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originally posted by: MOMof3
a reply to: infolurker
The one to be released Wednesday. More details. The only fact I know, we go from 7 brackets to 3. 12%, 25% , 35% . The 15% bracket is gone. Middle class increase of 10% .
originally posted by: darkbake
One problem with automation is, as the technology advances, the working class will not be able to find enough jobs. This will result in them having less money, if any (in the most advanced case), to spend as consumers.
originally posted by: MOMof3
a reply to: infolurker
The one to be released Wednesday. More details. The only fact I know, we go from 7 brackets to 3. 12%, 25% , 35% . The 15% bracket is gone. Middle class increase of 10% .
Source: Congressional Budget Office. Tax table in the article itself with comparisons.
In the United States, the top federal statutory corporate income tax rate (the rate set by law that applies to the highest corporate income tax bracket) has been 35 percent since 1993. Most corporate income is taxed at that rate. With state taxes added in, the top statutory rate is even higher; on average, that combined rate was 39.1 percent in 2012, among the highest in the world.
originally posted by: Southern Guardian
When's that wealth trickling down? Record tax cuts in the 80's. Another $ trillion worth of tax cuts in the 2000's primarely aimed at the super rich. Now more tax cuts for the rich? Despite the Middle Class stagnating in growth? Check the stats on income inequality. Worse now than in decades. The term 'Tax reform' is just another word for Reaganomics. Trickle down taxes. A myth, which really doesn't equate to reality. Take the big Corporations pushing for more major tax cuts:
FedEx and UPS—two of America’s biggest employers—have been publicly pushing tax cuts as job creators even as they plan to spend hundreds of millions of dollars for a coming wave of automation at their distribution centers and along their delivery lines, corporate documents show.
Neither company has said what effect their automation plans may have on their job numbers, but both FedEx and UPS are also actively developing new technology designed to expand automation, according to patent applications reviewed by TYT. One UPS executive told Wall Street analysts new automation initiatives currently being planned will be coming online as late as 2020.
www.globalresearch.ca...
Now you know what? If Corporations like FedEx wish to invest in automation to maximize profit and productivity, have at it. In the end their goal is to the make profit like any business. It's inevitable, automation. The solution isn't to limit technological advances that are inevitable. That being said, these Corporations should not go around posing as primary job creators to get further tax cuts. They clearly have no intention of reinvesting this money to benefit the lower classes. This is all for the primary goal to maximize profit and those of their shareholders. Economics 101. But no, no no, conservatives would have us cut all their taxes. Have at it. While they cut down more jobs and invest those tax cuts right back into the pockets of the executives.