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Thread: Passing of GOP tax plan leads to payday for corporate employees

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    Passing of GOP tax plan leads to payday for corporate employees

    Call them Trump dollars.

    Thousands of employees at some of the country’s largest companies got an instant benefit from the tax-reform bill passed Wednesday — in the form of raises and bonuses of $1,000 and more.

    AT&T, Comcast, Wells Fargo, and Fifth Third Bank each handed out the presents, saying they reflected the companies’ expected windfall from lower corporate taxes....

    AT&T, which had an effective tax rate of 32.7 percent in 2016, will give 200,000 of its unionized workers a $1,000 bonus by the end of the year.

    https://nypost.com/2017/12/20/passin...ate-employees/
    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.
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    Re: Passing of GOP tax plan leads to payday for corporate employees

    "Free" money from the government! How you going to pay for that, comrade?

    There's really only 2 options to make up for the increased deficit caused by this:
    1) Ignore it and blame the Democrats. A republican is in office so the GOP couldn't care less about the budget or deficits.
    2) Start cutting social security, Medicare and Medicaid to make up the difference.

    Either way, this massive transfer of wealth will be paid for by the average Joe. He can feel good about the miniscule check he received while the bulk of the cash flows into corporate coffers and he's left to make up the difference. But hey, what's good for corporations is what's good for America, right? They're going to start creating tons of very high quality, high paying jobs I'm sure.

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    Re: Passing of GOP tax plan leads to payday for corporate employees

    Quote Originally Posted by Ahlevah View Post
    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.
    So that's a one-off $2m spend from AT&T's profits. A small price to pay for the pro-tax cut propaganda that will generate at least hundreds of millions of dollars for them over the next 5 years at the expense of normal Americans.

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    Re: Passing of GOP tax plan leads to payday for corporate employees

    Quote Originally Posted by Ahlevah View Post
    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.
    While it is certainly money in the pocket around, it must be paid for.

    Part will certainly be paid for from repatriated funds sitting in foreign countries. The reduction in corporate taxes will attrackt investments that would have gone elsewhere. The finalcial press in Europe is full of foreboding. This will need growth and jobs and thus more taxes. But it will certainly not 'pay for itself'.

    It would best come out of private goods that the government now produces with great waste.

    Taken alone, the tax reduction will heat up the economy at a definitely poor point in time. The country is chugging along at a very good pace and the asset prices certainly look frothy. Fiscal stimulus is fine in downturns and after bubbles burst.

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    Re: Passing of GOP tax plan leads to payday for corporate employees

    Quote Originally Posted by RabidAlpaca View Post
    "Free" money from the government! How you going to pay for that, comrade?

    There's really only 2 options to make up for the increased deficit caused by this:
    1) Ignore it and blame the Democrats. A republican is in office so the GOP couldn't care less about the budget or deficits.
    2) Start cutting social security, Medicare and Medicaid to make up the difference.

    Either way, this massive transfer of wealth will be paid for by the average Joe. He can feel good about the miniscule check he received while the bulk of the cash flows into corporate coffers and he's left to make up the difference. But hey, what's good for corporations is what's good for America, right? They're going to start creating tons of very high quality, high paying jobs I'm sure.
    Are you responding to the OP or is what you saying rhetorical?

    Do you always write in political talking points/cliches?

    "massive transfer of wealth"
    "average Joe"
    "corporate coffers"

    Finally, "increased deficit caused by this", nothing has even happened yet and you think is already has.
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    Re: Passing of GOP tax plan leads to payday for corporate employees

    Quote Originally Posted by AliHajiSheik View Post
    Are you responding to the OP or is what you saying rhetorical?

    Do you always write in political talking points/cliches?

    "massive transfer of wealth"
    "average Joe"
    "corporate coffers"

    Finally, "increased deficit caused by this", nothing has even happened yet and you think is already has.
    Are you responding to me or are you just here to add irrelevant bull****? Nothing to say about the topic of the thread?

    My point was clear. Either the Republicans increase the deficit with this or they're going to have to start making major cuts to entitlements for the middle class. Either way, it's coming out of the average Joe's ass. If your social security and Medicare are cut dramatically does a $50 "Trump dollars" check really offset this?

    Stop being ****ing lazy and off topic and start using your words, boy.

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    Re: Passing of GOP tax plan leads to payday for corporate employees

    Quote Originally Posted by RabidAlpaca View Post
    Are you responding to me or are you just here to add irrelevant bull****? Nothing to say about the topic of the thread?

    My point was clear. Either the Republicans increase the deficit with this or they're going to have to start making major cuts to entitlements for the middle class. Either way, it's coming out of the average Joe's ass. If your social security and Medicare are cut dramatically does a $50 "Trump dollars" check really offset this?

