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Trumps tax plan to benefit the wealthy


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Steve Hydonus
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« on: Oct 01, 2017 10:25 am »

Ryan tries to sell trumps tax plan to benefit the rich.

Several analyses seem to think the Trump plan won’t work in that it won’t lead to increased economic growth. There are complicated reasons for this, but suffice it to say many think those who get the biggest tax breaks — wealthier individuals and corporations, typically — will stash the money and sit on it rather than invest or spend it. And a Tax Policy Center analysis says 20% of taxpayers will end up being worse off under the new plan than before. But for corporations and high earners? It should amount to a sweet deal.

Ryan claims the employees will receive higher pay thanks to employer tax cuts. The tax reform plan would lead to an average tax cut of $175,000 for members of the 1% richest class of the U.S.

In order to get people on board, Ryan needs to take a page from the MAGA playbook. Specifically, go back to rhetoric about the “rigged” economy and how it’s screwing everyday, hardworking people. For the middle class, who might not find tax cuts for millionaires and billionaires a very sexy idea, Republicans like Ryan have to appeal to their desires — namely, better jobs and higher pay.

That, Ryan will say, will be realized only after employers have more money — money they will keep as a result of tax breaks. The hard part is squaring the fact that there isn’t much evidence to back up what the Republicans are selling.

https://www.cheatsheet.com/money-career/photo-paul-ryan-reveals-why-trump-tax-plan-doomed.html/4/


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« Reply #1 on: Oct 02, 2017 12:52 am »

Senate Minority Leader Chuck Schumer, D-N.Y., told House Speaker Paul Ryan, R-Wis., to "get real" when it came to changes Republicans have proposed for the nation's tax system.

"GOP #TaxReform plan & what @SpeakerRyan says about it are 2 diff things. Says plan is for middle class but 80% is for wealthy-Get real Paul," Schumer tweeted Sunday.
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« Reply #2 on: Nov 02, 2017 06:27 pm »

Trump and Republican sweeping tax cut plan unveiled Thursday that would add $1.5 trillion to the nation's debt.
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« Reply #3 on: Nov 11, 2017 02:10 pm »

Open subject.
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« Reply #4 on: Nov 12, 2017 09:47 pm »

Trump and Republican sweeping tax cut plan unveiled Thursday that would add $1.5 trillion to the nation's debt.

but who actually knows?
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« Reply #5 on: Nov 12, 2017 09:50 pm »

Open subject.

Doesn't matter. He will do what he wants and you cannot change it, just like I can't change your mind about posting trump articles endlessly.
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Steve Hydonus
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« Reply #6 on: Nov 14, 2017 11:48 pm »

Wealth creation is on the rise around the world, but not everyone is sharing equally in the ... according to a new report from investment bank Credit Suisse. The result? The top 1 percent of global citizens own 50.1 percent of all household wealth, up ...

What we can do is not elect people who perpetuate and increase this disparity.
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« Reply #7 on: Nov 15, 2017 04:34 am »

Earlier in the Senate panel's work on the bill, the Democrats complained that the bill would enable U.S. corporations with foreign operations and wealthy individuals and families to exploit loopholes to skirt millions in taxes.

On Monday, a nonpartisan analysis of the Senate bill showed it would increase taxes for some 13.8 million moderate-income American households.
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« Reply #8 on: Nov 15, 2017 07:13 am »

Wealth creation is on the rise around the world, but not everyone is sharing equally in the ... according to a new report from investment bank Credit Suisse. The result? The top 1 percent of global citizens own 50.1 percent of all household wealth, up ...

What we can do is not elect people who perpetuate and increase this disparity.

And the majority will vote them in anyhow. No way to fix it anyway unless you do away with money altogether.
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« Reply #9 on: Nov 15, 2017 07:15 am »

Earlier in the Senate panel's work on the bill, the Democrats complained that the bill would enable U.S. corporations with foreign operations and wealthy individuals and families to exploit loopholes to skirt millions in taxes.

On Monday, a nonpartisan analysis of the Senate bill showed it would increase taxes for some 13.8 million moderate-income American households.

