Page 12 of 14 FirstFirst ... 21011121314 LastLast
Results 111 to 120 of 136
Like Tree201Likes

Thread: The Tax Scam is Starting to Sink In

  1. #111
    Taking A Stand!!!

    Join Date
    Jul 2009
    Local Union
    492
    Employer
    ABF
    Location
    Albuquerque, NM
    Posts
    40,682
    Rep Power
    892

    Default Re: The Tax Scam is Starting to Sink In

    Just heard it on KOAT channel 7 news. Tax returns down about 16 billion dollars due to tax changes. So ABF is really slow right now and the guys assumed it was due to no one getting returns. When I heard this number and think I have to agree with them.

  2. #112
    Retired !

    Join Date
    Feb 2009
    Local Union
    107
    Employer
    Retired - New Penn
    Location
    South Jersey
    Posts
    15,225
    Rep Power
    333

    Default Re: The Tax Scam is Starting to Sink In

    Did we get a tax break ? Or did the majority of people get the shaft ?
    The numbers are still filtering in but it seems that only 1 in 5 people feel their taxes went down.

    Trump Gave Most Americans a Tax Cut and They Didn’t Notice
    Republicans passed a sweeping tax cut for two-thirds of Americans in 2017, saying it would pay for itself and the American public would thank them.
    Now, as Americans finish filing to the IRS for the first time under the new system, the law has swelled the deficit and surveys show just one-fifth of taxpayers believe their taxes have gone down. That’s made it hard for President Donald Trump to leverage the tax cuts as an issue in 2020, when he’s up for reelection and his party will be seeking to retake the House of Representatives.
    Trump’s top economic adviser, Larry Kudlow, said last week that the tax cut package had largely already paid for itself, a statement that conflicts with government data.

    The U.S. budget shortfall grew by 17 percent to $779 billion in fiscal year 2018, which the Congressional Budget Office has said was partly a consequence of the tax law. Along with additional spending that’s been signed into law, the CBO projects the deficit will surpass $1 trillion by 2020.
    https://finance.yahoo.com/news/trump...080000137.html
    ABFwife likes this.

  3. #113
    Scab Hating Union Thug

    Join Date
    Aug 2009
    Local Union
    222
    Employer
    YRC
    Location
    Utah
    Posts
    28,003
    Rep Power
    1155

    Default Re: The Tax Scam is Starting to Sink In

    Workers barely benefited from Trump’s sweeping tax cut, investigation shows

    Big companies drove Donald Trump’s tax cut law but refused to commit to any specific wage hikes for workers, despite repeated White House promises it would help employees, an investigation shows.

    The 2017 Tax and Jobs Act – the Trump administration’s one major piece of enacted legislation – did deliver the biggest corporate tax cut in US history, but ultimately workers benefited almost not at all.

    This is one of the conclusions of a six-month investigation into the process that led to the tax cut by the Center for Public Integrity, a not-for-profit news agency based in Washington DC.

    The full findings, based on interviews with three dozen key players and independent tax experts, and analysis of hundreds of pages of government documents, are published today in an in-depth piece.
    https://www.theguardian.com/us-news/...orker-benefits
    ABFwife and Sayheykid like this.

  4. #114
    Scab Hating Union Thug

    Join Date
    Aug 2009
    Local Union
    222
    Employer
    YRC
    Location
    Utah
    Posts
    28,003
    Rep Power
    1155

    Default Re: The Tax Scam is Starting to Sink In

    'Mistake' in Republican tax plan taxes 1.3 million scholarship students more than millionaires

    From Bernie Sanders to Elizabeth Warren to*Kirsten Gillibrand to …*lots of others, Democratic candidates in 2020 seem*to have plans to lower the cost of education and make it possible for more Americans to attend college without drowning under a mountain of debt. Democrats recognize that education is critical to obtaining a good job, and*that the cost of education in 2019 means that students are often saddled with loans that can not only erase the benefits of that education for years, but take those new college graduates out of the market for homes, or restrict their ability to move. In short, high costs for college not only means misery for graduates, it harms American companies at every level by depriving them both of workers and consumers.

