Wells Fargo CEO admits he won’t use his tax windfall to create more jobs

Well, this is interesting.

www.marketwatch.com...

a reply to: Southern Guardian

To Quote Marge Simpson "well duh."

Tax breaks for the bricks and mortar businesses should be a given, but screw them and their concerns.

Not everyone works in a high tower and it's the little men that made America, before there was wall street there was the pizzeria, before the Empire State Building there was a diner, a tailor or a tobacconist on many streets. Those small businesses helped turned America into what it is today.

a reply to: manuelram16

And about as true as the Tale of Pecos Bill

a reply to: zupdo


Well sir that's just an inconvenient truth. Why'd ya have to go and point that out?

originally posted by: scraedtosleep
a reply to: bigfatfurrytexan

Thanks for the info.

My mom is not complaining that 30$ extra isn't a big deal. Basically nothing changed for her.
But we are worried about what will happen to her health cost now that the mandate is gone.
I'll be here to tell you all once I find out. I am hopeful that it will not change very much .

Did her rates go down when the mandate was put in place just a couple years ago? If so, by how much?

Forcing young healthy or those that make too much for government assistance yet not enough to afford medical insurance to obtain it should not be the way your mom's rates go down.... I hope you see that.

Trickle down economics don't actually trickle down - you'd think people would realize this after the economy recovered from the last recession, but.. the only ones who are profiting from the growth we are seeing are those at the top. But still.. people applaud the Trump administrations tax plan. Just.. stupid.

What will be ironic is the next President will be the one harassed for many of the stupid decisions Trump is making now. Sort of the inverse of how Trump is claiming all the praise for things that were WELL on their way before he took office (such as fight against ISIS, the economy / stock market growth, etc.)

Anyone who doesn't think that Millionaires/Billionaires don't need that last couple of million dollars to help alleviate critical and serious elements in their budget (like maid service/personal chefs/etc.) is a god-damned communist!

originally posted by: mkultra11

originally posted by: soberbacchus
a reply to: burdman30ott6

Wells-Fargo boosting the minimum wage of it's workers to $15 dollars an hour! Wow..28k a year! What were they paying them before? Meanwhile how many Billions did the GOP just give them?

Thays funny because I remember liberals whining about raising minimum wage and a company does it and now it's not enough bc Trump has do to with it. You people have absolutely lost your marbles.

I see it as offering bread to the masses.
Do the simple Math..

Fifth Third Bancorp, based in Cincinnati, will raise wages for 3,000 employees to $15, or, in annual terms, $32,000 a year before taxes. Assuming those bank employees were making Ohio’s minimum wage of $8.15 an hour, this amounts to an annual outlay of $45 million from a bank that reported $630 million in profits in the first half of 2017.

Fifth Third made 630 Million in profits in the first 6 months of 2017.
They are on track to bank at least 1.2 Billion in 2017 in pure profits.
They just a got a tax break that will give them an additional 14% on that in 2017 and every year that follows.
In 2017 alone they get an additional what? 150 Million?
So they pay 150 Million less in taxes and spend 45 Million to bump the minimum wage for 3K workers to $15 dollars an hour? 32k per year before taxes?

Agreed, it's not nothing, and its a smart move. These companies just walked out of the US Treasury with Billions of Taxpayer Dollars (money that could have been used to give tax breaks to the middle class). Toss a few handfuls of change to the masses while you pull off the heist.

BTW - The tax bill helps me significantly. I am just much more concerned with the health of the country and the working and middle class is the heart of this country. This bill dramatically increases the gap between the wealthy and poor and it is a fleeting and small "high" for a dying middle class. Billionaires just screwed over the rest of the country and folks are happy that they were fortunate enough to work for a company that no longer pays them slave wages, but rather now pays them a little better than slave wages.

How about them coal miners and Appalachians? Wells-Fargo and Fifth-third have headquarters there?

For effs sake...My issue is that we need to FIX the problems we have, not figure out ways for the 1% to rob the country and placate the masses for a month with smoke and mirrors while they do it.

It's sad.

a reply to: soberbacchus

What I read in that is basically that you aren't interested in how it helps you, but rather how it doesn't hurt people who make more money than you.

My 2 cents: for someone to pay over half their income in taxes, no matter how much they make, is exceedingly ridiculous.

originally posted by: bigfatfurrytexan
a reply to: soberbacchus

This is called "looking a gift horse in the mouth".

To a non partisan your statement is exceedingly petty.

I don't dispute it is a gift horse.

I just don't believe it is the mouth we are looking at.

These companies are engaging in PR to cover the Billions they have gotten from this bill (forever) which otherwise could have been given to the working class in tax breaks.

The Corporate tax breaks are permanent. The workers tax breaks are temporary. Why?

a reply to: soberbacchus

Because temporary corporate tax breaks will not break the stagflation that the nation seems to have been dealing with.

