Gifted a $1 trillion tax windfall from Congress, US companies only pledge $2 billion for workers

a reply to: projectvxn

Cut spending.

Oh this administration is doing a wonderful job of this right? $300 million cut out of things like the UN fund? Healthcare? Meanwhile billions keep on disappearing into military projects, wars, drones continue on. We continue sending $billions to Israel, Saudi Arabia and what else? Oh yes, $trillion tax cut to corporations with no intention, assurance that money is coming back into the economy. More money saved for the wealthy - regardless of whether it'll do anything for the country.

Cut spending you say? You should be frustrated right now with the way things are going. Why aren't you?

Not saddle everyone, including corporations, with more taxes

Who proposed 'saddling' up corporations and the wealthy with more taxes? It should've been left as is. Nobody proposed increases in anything. Trump makes gigantic tax cuts to the wealthy and your counter argument is this make belief position of raising taxes, which isn't the proposal of the OP or opponents.

Cut taxes for the middle and lower classes. Money assured to go right back into the economy as there is a need to spend.

Invest back into infrastructure. It creates jobs, stimulates the economy, gets the country's vains right back in working order.

Cut the bloated military budget. Promote more private employment. Create initiatives rewarding businesses that invest right back into their employees, that create jobs.

Simple solutions, instead we go this route? The same route we've followed for decades.


Congressional Budget Office

originally posted by: bigfatfurrytexan
a reply to: Greven

Well, despite it not being considered a tax in the legal sense, my tripled healthcare costs that were a legal requirement for me to have so that a single payer system wasn't put in place (aka, a healthcare tax) seem to fit the bill pretty well.

My healthcare costs had stayed basically flat for the last few years, but will rise this year.

It's still cheaper than my old job's insurance.

Ain't everyone experiencing the same thing you are.

originally posted by: neo96
'What raised taxes!'.

www.atr.org...

Then people whine bout tax cuts.

America SUCKS.

My taxes didn't go up during Obama; your mileage may vary.

1. A 156 percent increase in the federal excise tax on tobacco
2. Obamacare Individual Mandate Excise Tax
3. Obamacare Employer Mandate Tax
4. Obamacare Surtax on Investment Income
5. Obamacare Excise Tax on Comprehensive Health Insurance Plans
6. Obamacare Hike in Medicare Payroll Tax
7. Obamacare Medicine Cabinet Tax
8. Obamacare HSA Withdrawal Tax Hike
9. Obamacare Flexible Spending Account Cap
10. Obamacare Tax on Medical Device Manufacturers
11. Obamacare "Haircut" for Medical Itemized Deduction
12. Obamacare Tax on Indoor Tanning Services
13. Obamacare elimination of tax deduction for employer-provided retirement Rx drug coverage
14. Obamacare Blue Cross/Blue Shield Tax Hike
15. Obamacare Excise Tax on Charitable Hospitals
16. Obamacare Tax on Innovator Drug Companies
17. Obamacare Tax on Health Insurers
18. Obamacare $500,000 Annual Executive Compensation Limit for Health Insurance Executives
19. Obamacare Employer Reporting of Insurance on W-2
20. Obamacare “Black liquor” tax hike
21. Obamacare Codification of the “economic substance doctrine”

Several of these aren't even taxes.

Others are elimination of deductions, which is uh... what the GOP tax reform does to almost all deductions.

a reply to: Greven

We spend a few hundred billion on military contractors that do the same jobs as unitofrmed personnel. If you wanna save money and stop brain drain turn the best contractors into instructors and eliminate their operations side. There’s some of the military budget right there.

Restructuring of our largest entitlements will also have to happen.

Entire departments should disappear.

All of this should be placed into effect over the next 10-15 years. In 25 years we might start to reverse some of the damage we’ve done to ourselves via over regulation.

originally posted by: projectvxn
a reply to: Southern Guardian

Country has a $20 trillion debt. Infrastructure is a mess. Focus could be put towards sorting that mess out but instead it's put towards saving the elite $billion more. It's evident as well nothing much will come of this.

Cut spending.

Not saddle everyone, including corporations, with more taxes to pay for a bloated government.

I agree, we do need to cut spending in some heavily porked up areas. And pay our f#ing bills, too. I don't know about in your universe, but simply reducing a handful of unnecessary services in a household using countless ones doesn't make massive amounts of personal debt decline. Interest still compounds and adds up on that.

Just like your over-spendy ass, the country as a whole needs to be more willing to both deal with less frivolous BS spending and pony up the dough to pay off the bad financial choices. In short, this was a retarded idea because we need to pay down our debt, not spend MORE money with less income. Thin the services, pay the bills off. Take on a side job if one must (i.e up taxes if we must) Simple goddamn basic finances.

a reply to: Southern Guardian

Answered you own question,you didn't pay millions in taxes,so why would you get millions?,the tax cut is more spendable income,but if you have no income,then you reap no reward,big companys will give out bonuses to executives,to avoid paying more tax,that is nothing new

originally posted by: Southern Guardian
Anybody feeling those benefits trickling down? If not don't bother waiting as it's not looking promising:

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.

qz.com...

