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Trump’s Tax Cuts Didn’t Benefit U.S. Workers

I'm wrapping up tax season as we speak and would totally disagree with that analysis. All but a handful of my clients would have come out better under the 2018 rules and most of my clients fall into the "workers" class.
 
Lutherf said:
I'm wrapping up tax season as we speak and would totally disagree with that analysis. All but a handful of my clients would have come out better under the 2018 rules and most of my clients fall into the "workers" class.
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The article is not about tax savings for workers but rather that the tax savings seen by corporations are not "trickling down" to the workers.
 
From the giant tax cut bill that benefits workers across the country!

https://www.usatoday.com/story/money/2018/01/26/did-your-company-pay-you-bonus-tax-savings-check-list/1065291001/


More than three dozen of the biggest American companies have shared their tax-cut windfalls with employees, mostly through one-time bonuses but also with hourly wage increases and bigger 401(k) matches following the new tax law passed in December.

Alaska Airlines

Bonus: $1,000

Employees getting bonus: 19,000

American Airlines

Bonus: $1,000

Employees getting bonus: 130,000

Apple

Bonus: $2,500 in company stock

Employees getting bonus: most of 138,126 employees worldwide

AT&T

Bonus: $1,000

Employees getting bonus: 200,000

Bank of America

Bonus: $1,000

Employees getting bonus: 145,000

BB&T

Bonus: $1,200

Employees getting bonus: 27,000

Citizens Financial

Bonus: $1,000

Employees getting bonus: 12,500

Comcast

Bonus: $1,000

Employees getting bonus: 100,000

Comerica

Bonus: $1,000

Employees getting bonus: 4,500

Discover Financial Services

Bonus: $1,000

Employees getting bonus: 15,000

FedEx

Bonus: NA

Employees getting bonus: NA

Fifth Third Bank

Bonus: $1,000

Employees getting bonus: 13,500

Hartford Financial Services

Bonus: $1,000

Employees getting bonus: 9,500

Home Depot

Bonus: $200 to $1,000

Employees getting bonus: Vast majority of 40,000

Kansas City Southern

Bonus: $1,000

Employees getting bonus: 6,485

Navient

Bonus: $1,000

Employees getting bonus: 6,566

PNC Financial Services Group

Bonus: $1,000

Employees getting bonus: 47,500

Royal Caribbean

Bonus: Company stock equivalent to 5% of pay

Employees getting bonus: 66,000

Southwest Airlines

Bonus: $1,000

Employees getting bonus: 55,000

Starbucks

Bonus: $500 to $2,000 in company stock

Employees getting bonus: 150,000

Thermo Fisher Scientific

Bonus: $500

Employees getting bonus: N/A

Travelers Companies

Bonus: $1,000

Employees getting bonus: 14,000

Total System Services

Bonus: $1,000

Employees getting bonus: 11,500

U.S. Bancorp

Bonus: $1,000

Employees getting bonus: 60,000

Verizon

Bonus: 25 shares of company stock for part-time workers

50 shares of company stock for full-time workers

Based on Feb. 1 closing stock price

Employees getting bonus: 153,000

Walmart

Bonus: $1,000

Employees getting bonus: 40,000

Walt Disney

Bonus: $1,000

Employees getting bonus:125,000

Waste Management

Bonus: $2,000

Employees getting bonus: 34,000

Zions Bancorp

Bonus: $1,000

Employees getting bonus: 80% of workforce
 
calamity said:
The article is not about tax savings for workers but rather that the tax savings seen by corporations are not "trickling down" to the workers.
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The title is that the tax cut didn't benefit US workers. It benefited me, and I'm a US worker.
 
Fiat Chrysler

Fiat Chrysler announced Thursday that it will give 60,000 U.S. workers a one-time $2,000 bonus.

The company also said it's moving production of the Ram heavy-duty truck from Saltillo, Mexico, to Warren, Michigan, in 2020.
 
holbritter said:
The title is that the tax cut didn't benefit US workers. It benefited me, and I'm a US worker.
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Title size content field is limited. I imagine our members' brains are not. So, I put the rest of the story in the op.
 