    Stop being ****ing lazy and off topic and start using your words, boy.
    I responded to you because I had the gall to actually quote you. Your point was obfuscated because of your inability to use a property tense in an fashion. These companies decided to give their employees money this year in anticipation of savings on taxes next year. Sure there are things that are wrong with this bill as there have been in every single tax bill throughout the last 114 years, but the difference is that you hope the economy collapses and I choose to be more optimistic.

    Grow a pair and quote the person to whom you are "responding". On topic enough for you, junge?
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    Re: Passing of GOP tax plan leads to payday for corporate employees

    Quote Originally Posted by Ahlevah View Post
    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.
    You are taking the bait. The Trump tax bill is overwhelmingly tipped towards the wealthy but throws a few temporary crumbs to people like your son.

    The Tax Policy Center found that in the first years most people would get a tax cut, although the biggest cuts are reserved for the wealthiest. By 2027, lower- and middle-income Americans would get no benefit or actually pay more in taxes.

    But this bill also serves as a setup for steep government cuts. Programs from Medicare to flood insurance to food stamps will be at risk the moment President Trump’s signature dries. Some reductions would be inflicted automatically. Others, Republicans will pursue with a handy justification — the revenue hole created by their own legislation.

    Under the Pay-as-You-Go Act of 2010, or Paygo, the Office of Budget and Management has to order automatic spending cuts if legislation passed by Congress is set to increase the deficit and the rules aren’t waived or the loss isn’t covered by new revenue. According to a Congressional Budget Office analysis, spending cuts would have to total $136 billion for a bill, such as the tax legislation, that increases the deficit by $1.5 trillion over a decade.

    What would get cut? Some programs, like Social Security and unemployment benefits, are spared. But plenty of others are seriously exposed. While there are limits on how much Medicare would be pared back, it would still be slashed by $25 billion.
    souce: New York Times, 12/21/2017
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    Re: Passing of GOP tax plan leads to payday for corporate employees

    Quote Originally Posted by RabidAlpaca View Post
    "Free" money from the government! How you going to pay for that, comrade?
    "Free money" from the government? The money isn't coming from the government. It's coming from money earned by my son's employer, AT&T. Thanks to Trump, Democrats won't get their grippers on it so they can blow it in one of their wealth-redistribution schemes. He works hard, and not so lumps can sit around in their apartments watching TV or playing video games while he's climbing phone poles or crawling around in hot attics.

    Quote Originally Posted by RabidAlpaca View Post
    Start cutting social security, Medicare and Medicaid to make up the difference.
    It wasn't so long ago that Obama and Democrats supported a payroll tax holiday. If you recall, Obama wanted to extend it but Republicans balked because he had already stolen hundreds of billions of dollars from Medicare in order to fund his ACA brainchild. (Obama basically argued that the funds would just go to "greedy" doctors and hospitals. Never mind that Medicare reimbursement levels are already at the point where many doctors refuse to accept it.)
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    Re: Passing of GOP tax plan leads to payday for corporate employees

    Quote Originally Posted by Ahlevah View Post
    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.
    It was a negotiation with their union, the Communication Workers of America, not a result of a tax cut. This deal had been in the works for some time, and was agreed upon on December 13.

    Quote Originally Posted by Chris Shelton
    There's no question that the tax legislation is a huge giveaway to corporations and the wealthiest Americans at the expense of working families and young people who will be stuck paying the bill for decades.

    This is an example of deal-making by and for corporate interests and the 1 percent. Working people will pay the price for the tax loopholes that encourage companies to move even more jobs offshore and the attacks on programs that working and middle income families count on.

    Congress's own Joint Committee on Taxation pointed out that benefits for working and middle income families are meager and temporary, with just 10 percent of the tax cut going to middle and working class families. The JCT also noted that 53 percent of taxpayers will see their taxes go up in 2025, because of the games Republicans are playing.

    The plan adds at least $1 trillion to the deficit, and that already is being used by Republican leaders to justify their campaign to cut Medicare, Medicaid and Social Security.

    This tax plan is upside down. Instead of making working families pay more for tax breaks for the corporations and the richest Americans, we should be closing the loopholes that Wall Street will continue to exploit. We should be rebuilding our infrastructure, making education affordable, and making sure that corporations keep good jobs here in the U.S., instead of opening up new loopholes that encourage the offshoring of jobs, as this tax plan does.

    President Trump and the Republican leadership still claim that working families will get at least a $4,000 pay raise, even though most economists – and even CEOs – say that corporations will use their tax cuts to buy back stock and reward investors.

    The American people know a bad deal when they see it. That's why the percentage of Americans who oppose the plan, now 55 percent, continues to grow.

    Those voices will grow even louder come Election Day 2018. We'll keep exposing this Republican tax plan as a corporate money grab that results in working and middle income families paying more, but getting less. We’ll keep reminding working people about the $4,000 raise that President Trump and the Republican leadership promised them.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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