ...and, since most of them were not bullish on the economy or America, rather than reinvest it, they use the cash for stock buybacks, which enriched the then existing stockholders and then later will enrich insiders. It general, the tax cut was a complete sham....

https://www.nbcnews.com/business/ec...erica-do-tax-break-buy-record-amounts-n886621
https://www.thestreet.com/investing/tax-cut-fueled-stock-buybacks-stymie-trump-economy-14613720
https://www.vox.com/2018/8/2/17639762/stock-buybacks-tax-cuts-trump-republicans
https://money.cnn.com/2018/07/10/investing/stock-buybacks-record-tax-cuts/index.html
https://www.brookings.edu/wp-content/uploads/2018/06/ES_20180608_tcja_summary_paper_final.pdf

Meanwhile, many of those that got more money in their pocket because of withholding adjustments will be in for a rude surprise on April 15 when they realize their withholdings are not sufficient to cover their tax liabilities.

I am glad your experience is atypically positive.

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So corporations keeping more of what they earn is a problem for you? Growing federal, state, and local tax revenue is a problem for you? Still waiting for you to explain to all of us how corporations keeping more of what they earn hurts you, your family, or the country? Also waiting for an explanation as to how you give a federal income tax cut to people who don't pay any federal income taxes??

Stunning left wing ignorance of the facts, data and total diversion from the tough questions.

Conservative said:

So corporations keeping more of what they earn is a problem for you? Growing federal, state, and local tax revenue is a problem for you? Still waiting for you to explain to all of us how corporations keeping more of what they earn hurts you, your family, or the country? Also waiting for an explanation as to how you give a federal income tax cut to people who don't pay any federal income taxes??

Stunning left wing ignorance of the facts, data and total diversion from the tough questions.

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I had no problem with the corporate rate reduction. The 35% marginal rate was too high and unevenly burdened on domestic corporations. The timing of the cut, however, was poorly done. Corporations did not know what to do with the cash. They were not bullish enough on our economy to reinvest in plant, capital and personnel. Instead, they just bought stock. Apparently you believed what you were told on this and did not know the facts regarding the actual use of proceeds.

The one advantage of the buyback is that it propped up the stock market for a little while. Had we not had the this tax cut, the bear market probably would have begun with the first tariff..... but, like all artificial things in an economy is that eventually the magic dust where's off.

It was irresponsible to effect a major macro economic event such as a large tax cut when you were running deficits in a full employment economy. Hopefully that does not come back to bite us.

upsideguy said:

I had no problem with the corporate rate reduction. The 35% marginal rate was too high and unevenly burdened on domestic corporations. The timing of the cut, however, was poorly done. Corporations did not know what to do with the cash. They were not bullish enough on our economy to reinvest in plant, capital and personnel. Instead, they just bought stock. Apparently you believed what you were told on this and did not know the facts regarding the actual use of proceeds.

The one advantage of the buyback is that it propped up the stock market for a little while. Had we not had the this tax cut, the bear market probably would have begun with the first tariff..... but, like all artificial things in an economy is that eventually the magic dust where's off.

It was irresponsible to effect a major macro economic event such as a large tax cut when you were running deficits in a full employment economy. Hopefully that does not come back to bite us.

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Finally something positive, cut in the corporate rates was indeed an attempt to make companies more competitive and increase shareholder value. It positions companies quite well for the future and most companies are in business for the long term and are looking for financial stability and growth opportunities. A pro growth economic policy feeds that opportunity

As for timing, there never is going to be a good time for a liberal to cut taxes because liberals don't understand incentive and the private sector economy. They don't understand the risks companies take and the mandatory expenses the Govt. puts on business, federal, state, and local. The left also seems to ignore the charitable giving of corporations and the jobs created along with benefits and opportunities for advancement

The problem with your post is the continual claim that tax cuts caused the deficits and that ignores reality. FEDERAL TAX REVENUE HAS SET RECORDS and has nothing to do with the deficits and in fact lowered them. If you disagree post the Treasury data to prove your point because you have ignored what I have posted over and over again from bea.gov.