That's lovely. A pledge to pass down the benefits of these tax cuts to the little man. We need this.

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.

qz.com...

I suppose we'll just 'hope' those corporations that didn't pledge will trickle down their contributions eventually right? AT&T were among the corporations celebrated and waived around as a perfect example of corporations passing the benefits down to their workers with $1,000 bonuses. This was before we learned of their plans to cut thousands jobs at the start of the 2018 year. As for the creation of jobs, the main aim or motivation for these tax cuts? Well we had the CEO of Wells Fargo confirm no job creation would come out of these tax cuts from their end. We've also learned that the Tax bill itself has many loopholes for corporations shipping jobs overseas so we can forget about accountability from big business on these tax cuts.

Trickle down right? It smells a little off to me.

When Obama gave out that surplus to everyone, how much of it did you give to charity? Start there.

a reply to: Nyiah

Speaking of frivolous spending I heard yesterday some of the outrageous things our Congress has spent money on .... I kid you not.... a clown school in a foreign country ....I forget which one .... Brazil or somewhere... I mean really....do we really need to do this ... and then listen to the Progressives whine about the military budget? I'll never understand why the military people love that.

originally posted by: projectvxn
a reply to: Greven

We spend a few hundred billion on military contractors that do the same jobs as unitofrmed personnel. If you wanna save money and stop brain drain turn the best contractors into instructors and eliminate their operations side. There’s some of the military budget right there.

Restructuring of our largest entitlements will also have to happen.

Entire departments should disappear.

All of this should be placed into effect over the next 10-15 years. In 25 years we might start to reverse some of the damage we’ve done to ourselves via over regulation.

Hitech was created by Stimulus package... upgrades to health clinics and hospital it dept so that they can beef up security and also overhead for a bloated bureaucratic dept that tracks breaches of medical records... strangely that happened just before Obamacare happened

originally posted by: Southern Guardian
a reply to: projectvxn

Cut spending.

Oh this administration is doing a wonderful job of this right? $300 million cut out of things like the UN fund? Healthcare? Meanwhile billions keep on disappearing into military projects, wars, drones continue on. We continue sending $billions to Israel, Saudi Arabia and what else? Oh yes, $trillion tax cut to corporations with no intention, assurance that money is coming back into the economy. More money saved for the wealthy - regardless of whether it'll do anything for the country.

Cut spending you say? You should be frustrated right now with the way things are going. Why aren't you?

Not saddle everyone, including corporations, with more taxes

Who proposed 'saddling' up corporations and the wealthy with more taxes? It should've been left as is. Nobody proposed increases in anything. Trump makes gigantic tax cuts to the wealthy and your counter argument is this make belief position of raising taxes, which isn't the proposal of the OP or opponents.

Cut taxes for the middle and lower classes. Money assured to go right back into the economy as there is a need to spend.

Invest back into infrastructure. It creates jobs, stimulates the economy, gets the country's vains right back in working order.

Cut the bloated military budget. Promote more private employment. Create initiatives rewarding businesses that invest right back into their employees, that create jobs.

Simple solutions, instead we go this route? The same route we've followed for decades.

Congressional Budget Office

im
Sorry ... the Progressives are liars when it comes to stuff like this. It's not tax cuts to the wealthy but don't think for even a moment that wealthy politicians like Pelosi don't benefit while yelling about the wealthy... that's a ruse fir ignorant people who buy into the Marxist hatred for the bourgeois. Nancy is a Peogressive for sure and she's nuts to boot.

To address the topic, as others stated this is over a 10 year period and some major corps have given back billions to their workers immediately. But, I think that alone is a pretty shallow way to look at the tax cut and how it was supposed to work. What makes this tax cut a great decision in my opinion is the competitive rate we tax corps now, coupled with the record number of regulations being removed. I feel those 2 areas alone strangled our economy to point it is now. All I can do is wait and see if the ideas I voted for are what was needed, but as stated above it will take some time.

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?

Why do you care what others do with their money? Worry about yourself.

originally posted by: Grambler
a reply to: 3NL1GHT3N3D1

Why are you parroting the media?

Can't you see this is just dividing us?

(did I do that right?)

The liberal mindset, tax the rich until they leave the country and we all go broke.