    So, naturally, Donald Trump is making it worse.

    While Trump’s tax break for billionaires is just that—a plan that awards Trump himself tens of millions in tax breaks*and means that some of the largest, most profitable companies in the country pay no tax at all—it punishes working class and middle class students. As*The New York Timesreports, students attending college on scholarships or financial aid packages are being taxed at a rate*higher*than Trump pays on his eight-figure income, with rates going up to 37%. That means that some of the students who most needed the money the most, but who made it into college on academic or athletic scholarships, or those who assembled an aid package that let them barely climb over the cost hurdle …*are finding their mailboxes full with bills from the IRS. And, unlike Trump, they can’t get away with ignoring tax law.
    https://m.dailykos.com/stories/1858652
    Last edited by 222lifer; 05-19-2019 at 10:34 AM. Reason: added quotes
    ABFwife likes this.

  5. #115
    Taking A Stand!!!

    Join Date
    Jul 2009
    Local Union
    492
    Employer
    ABF
    Location
    Albuquerque, NM
    Posts
    40,682
    Rep Power
    892

    Default Re: The Tax Scam is Starting to Sink In

    Quote Originally Posted by 222lifer View Post
    'Mistake' in Republican tax plan taxes 1.3 million scholarship students more than millionaires



    https://m.dailykos.com/stories/1858652


  6. #116
    I Am Rocking Now

    Join Date
    May 2008
    Local Union
    81
    Employer
    Retired; OHFL
    Location
    Oregon
    Posts
    2,146
    Rep Power
    288

    Default Re: The Tax Scam is Starting to Sink In

    https://thehill.com/policy/finance/4...my-wages-study

    Trump's tax law had small effect on economy, wages: Study

    Trump's tax law had small effect on economy, wages: Study
    © Getty Images

    President Trump's signature tax law, the 2017 Tax Cuts and Jobs Act, left wages growing less quickly than the overall economy, which itself got only a minimal boost, according to a Congressional Research Service (CRS) report released Tuesday.

    "On the whole, the growth effects tend to show a relatively small (if any) first-year effect on the economy," the report found.

    The report said the tax law's effects on the economy were smaller than those predicted by a slew of forecasters and added that the economy's growth was not consistent "with the direction and size of the supply-side incentive effects one would expect from the tax changes."

    The CRS, which functions as a think tank of sorts for Congress, also found wages were not growing as quickly as the economy writ large.
    Anyone surprised? I know it is shocking that the the Repukes lied again.
    fxstc07 likes this.

  7. #117
    Retired !

    Join Date
    Feb 2009
    Local Union
    107
    Employer
    Retired - New Penn
    Location
    South Jersey
    Posts
    15,225
    Rep Power
    333

    Default Re: The Tax Scam is Starting to Sink In

    I think most reasonable people knew Trump's tax plan was a scam to enrich the wealthy even more at the expense of the middle class.
    Here is the full text of the Congressional Research Service report on the economic effects of the new tax law in 2017.

    Some interesting highlights.
    Contribution of Consumption Growth
    Consumption grew at 2.6% in 2018 in real terms, as shown in Figure 2, about the same as 2017
    (which was 2.5%) and below 2014-2016 (although higher than 2013). Much of the tax cut was directed at businesses and higher-income individuals who are less likely to spend.

    Effects on Revenues
    Overall revenue changes were close to projections, with revenues only $9 billion smaller than
    projected, due to a $45 billion increase in individual income tax revenues, but a $7 billion
    decrease in payroll taxes, along with a $40 billion decline in corporate revenues.

    Effects on Wages
    Distributional analyses of the tax change suggested that the tax revision favored higher-income
    taxpayers, in part because most of the tax cut benefited corporations and in part because the
    individual income tax cut largely went to higher-income individuals.