The other issue is the left has no interest in lowering the deficit, never has and never will. People need to realize that there never will be enough money for a liberal to manipulate and make more people dependent.

From that liberal rag, the Wall Street Journal:

WASHINGTON—Twelve months after Congress cut business tax rates and sped up deductions to set off a capital spending boom, the results are proving modest at best.
A broad measure of business investment surged earlier in the year, but slowed since. It swung in part not because of tax policy, but in line with shifts in energy prices. Moreover, shipments of capital goods have tailed off after rising robustly early in the year and industrial capacity is rising modestly.

Growth and Taxes

Growth in business investment, a key element of economic expansion, rose after last year’s tax overhaul, before slowing again.

...
“The tax package did not stimulate or spark a boom in business investment,” said Gregory Daco, chief U.S. economist for consulting firm Oxford Economics. ”There’s been an acceleration,” he added, “but if we’re honest with ourselves, we have to look back at when it started and what’s been driving it.”

Companies have been using the tax cut in other ways—plowing larger profits into record-setting dividend payments and stock buybacks that mostly benefit shareholders.
“The anticipated impact of this bill was a large regressive tax cut,” said Greg Leiserson, director of tax policy at the Washington Center for Equitable Growth, a left-leaning group. “Everything here is consistent with that outcome being achieved.”
Several indicators suggest the spurt of early 2018 activity is petering out, economists say.
Year-over-year growth in monthly durable goods shipments—excluding volatile aircraft sales—has been slowing since before the tax overhaul was passed, and most recently returned to roughly mid-2017 growth levels, said Mark Zandi, chief economist at Moody’s Analytics. Shipments are growing, but more slowly than any time in the last 18 months or so.
Growth in new orders of durable goods—a measure of future demand and the need for new investment—was keeping pace with shipments until a couple months ago, when it slowed significantly, Mr. Zandi noted. In November, orders rebounded.
Overall investment has largely correlated with oil prices. Companies invested in drilling rigs and other equipment as prices rose from their dip in 2015 and 2016.
“In the U.S. these days, the marginal investment is an oil well,” said Alexander Arnon, a senior analyst at the Penn Wharton Budget Model. “So while there is a big benefit from [the tax law] to those, we don’t really see more action there than we would expect just based on oil prices.”
The center-right Tax Foundation predicted increases in capital stock and GDP that were several multiples of the official congressional forecasts. The group’s Kyle Pomerleau says those long-run effects can take 15 to 30 years to occur.
“You’re really early on in the game,” he said. “There isn’t superstrong evidence either way yet.”

Ahlevah said:

My older son is an installer for AT&T--Communications Workers of America. He's not rich, but those 1,000 Trump dollars will be real money in his pocket. :rwbelepha

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The stock market is in a server downturn, we are in multiple trade wars, and the national debt is soaring. Trump's tax cuts and entire economic plan is a colossal **** up.

Ahlevah said:

I don't know, but he's taking me and my wife to Disney World in February and yesterday he gave US $1,000 in spending money for the trip. (Christmas came early this year due to job commitments.) So I guess he's doing fine.



Just as peachy as I did last year. :2wave:

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I can't believe you brag about taking money from your own child, and also thanking Trump for your son's generosity. Why aren't you capable of making money yourself?

SheWolf said:

I can't believe you brag about taking money from your own child, and also thanking Trump for your son's generosity. Why aren't you capable of making money yourself?

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Is that what liberals (or "others"?) call gifts from their kids? Taking money from children? He's treating his parents with a trip to Disney World, and giving them spending money. I'm not bragging about taking money from him. I'm bragging ABOUT him, and the fact that he IS and CAN BE so generous. If you had been in my shoes I would have said bully for you, and you must be proud to have raised a kid like that. But then again maybe you wouldn't be. :shrug:

MTAtech said:

From that liberal rag, the Wall Street Journal:

WASHINGTON—Twelve months after Congress cut business tax rates and sped up deductions to set off a capital spending boom, the results are proving modest at best.
A broad measure of business investment surged earlier in the year, but slowed since. It swung in part not because of tax policy, but in line with shifts in energy prices. Moreover, shipments of capital goods have tailed off after rising robustly early in the year and industrial capacity is rising modestly.

