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Donald Trump’s presidency has been marked by turmoil, and his approval ratings are low. But US CEOs seemed eager to show their support for his first major piece of legislation, the “Tax Cuts and Jobs Act” that cleared Congress on Wednesday (Dec. 20). A clutch of big US banks and telecoms pledged to hand out millions in bonuses off the back of tax reform.
The amount announced so far is a small fraction of the total tax savings the bill is expected to hand to corporations in the coming years. Overall, lowering corporate taxes is expected to save companies $1 trillion over the next decade.
Earlier this year, the White House Council of Economic Advisers (CEA) said that dropping the corporate income tax rate to 20% (the new bill makes it 21%) would increase household incomes by at least $4,000 annually. Most economists, including Kimberly Clausing of Reed College, dispute those “wildly optimistic numbers,” arguing that there’s a tenuous relationship between lower corporate taxes and higher wages.
originally posted by: Southern Guardian
That's lovely. A pledge to hand out bonuses or create more jobs. We need this. We ned companies to demonstrate that they'll be putting back into the economy, putting back into their works, the $billions handed to them in the form of tax cuts.
originally posted by: Southern Guardian
a reply to: projectvxn
I'm also not a billionaire. I don't employ thousands of workers. I'm getting much of a benefit from these cuts either. I'm not getting $ millions in tax cuts.
How are you feeling about these tax cuts? $billions going to the wealthiest? To the corporations? Instead of going back into the country, back into much needed wasted infrastructure?
We'll just continue hoping it'll all trickle down right project?
It's going to trickle down any moment now, right?
Billions aren't going anywhere.
originally posted by: 3NL1GHT3N3D1
a reply to: Grambler
Are you ready to pay $5+ more a month just to visit sites that you already had access to before?
I'm sure a good chunk of it will find its way into offshore banking accounts where it won't be circulated back into the economy.
Overall, lowering corporate taxes is expected to save companies $1 trillion over the next decade.