Economy Trump tax cuts 6 months later: it was exactly what critics projected - everyone but the rich suffers

[Trotsky]

I wanted to bring this up earlier, but I was on vacation last month.

Forget that the cuts were summarily panned by noteworthy economists: it's now increasingly undeniable that they served no purpose, other than to make the rich richer, and to make the middle class poorer. One hand washes the other hand - the rich buy boats and the poor lease bread.

Despite the original Congressional Budget Office projection that the tax cut bill would increase the federal budget deficit by $1.5 trillion over the next 10 years, President Trump and his team insisted that the cuts would generate so much growth they would pay for themselves. As laughable as that was six months ago, it is even more so today.

The CBO has already increased its budget deficit projection to $1.9 trillion, and it has been my experience that when deficit projections start going up they get even worse over time.

One has to wonder how, after decades of campaigning as deficit hawks, Republican members of Congress will be able to talk about “fiscal responsibility” with straight faces.

“The top 55 companies on the 2017 Fortune 500 list, including corporate giants like Apple Inc., Alphabet Inc., and Pfizer Inc., expect to pay about $131 billion in taxes on their earnings stockpiled overseas,” Bloomberg reported. “The amounts those companies — excluding the ones that are private or government-sponsored — are disclosing in their annual and quarterly earnings reports show that the revenue from the law’s repatriation tax will likely fall far short of lawmakers’ and the Trump administration’s expectations.”

Andrew Silverman, a Bloomberg Intelligence tax analyst, remembered Trump saying, “We’re going to get $5 trillion in cash held abroad.”

“I suspect it’s going to be a heck of a lot less than that,” Silverman said, “based on the taxes companies expect to owe.”

Shockingly low revenue from expatriated funds is just the tip of the disastrous iceberg the tax bill has become. The Americans for Tax Fairness released its Six-Month Report Card and found much more:

“Although President Trump promised the average worker would see a $4,000 pay raise due to the tax cuts, only 4 percent of workers so far are getting a bonus or wage hike," the report said. "Only 402 of the nation’s six million employers have announced any plans to share their tax cuts with employees through bonuses or wage hikes. The total is estimated at $7 billion so far."

The report card continued: "But that pales in comparison to the $77 billion in tax cuts that just 156 corporations are getting this year. Corporations are giving huge windfalls to their CEOs and wealthy shareholders in the form of stock buybacks, as they own most stock. Corporations have announced $484 billion in stock buybacks since the tax law was passed. That’s 69 times more than the $7 billion corporations have promised workers through one-time bonuses and wage hikes."

The report concludes that “Despite the promise that the tax cuts would increase wages, the government reported last week that in the last year average hourly wages for four out of five workers in the private sector have gone down after inflation.”

https://www.delawareonline.com/stor...06/verdict-gops-tax-cut-didnt-work/762503002/

In addition, by effectively repealing the individual mandate in the Affordable Care Act, the tax-cut law will cause:

• 13 million Americans to lose health care coverage by 2025 [CBO].
• ACA insurance premiums to spike by 10%, on average, most years for the next decade.

Was it just that Trump supporters are actually supply-side ideologues and actually wanted multinational corporate entities and oligarchs to keep more money and for the rest of us to get busy sucking cock for bus fare? Or would they concede that their daddy sold them down the river?

 

[abiG]

Would you expect anything less? Let's keep one thread in reality, k?

 

[Trotsky]

Would you expect anything less? Let's keep one thread in reality, k?

Would I expect any different from the GOP? No, they haven't had any interest in actually helping their country or constituents in decades.

However, in previous years, I would expect (differently) for Republican voters to admit that they got duped and that the person(s) they voted for are using them for their stupidity.

 

[HomerThompson]

I wanted to bring this up earlier, but I was on vacation last month.

Forget that the cuts were summarily panned by noteworthy economists: it's now increasingly undeniable that they served no purpose, other than to make the rich richer, and to make the middle class poorer. One hand washes the other hand - the rich buy boats and the poor lease bread.











https://www.delawareonline.com/stor...06/verdict-gops-tax-cut-didnt-work/762503002/

Was it just that Trump supporters are actually supply-side ideologues and actually wanted multinational corporate entities and oligarchs to keep more money and for the rest of us to get busy sucking cock for bus fare? Or would they concede that their daddy sold them down the river?

HA HA HA HA. Take that libruhls.

 

[oleDirtyBast4rd]

Tell me all about how a lopsided progressive tax is really the most fair. You guys are a riot

 

[panamaican]

Wait...are you suggesting that this tax cut which was supposed to fuel the economy via growth isn't going to pan out?

But that would mean that imposing economy restricting tariffs on your trading partners right after cutting your revenue is a bad idea.

Are you saying that cutting revenue and making it more expensive to compete on the global stage is a bad combination? Is that what you're saying?

 

[NC252]

Whether you feel he's misguided or not isn't it refreshing to have a politician do what they said they were going to do? Trump's base is growing whether you like it or not. Can't wait for the midterms.