Its not the companies who really benefit, its the share holders. People like you, me, my retired uncle and his 401k. Yes, there are rich farts in the investments as well...but the point being that if the cash flows out in dividends, then its still flowing into the public. Any public not recieving that flow only needs to buy into the system to begin with, even if just a 401k or munie investment.

Meanwhile, for the masses...the temporary tax breaks are scheduled to expire just in time to gain more votes for Republicans. Its the fip side of democrats, who just give the money away to lure in kept voters. I prefer luring kept voters in by having them work and support the system then rewarding them, rather than sit at home and drain the system without putting anything back in. I think taxpayers obviously have more skin in the game. Just my 2 cents.

Besides, all of it can be undone with another "tax bill".

originally posted by: bigfatfurrytexan
a reply to: soberbacchus

What I read in that is basically that you aren't interested in how it helps you, but rather how it doesn't hurt people who make more money than you.

Straight-up, in the quintile math I have landed safely in the top 5% most of my career.
The people that make more money than me don't need the money more than my cleaning people, mechanic, contractors etc. and frankly folks that sweat for a living work their ass off and are not making less than me due to lack of drive or intelligence and deserve to keep more of their money than the bankers, investors, family money etc. that are my neighbors. It is disgusting to be honest. Without giving up where I live, I know a group that gets together in the summer and does a self-organized Ferrari parade once a month. They all bust out their Ferraris and drive through the countryside on a mini road trip, about 20 plus Ferraris in a row and guys with slicked back hair and sunglasses etc. I am sure next year the parade will be longer. This country is heading in the wrong direction and the core "forgotten man" that got Trump elected is going to be really hurt by this bill.

My 2 cents: for someone to pay over half their income in taxes, no matter how much they make, is exceedingly ridiculous.

Who would that be? What rate are you thinking about?
Even at the old rate the guys I know don't ever pay anything close to the stated tax rate. There is lots of gymnastics, loop holes and magic math come tax day for those that can afford a decent accountant.

It's the average worker who can't afford a good accountant that pays the normal tax rate or close to it.

originally posted by: bigfatfurrytexan
a reply to: soberbacchus

Because temporary corporate tax breaks will not break the stagflation that the nation seems to have been dealing with.

The stagnation the nation has been dealing with is 100% linked to stagnate wages and accelerating disparity in distribution of income.

The middle class drives spending and the economy, not corporations.

Corporations have been CRUSHING IT in profits the past 5 years. RECORD numbers.

Why do you think MORE is going to change something?

Unemployment is very low already.

The issue is that the spending class/middle class is shrinking and what remains doesn't have the money or buying power to drive the economy.

Believe whatever you like, but that is the problem and giving MORE to corporations makes things worse, not better.

originally posted by: soberbacchus

originally posted by: bigfatfurrytexan
a reply to: soberbacchus

Because temporary corporate tax breaks will not break the stagflation that the nation seems to have been dealing with.

The stagnation the nation has been dealing with is 100% linked to stagnate wages and accelerating disparity in distribution of income.

The middle class drives spending and the economy, not corporations.

Corporations have been CRUSHING IT in profits the past 5 years. RECORD numbers.

Why do you think MORE is going to change something?

Unemployment is very low already.

The issue is that the spending class/middle class is shrinking and what remains doesn't have the money or buying power to drive the economy.

Believe whatever you like, but that is the problem and giving MORE to corporations makes things worse, not better.

Correct me if i am wrong...but we are seeing the tax deal already result in positive wage growth. Isn't that exactly what is needed to move the economy?

Had we not given them that tax break, do you expect wages would have grown?

Im really not understanding where you are coming from here. Other than you just want to see corporations have the screws put to them. That isn't how you run a country...you don't create tax law for the express purpose of hurting some. Seems to me like everyone is pretty much winning here...so why so angry?

a reply to: soberbacchus

So you have a chip on your shoulder regarding the wealthy that shades your world view.

Nothing wrong with that...and i appreciate the honesty.

originally posted by: bigfatfurrytexan
a reply to: soberbacchus

Its not the companies who really benefit, its the share holders. People like you, me, my retired uncle and his 401k. Yes, there are rich farts in the investments as well...but the point being that if the cash flows out in dividends, then its still flowing into the public. Any public not recieving that flow only needs to buy into the system to begin with, even if just a 401k or munie investment.

In order for the public at large to benefit from corporate profits via the market, they first need to have money to spare.

For half the country, they live hand to mouth and that number is growing.

That is not for lack of jobs, it is for lack of spending power and wages.

30k people working for a bank getting a pay bump to 15hr (a wage they should have been making a decade ago to keep up with rising costs) is not going to change anything.

The MIDDLE CLASS drives the economy, not the corporations, not the millionaires, not the billionaires.

Giving the top 5% Billions and throwing crumbs to the rest?