Another article from the 'liberal' mainstream media about the 'benefits' of the tax cuts

TRUMP TAX PLAN: 80 PERCENT OF ECONOMIC GAINS WILL END UP GOING TO FOREIGNERS IN 2028, DEMOCRATIC SENATOR SAYS

80 percent of the economic growth generated by the Republican tax cuts will go abroad and benefit foreigners by 2028, after individual tax cuts expire, according to an analysis by Democratic Senator Chris Van Hollen of Maryland.

A Congressional Budget Office report found significant differences between projected GDP, which measures the level of production in the U.S., and gross national product, which measures the income earned by all Americans. If the economic impact from GDP is higher than GNP, the difference between the two is income generated in the United States but going to foreigners. An average 34 percent of income from the economic activity driven by the tax cuts is flowing out of the country, and in 2028, that number will increase to 80 percent. Most individual tax cuts will be phased out after 2025.
(. . .)
A CBO official told Newsweek that its analysis shows a majority of the GDP growth will benefit foreigners, but they don't have an exact number.
(. . .)
Nearly one-third of the U.S. stock market is owned by foreign investors, which means they’re benefiting from the $238 billion increase in stock buyback authorizations since the tax law passed.
(. . .)
Correction: This story incorrectly characterized Senator Van Hollen's analysis as that of the CBO. In fact, the CBO agrees that the majority of GDP gains will benefit foreigners, but does not have a number for the exact percentage.
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calamity said:
Title size content field is limited. I imagine our members' brains are not. So, I put the rest of the story in the op.
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"Their" title/headline is wrong.
 
calamity said:
lol....no surprise here. MAGA!

Trump?s Tax Cuts Didn?t Benefit U.S. Workers, Made Rich Companies Richer, Analysis Finds



Suckers
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I hope you realize who performed this analysis, a progressively radical group called Americans For Tax Fairness. Bwahaha
Criticisms
Some have criticized Americans For Fair Taxation for the way that they present the FairTax plan. The most common critique is the presented FairTax rate of a 23% sales tax on the total transaction value of new retail goods and services purchases; consumers pay to the government 23 cents of every dollar spent (sometimes called tax inclusive).[6] However, American sales taxes have historically been expressed as a percentage of the original sale price (sometimes called tax exclusive), this gives a 30% FairTax rate; items priced at $100 pre-tax cost $130 with the tax added.[7] The use of the tax inclusive number in presenting the rate has been criticized as deceptive and by some as a "lie".[7] However, AFFT argues that the 23% number represents a better comparison to income tax rates.[6] Taxpayers in a 25% income tax bracket pay $25 in federal income taxes out of every $100 they earn. With the 23% FairTax, taxpayers would pay $23 in taxes out of every $100 they spend. This is also how the legislation is written – as an inclusive tax.[8]

In 2007 Bruce Bartlett wrote that FairTax was originally devised by the Church of Scientology in the early 1990s as a way to get rid of the Internal Revenue Service.[9] Representative John Linder told the Atlanta Journal-Constitution that Bartlett confused the FairTax movement with the Scientology-affiliated Citizens for an Alternative Tax System.[10] Leo Linbeck, AFFT Chairman and CEO, stated "As a founder of Americans For Fair Taxation, I can state categorically, however, that Scientology played no role in the founding, research or crafting of the legislation giving expression to the FairTax."[11]
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https://en.wikipedia.org/wiki/Americans_For_Fair_Taxation

ATF believes we can start by forcing big corporations and the wealthy to pay their fair share in taxes.
 
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calamity said:
The article is not about tax savings for workers but rather that the tax savings seen by corporations are not "trickling down" to the workers.
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But they do trickle down to the workers. It is dishonest for you to imply that the workers aren't better off under the new plan. They are. You're whole argument is really that the rich get more than the poor. But the poorer and the workers still get more money in their pockets than they did before. Why do you have to be so dishonest?
 
calamity said:
lol....no surprise here. MAGA!