    Use of Funds for Worker Bonuses and Share Repurchase
    Increased funds, whether accessed from abroad or through tax cuts, could be used in several
    ways: investment, paying down debt, increasing wages, paying wage bonuses, paying dividends,
    or repurchasing shares. Much of these funds, the data indicate, has been used for a record-breaking amount of stock
    buybacks, with $1 trillion announced by the end of 2018. A similar share of repurchases
    happened in 2004, when a tax holiday allowed firms to voluntarily bring back earnings at a lower
    rate.
    Notice the last highlighted section talking about this tax plan, and in 2004 the tax holiday ( under G.W. Bush, a republican ) both afforded the wealthy the opportunity to buy back shares of their own stock.

    Full PDF text here: https://www.everycrsreport.com/files...26d75d35f4.pdf
    Last edited by fxstc07; 05-29-2019 at 07:41 AM.

  8. #118
    I Am Rocking Now

    Join Date
    May 2008
    Local Union
    81
    Employer
    Retired; OHFL
    Location
    Oregon
    Posts
    2,146
    Rep Power
    288

    Default Re: The Tax Scam is Starting to Sink In

    https://www.washingtonpost.com/busin...=.080be6e6139c

    GOP leader concedes tax cuts may not pay for themselves as 2019 deficit grows

    Rep. Kevin Brady (R-Tex.), a lead architect of the GOP tax bill, suggested Tuesday the tax cuts may not fully pay for themselves, contradicting a promise Republicans made repeatedly while pushing the law in late 2017.

    Pressed about what portion of the tax cuts were fully paid for, Brady said it was “hard to know."

    “We will know in year 8, 9 or 10 what revenues it brought in to the government over time. So it’s way too early to tell,” said Brady at the Peterson Foundation’s annual Fiscal Summit in Washington D.C.

    The federal government’s deficit typically shrinks during strong economic times, but the deficit is up nearly 40 percent so far this fiscal year, according to the latest Congressional Budget Office report released Friday.
    You mean they lied again?
    fxstc07, ABFwife and 222lifer like this.

  9. #119
    Retired !

    Join Date
    Feb 2009
    Local Union
    107
    Employer
    Retired - New Penn
    Location
    South Jersey
    Posts
    15,225
    Rep Power
    333

    Default Re: The Tax Scam is Starting to Sink In

    Quote Originally Posted by RedRollingRoadblock View Post
    https://www.washingtonpost.com/busin...=.080be6e6139c

    GOP leader concedes tax cuts may not pay for themselves as 2019 deficit grows



    You mean they lied again?
    I believe they called it an "alternative fact" ...

  10. #120
    Retired !

    Join Date
    Feb 2009
    Local Union
    107
    Employer
    Retired - New Penn
    Location
    South Jersey
    Posts
    15,225
    Rep Power
    333

    Default Re: The Tax Scam is Starting to Sink In

    Notice even the deniers fail to respond anymore to stories that the Trump tax cut didn't work out as planned. Because they still insist it helped ? Or because they know it was another momentary lapse of reason when they thought it might benefit the middle class.

    Thanks, Uncle Sam! After tax cuts, Texas Instruments spent $5 billion on stock — three times more than R&D
    What did corporate America do with its big tax cut? It spent over $800 billion on company shares last year, pushing stock buybacks to their highest level ever.
    Close to home, Texas Instruments paid $5.1 billion to repurchase shares in 2018 — twice as much as the year before and more than any Texas company in the S&P 500.
    TI’s effective tax rate dropped from 39% in 2017 to 17% last year, thanks to corporate tax cuts approved in late 2017 by Republican lawmakers and President Donald Trump.
    For TI, the lower tax rate translated into $1.3 billion in savings, according to TI’s 10-K filing, and its free cash flow jumped by a similar amount.
    “Our strategy is to return all free cash flow to shareholders,” TI wrote in the 10-K.
    That’s been an excellent outcome for owners of the Dallas semiconductor company. Over the past five years, TI’s total return tops 166% — more than twice the total return of the S&P 500 Index.
    https://www.dallasnews.com/opinion/c...three-times-rd
    ABFwife and 222lifer like this.

 

 
Page 12 of 14 FirstFirst ... 21011121314 LastLast

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348