We are in big trouble.

originally posted by: bigfatfurrytexan

originally posted by: soberbacchus

originally posted by: bigfatfurrytexan
a reply to: soberbacchus

Because temporary corporate tax breaks will not break the stagflation that the nation seems to have been dealing with.

The stagnation the nation has been dealing with is 100% linked to stagnate wages and accelerating disparity in distribution of income.

The middle class drives spending and the economy, not corporations.

Corporations have been CRUSHING IT in profits the past 5 years. RECORD numbers.

Why do you think MORE is going to change something?

Unemployment is very low already.

The issue is that the spending class/middle class is shrinking and what remains doesn't have the money or buying power to drive the economy.

Believe whatever you like, but that is the problem and giving MORE to corporations makes things worse, not better.

Correct me if i am wrong...but we are seeing the tax deal already result in positive wage growth. Isn't that exactly what is needed to move the economy?

Define wage growth? There are 130 Million people in the USA employed full-time.
www.statista.com...

Had we not given them that tax break, do you expect wages would have grown?

Take home pay would have? As it stands a few corporations raised the minimum wage. A drop in the bucket compared to the broad and comprehensive breaks that could have been given to everyone in the lower 60% of earners. As a bonus, those earners would have had money to spend and it would have sincerely spurred the economy rather than this fleeting dog and pony show.

Im really not understanding where you are coming from here. Other than you just want to see corporations have the screws put to them.

RECORD profits the past several years with the vast bulk of the recovery going to corporations and the wealthy.
If the past few years have been suffering by corporations, may we all be as lucky.

This bill fixed a problem that was not broken and gave corporations that have been making record profits MORE.

originally posted by: soberbacchus

originally posted by: bigfatfurrytexan

originally posted by: soberbacchus

originally posted by: bigfatfurrytexan
a reply to: soberbacchus

Because temporary corporate tax breaks will not break the stagflation that the nation seems to have been dealing with.

The stagnation the nation has been dealing with is 100% linked to stagnate wages and accelerating disparity in distribution of income.

The middle class drives spending and the economy, not corporations.

Corporations have been CRUSHING IT in profits the past 5 years. RECORD numbers.

Why do you think MORE is going to change something?

Unemployment is very low already.

The issue is that the spending class/middle class is shrinking and what remains doesn't have the money or buying power to drive the economy.

Believe whatever you like, but that is the problem and giving MORE to corporations makes things worse, not better.

Correct me if i am wrong...but we are seeing the tax deal already result in positive wage growth. Isn't that exactly what is needed to move the economy?

Define wage growth? There are 130 Million people in the USA employed full-time.
www.statista.com...

Had we not given them that tax break, do you expect wages would have grown?

Take home pay would have? As it stands a few corporations raised the minimum wage. A drop in the bucket compared to the broad and comprehensive breaks that could have been given to everyone in the lower 60% of earners. As a bonus, those earners would have had money to spend and it would have sincerely spurred the economy rather than this fleeting dog and pony show.

Im really not understanding where you are coming from here. Other than you just want to see corporations have the screws put to them.

RECORD profits the past several years with the vast bulk of the recovery going to corporations and the wealthy.
If the past few years have been suffering by corporations, may we all be as lucky.

This bill fixed a problem that was not broken and gave corporations that have been making record profits MORE.

Are you serious? Take a look around the world. Which country has 35% corporate tax rates? 21% is already too high for my liking. It really should be 15% or so IMO.

a reply to: soberbacchus

Here's a simple way to define it:

We have had 2 major corporations announce that they will be increasing the pay to their employees due to the tax cut. I've spoken with several others who run smaller corporations, and we will be doing the same thing in our companies.

Add to that, the lower tax burden on the middle class.

Tax credits/breaks are the fleeting dog and pony show. The real measurement is wage growth, and you don't get employers to increase wages by increasing their tax burden. All doing the tax breaks does is let people keep their money, not put more in their paycheck to begin with. And since its income that is taxed, it seems to be in the best interest of the country on the whole to increase the paychecks of the middle class.

a reply to: bigfatfurrytexan



•America’s child poverty levels are worse than in any developed country anywhere, including Greece, devastated by a euro crisis, and eastern European nations such as Poland, Lithuania and Estonia.

•Median adult wealth in the US ($39,000) is 27th globally, putting it behind Cyprus, Taiwan, and Ireland.
fortune.com...

Income inequality
Rank of U.S.: Fourth highest inequality in the world.

Prison population
Rank of U.S.: First out of 224 countries

Median wealth per adult
Rank of U.S.: 27th out of 27 high-income countries

fortune.com...

The U.S.—with $63.5 trillion in total private wealth—holds the largest amount of any country in the world.

But that wealth is unevenly distributed, and nowhere is that more evident than in the U.S., which also has the largest wealth inequality gap of 55 countries studied, according to the report.
fortune.com...

*Giving corporations Billions and throwing crumbs to the middle class and adding 1.5 Trillion to the national debt to do it?

We are in big trouble.