Trump?s Tax Cuts Didn?t Benefit U.S. Workers, Made Rich Companies Richer, Analysis Finds



Suckers
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I see the article's analysis chooses to use only The Fortune 500 companies -the 500 largest companies in the US. A stacked deck if I've ever seen one. These companies employ tens of thousands of employees so a benefit given to the lowest paid - like McDonalds did, would barely make a dent on the companies overall work force.

The biggest idiocy, however, is to assume that less the four months after the cuts going into effect, their full effect is done; that will be measured in years, not weeks.

I'm constantly amazed how the left always demonstrated the attention span of a Mayfly on these issues.
 
ttwtt78640 said:
I guess that means the demorats will win easily based on their promises to raise everyone's taxes.
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I saw and interesting article a few days ago. Seems like the venerable poling firm Quinipiac had found that 50% of the people now credit Trump with the rebounding economy and only 375 credited Obama. That's almost an exact reversal from just a few months ago.
 
Lutherf said:
I'm wrapping up tax season as we speak and would totally disagree with that analysis. All but a handful of my clients would have come out better under the 2018 rules and most of my clients fall into the "workers" class.
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I got a huge raise, and the amount taken out of my paycheck is lower. Damn it, I wanted less pay and higher taxes, that's it I'm switching to DEMOCRAT VOTIN.... just kidding, **** that I like having more money.
 
Bullseye said:
I see the article's analysis chooses to use only The Fortune 500 companies -the 500 largest companies in the US. A stacked deck if I've ever seen one. These companies employ tens of thousands of employees so a benefit given to the lowest paid - like McDonalds did, would barely make a dent on the companies overall work force.

The biggest idiocy, however, is to assume that less the four months after the cuts going into effect, their full effect is done; that will be measured in years, not weeks.

I'm constantly amazed how the left always demonstrated the attention span of a Mayfly on these issues.
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Four months in we see deficits rising again and corporate stock buy-backs soaring. MAGA!
 
calamity said:
The article is not about tax savings for workers but rather that the tax savings seen by corporations are not "trickling down" to the workers.
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Where do you think the money for bonuses, wage hikes,and benefits upgrades comes from? Sounds pretty "trickle down" to me. And it's only been four months. The cuts were not a one and done action. They set the stage for a more productive economy which will snowball the gains.
 
Rogue Valley said:
No surprise there.

Well actually, it probably is a surprise to our die-hard Trumpers[sup]®[/sup]
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Not at all - Looking at only 500 of the thousands of companies out there is a slanted "analysis" at best.

By the way, this is not a Trump original idea - lowered tax rates have been producing prosperity and increased tax revenues almost since the ink dried on the Sixteenth Amendment.
 
Bullseye said:
Where do you think the money for bonuses, wage hikes,and benefits upgrades comes from? Sounds pretty "trickle down" to me. And it's only been four months. The cuts were not a one and done action. They set the stage for a more productive economy which will snowball the gains.
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Actually, corporate taxes would provide more motivation to increase spending on benefits, wages and improvements, since those are all tax deductible expenses.
 
Somerville said:
Another article from the 'liberal' mainstream media about the 'benefits' of the tax cuts
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I love that " huge percentage goes to rich BS". First off the "rich" already pay a huge percentage of total tax. But there's a much simpler analysis: If I pay $1,000,000 in taxes and you pay $10,000 and we both get a 5% reduction I save $50,000 and you save $500. Same percentage, sounds fair to me.
 
Moderate Right said:
But they do trickle down to the workers. It is dishonest for you to imply that the workers aren't better off under the new plan. They are. You're whole argument is really that the rich get more than the poor. But the poorer and the workers still get more money in their pockets than they did before. Why do you have to be so dishonest?
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Dishonesty is the only weapon the left has on this issue. It bothers them to no end that the little people are being allowed to hang on to more of the money they earn instead of sending it off to the ruling class who know far better how it should be spent. I always think back to the Clinton cuts where he said something to the effect of "I hope the know how to use it correctly".
 
calamity said:
Actually, corporate taxes would provide more motivation to increase spending on benefits, wages and improvements, since those are all tax deductible expenses.
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True, I was broadening the discussion of the tax cut bill.
 
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