 

[bobgeese]

*completely ignores booming economy*

*completely ignores buisiness moving back to our country, repatriated money, jobs, etc*


*Complains*


Democrats, 2018.

 

[Trotsky]

Tell me all about how a lopsided progressive tax is really the most fair. You guys are a riot

And you are stupid. Because you need to be explained this concept over and over again, despite it being both basic and firmly in the interest of you and your loved ones. But you would still gladly doom the fiscal sustainability and political viability of your country and plunge millions into squalor, just so you don't have to read about economics or learn how your conception of "fairness" is completely farcical and devoid of economic historical context.

 

[Farmer Br0wn]

the rich buy boats and the poor lease bread

That is literally happening to no one in America.

No one's going to take your arguments seriously if you fill them with Chicken Little "the sky is falling" scenarios.

 

[ultramanhyata]

Tell me all about how a lopsided progressive tax is really the most fair. You guys are a riot

I nominate ODB for the War Room's corporate caulk Deep Throat Award.

 

[Trotsky]

Whether you feel he's misguided or not isn't it refreshing to have a politician do what they said they were going to do? Trump's base is growing whether you like it or not. Can't wait for the midterms.

Did you even read the OP?

He said:
(1) He would raise taxes on the rich - he didn't
(2) He would not benefit from his tax policy - he did
(3) Workers' wages would increase - they didn't
(4) Lucrative tax loopholes would be closed - they weren't
(5) International corporations would pay more in taxes after the changes - they are paying less
(6) The budget would perform better than CBO predictions - it performed worse


Come on, man.

 

[Trotsky]

That is literally happening to no one in America.

No one's going to take your arguments seriously if you fill them with Chicken Little "the sky is falling" scenarios.

I would remind you that it's expressive and not literal, but you know that - the only reason you picked at it was to divert attention from the point. You pruned for colorful language to be pedantic about since you know you don't have a substantive leg to stand on.

 

[Joe]

Its amazing we have millions of people who believe tax cuts pay for themselves. It's really insane.

 

[Trotsky]

*completely ignores booming economy*

*completely ignores buisiness moving back to our country, repatriated money, jobs, etc*


*Complains*


Democrats, 2018.

*Completely makes up vague facts, including one that is expressly disproved in the OP he didn't read*

#MAGA, #bobgeese, #Trump2018

 

[TheFirstEMP]

I’m not suffering, I’m benefiting and I’m not rich. TS sounds poor.

 

[helltoupee]

I wanted to bring this up earlier, but I was on vacation last month.

Forget that the cuts were summarily panned by noteworthy economists: it's now increasingly undeniable that they served no purpose, other than to make the rich richer, and to make the middle class poorer. One hand washes the other hand - the rich buy boats and the poor lease bread.











https://www.delawareonline.com/stor...06/verdict-gops-tax-cut-didnt-work/762503002/

Was it just that Trump supporters are actually supply-side ideologues and actually wanted multinational corporate entities and oligarchs to keep more money and for the rest of us to get busy sucking cock for bus fare? Or would they concede that their daddy sold them down the river?

I'm getting tired of posting this, but it's relevant. Same shit, different presidency.

In 2004, George W. Bush allowed companies with stashed offshore profits to “repatriate” them at 5.75 percent—nearly 1/6th of the normal tax rate—with the belief that the companies would subsequently use the money on business investment. In reality, a study from the National Bureau of Economic Research showed that “a $1 increase in repatriations was associated with an increase of almost $1 in payouts to shareholders.”https://www.thenation.com/article/corporate-tax-cuts-dont-create-jobs-they-enrich-ceos/

 

[NC252]

Did you even read the OP?

He said:
(1) He would raise taxes on the rich - he didn't
(2) He would not benefit from his tax policy - he did
(3) Workers' wages would increase - they didn't
(4) Lucrative tax loopholes would be closed - they weren't
(5) International corporations would pay more in taxes after the changes - they are paying less
(6) The budget would perform better than CBO predictions - it performed worse


Come on, man.

1. I don't care about the rich I care about myself.
2. Again that's your hang-up not mine
3. I'm a small business owner and I have given my employees all raises since the tax cut
4. Again that's your hang-up not mine
5. It's too early to tell how this is going to shake out on this point.
6. This is not because of the tax cuts it's because of the idiotic spending bill that Trump did sign.
Most conservatives do not think that Trump is the end-all-be-all. But he is moving in the direction that many other politicians on the conservative side have promised and not delivered. That's why his base is growing not because everyone loves him and believes everything he says but because of his actions.

 

[HomerThompson]

*completely ignores booming economy*

*completely ignores buisiness moving back to our country, repatriated money, jobs, etc*


*Complains*


Democrats, 2018.

Maybe look at the actual data, numb nuts.

 

[Farmer Br0wn]

I would remind you that it's expressive and not literal, but you know that - the only reason you picked at it was to divert attention from the point. You pruned for colorful language to be pedantic about since you know you don't have a substantive leg to stand on.

My position is Rock Solid.

Because the individual is the source of all wealth, and governments simply piggyback off of these discoveries of wealth through taxation, it's a moral decision to allow an individual to keep more of what they have earned.