Growth and Taxes

Growth in business investment, a key element of economic expansion, rose after last year’s tax overhaul, before slowing again.

...
“The tax package did not stimulate or spark a boom in business investment,” said Gregory Daco, chief U.S. economist for consulting firm Oxford Economics. ”There’s been an acceleration,” he added, “but if we’re honest with ourselves, we have to look back at when it started and what’s been driving it.”

Companies have been using the tax cut in other ways—plowing larger profits into record-setting dividend payments and stock buybacks that mostly benefit shareholders.
“The anticipated impact of this bill was a large regressive tax cut,” said Greg Leiserson, director of tax policy at the Washington Center for Equitable Growth, a left-leaning group. “Everything here is consistent with that outcome being achieved.”
Several indicators suggest the spurt of early 2018 activity is petering out, economists say.
Year-over-year growth in monthly durable goods shipments—excluding volatile aircraft sales—has been slowing since before the tax overhaul was passed, and most recently returned to roughly mid-2017 growth levels, said Mark Zandi, chief economist at Moody’s Analytics. Shipments are growing, but more slowly than any time in the last 18 months or so.
Growth in new orders of durable goods—a measure of future demand and the need for new investment—was keeping pace with shipments until a couple months ago, when it slowed significantly, Mr. Zandi noted. In November, orders rebounded.
Overall investment has largely correlated with oil prices. Companies invested in drilling rigs and other equipment as prices rose from their dip in 2015 and 2016.
“In the U.S. these days, the marginal investment is an oil well,” said Alexander Arnon, a senior analyst at the Penn Wharton Budget Model. “So while there is a big benefit from [the tax law] to those, we don’t really see more action there than we would expect just based on oil prices.”
The center-right Tax Foundation predicted increases in capital stock and GDP that were several multiples of the official congressional forecasts. The group’s Kyle Pomerleau says those long-run effects can take 15 to 30 years to occur.
“You’re really early on in the game,” he said. “There isn’t superstrong evidence either way yet.”

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Modest at Best?? 3% ANNUAL GDP GROWTH is modest at best? Still fighting for more money to go to the Federal Bureaucrats, aren't you? when people keep more of what they earn isn't it time to cut Federal Spending as the people don't need that so called "govt. help?"

Seems that being early in the game as the article ended still ignores the positive economic impact of the tax cuts, impact that you want to ignore. You focus on the DOW downturn as an example of poor economic policies whereas it is the results of strong growth leading to interest rate increases. If the people of your state now have more money to spend then why isn't your state doing something to solve its own social problems and boosting their own safety net programs. Record sales and property tax revenue along with more personal income gives the states the opportunity to solve their own problems without taking federal revenue to do it

Ahlevah said:

Is that what liberals (or "others"?) call gifts from their kids? Taking money from children? He's treating his parents with a trip to Disney World, and giving them spending money. I'm not bragging about taking money from him. I'm bragging ABOUT him, and the fact that he IS and CAN BE so generous. If you had been in my shoes I would have said bully for you, and you must be proud to have raised a kid like that. But then again maybe you wouldn't be. :shrug:

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It's still weird that you're thinking Trump for your son's success, your Disney trip, and the cash your son gave you.

SheWolf said:

It's still weird that you're thinking Trump for your son's success, your Disney trip, and the cash your son gave you.

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Why is it such a hard concept for you and many to understand that tax cuts put more money into the hands of the consumer thus more spendable income? That spendable income translates into more economic activity which led to record revenue in sales and property taxes to the states, millions of more new jobs create thus FICA tax revenue, travel revenue thus excise taxes for infrastructure.

The largest component of economic growth is Consumer spending and more money going to the federal bureaucrats affects that spending and all revenue streams

SheWolf said:

It's still weird that you're thinking Trump for your son's success, your Disney trip, and the cash your son gave you.

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I didn't do that. I was asked a personal question, i.e. how much in the way of bonuses did my son receive THIS year. I replied that I don't know, but he gave me and my wife $1,000 in spending money for a trip he's paying for. (The bonus last year was $1,000.) You'll have to ask the poster what his point was.