Someone making 50k a year needs to pay their fair share (about ~10k in taxes) which is a small pittance and easily affordable (amirite my Republican Bro's). The Mega Rich pay like 20 million on their 100 million a year income, so taxes hurt them way more, since how can you expect them to just live off of only 80 million a year (its almost unthinkable). All you poors just need to pull yourselves up by your bootstraps more, gravity be damned.

originally posted by: TheGOAT

originally posted by: Grambler
a reply to: 3NL1GHT3N3D1

Why are you parroting the media?

Can't you see this is just dividing us?

(did I do that right?)

The liberal mindset, tax the rich until they leave the country and we all go broke.

Uh, if you think a country full of people goes broke and collapses when the rich leave, then I've got a couple bridges to sell you (super cheap).

I wasn't going to post in this thread, but... when the ignorance rises to this level...

a reply to: Wayfarer

Uh, if you think a country full of people goes broke and collapses when the rich leave, then I've got a couple bridges to sell you (super cheap).

No, you go ahead and enjoy your purchases... and maybe next time you won't be so gullible.

If you think a country can not go broke without rich people, you are sorely confused. There are three basic ways to earn money:

• Start a business. That takes money up front, and most people can't run a business successfully. That's why CEOs make so much.
  
• Invest. This requires money to start with. The poor really can't make a living investing.
  
• Work for someone else.

That last one is how most people make it. It requires no up-front money, and most people have some capability of doing a job. But it also requires someone to pay for the work. That someone falls into the first two categories above: the rich. If someone is paying you $50K a year, they have to have 50K a year, plus enough for them to live on. Otherwise, you just got screwed as bad as you did when you bought those bridges... they can't pay you what they don't have.

Only someone who is rich can hire someone. If no one is rich, there are no jobs. If there are no jobs, everyone is poor.

That's not economics... not science... not business 101... it's just plain common sense.

TheRedneck

a reply to: TheRedneck
Common sense that is wrong.

Rich people are not uniquely capable or fountains of money.

If they leave, someone else will take their place.

Nobody is irreplaceable (by someone else), as the saying goes.

a reply to: Southern Guardian

1 trillion over 10 years

it was only passed a week ago,be patient they have 10 years to trickle on you

And, since I am already in here...

I really shouldn't be surprised any more. Really. I understand that most people don't have the slightest idea of what goes into running a business, and most people have no idea what money even is. I know this. but I keep thinking that there is some glimmer of intelligence that we can find, not out in space, but right here on this planet.

Businesses do not exist to create jobs. They exist to make a profit, usually by providing a service or making a product. That's what they do. Period. But jobs are part of what is needed to provide the service or make the product. If there are more services provided and more products made, there are more jobs. That's not because of any goodwill from companies; it's because they are necessary for companies to keep increasing their profits.

AT&T did not hear about the tax cuts and say, "Oh, Joy! Now we can hire more people!" They said, "Oh, Joy! Now we can expand our services and make more money!" And they will likely expand their services. When they do that, they will have to hire more people. The layoff was the conclusion of a long-time plan by DirectTV. DirectTV started installing dishes everywhere they could... moving? Don't take your old dish, let us put in a new one! Now there are a lot of those dishes sitting around, many unused. The dish is the hardest part of the system to install, and one of the cheapest parts. So they paid for all these installations and now the chances are good when someone moves, they move into a house that already has a dish. It takes very little time to just plug up a receiver, and thus a single serviceman can handle many more calls in a day than before.

I'd call that a smart business plan. And it had absolutely nothing to do with the tax cut. It had been planned for several years, maybe a couple decades.

Wells Fargo is not excited about hiring new people either. They have market saturation. There are loan companies out the yin-yang everywhere one looks. You can't throw a rock in the nearest town to me without breaking the window out of at least one loan company. There will be no new jobs trickling down there. The business is mature. But Caterpillar is about to start trickling like crazy... they hold the ace in the yellow iron industry, and if the infrastructure bill passes there will be an increased demand for yellow iron. They will be adding jobs and taking over abandoned plants to increase production, not because they want to hire people but because they will make more money by hiring people.

Kubota and a few others might see some serious growth too. They compete with some of Caterpillar's lines.

There is no way to separate the mature players from those who will see growth in a tax plan. It is not possible legally. The only way to do it would be to pick and choose which company gets what tax breaks based on whether or not someone in the government thinks their industry is mature. So you're going to see older, mature companies increase dividends, because there's nothing else they can do, but you're also going to see smaller, growing companies grow and expand drastically. Even Wells Fargo is going to trickle down some, because those extra dividends are going to retirement pensions, and the retirees will have more money to spend.

The screams surrounding this tax plan are really outing those who want to pick and choose winners and losers instead of letting everyone have opportunity for success.

TheRedneck

a reply to: Greven

Rich people are not uniquely capable or fountains of money.

If they leave, someone else will take their place.

And exactly why won't they leave as well? If we're running rich people off, everyone who gets rich leaves, and there are no rich people.

TheRedneck