Sounds like a case of he said/she said, all I know is I pay *lots* of tax, always have, always will. Deal with it. Every time there's some kind of tax break, it amounts to a hill of beans.
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« Reply #10 on: Dec 13, 2017 05:20 am »

https://www.usatoday.com/story/news/politics/2017/10/11/what-donald-trump-not-telling-you-his-tax-overhaul-plan-some-pay-more-taxes/746810001/
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« Reply #11 on: Dec 16, 2017 12:10 pm »

The preliminary deficit estimate for the final version of the GOP tax bill says it would add $1.46 trillion to the budget deficit over the coming 10 years.

The true deficit cost is likely to be even higher if lawmakers extend the tax cuts for individuals before they expire at the end of 2025. This "sunset" gimmick is used to make the tax cuts more generous over the eight years they would be in force.
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« Reply #12 on: Dec 16, 2017 06:56 pm »

Senate Minority Leader Charles Schumer slammed the final version of the Republican tax plan Friday, saying that the GOP will "rue the day" they pass the plan.

"Under this bill, the working class, middle class and upper middle class get skewered, while the rich and wealthy corporations make out like bandits," the New York Democrat said in a statement. "It is just the opposite of what America needs — and Republicans will rue the day they pass this."

GOP leaders released their final version of the party's $1.5 trillion tax plan late Friday — repealing the Obamacare individual mandate, slashing the corporate tax rate to 21 percent and increasing the standard deduction and child tax credits.

On Wednesday, Schumer called for Republicans to delay a vote on the tax plan until after Doug Jones, who won Tuesday's Alabama special Senate election, is seated.
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« Reply #13 on: Today at 02:40 pm »

This tax bill is a moral and economic obscenity. It is a gift to wealthy Republican campaign contributors and an insult to the working families of our country. No member of Congress should vote for this disastrous legislation. https://twitter.com/thehill/status/941800089470865408
5:49 PM - Dec 15, 2017
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« Reply #14 on: Today at 06:54 pm »


OPINION
ROBERT REICH: THE THREE BIG LIES ABOUT TRUMP’S TAX PLAN
By Robert Reich On Sunday, December 17, 2017 - 05:43
GettyImages-632212568
Trump donor Sheldon Adelson attends the Inaugural Luncheon in the US Capitol January 20, 2017 in Washington, DC.
PHOTO: AARON P. BERNSTEIN/GETTY

This article first appeared on RobertReich.org.

Here are the three main Republican arguments in favor of the Republican tax plan, followed by the truth.


1. It will make American corporations competitive with foreign corporations, which are taxed at a lower rate
Rubbish.

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(1) American corporations now pay an effective rate (after taking deductions and tax credits) that’s just about the same as most foreign based corporations pay.


(2) Most of these other countries also impose a “Value Added Tax” on top of the corporate tax.

(3) When we cut our corporate rate from 35 percent to 20 percent, other nations will cut their corporate rates in order to be competitive with us – so we gain nothing anyway.

(4) Most big American corporations who benefit most from the Republican tax plan aren’t even “American.” Over 35 percent of their shareholders are foreign (which means that by cutting corporate taxes we’re giving a big tax cut to those foreign shareholders). 20 percent of their employees are foreign, while many Americans work for foreign-based corporations.


(5) The “competitiveness” of America depends on American workers , not on “American” corporations. But this tax plan will make it harder to finance public investments in education, health, and infrastructure, on which the future competitiveness of American workers depends.

(6) American corporations already have more money than they know what to do with. Their profits are at record levels. They’re using them to buy back their shares of stock, and raise executive pay. That’s what they’ll do with the additional $1 trillion they’ll receive in this tax cut.

2. With the tax cut, big corporations and the rich will invest and create more jobs
Baloney.


(1) Job creation doesn’t trickle down. After Ronald Reagan and George W. Bush cut taxes on the top, few jobs and little growth resulted.

America cut taxes on corporations in 2004 in an attempt to get them to bring their profits home from abroad, and what happened? They didn’t invest. They just bought up more shares of their own stock, and increased executive pay.

(2) Companies expand and create jobs when there’s more demand for their goods and services. That demand comes from customers who have the money to buy what companies sell.


Those customers are primarily the middle class and poor, who spend far more of their incomes than the rich. But this tax bill mostly benefits the rich.

(3) At a time when the richest 1 percent already have 40 percent of all the wealth in the country, it’s immoral to give them even more – especially when financed partly by 13 million low-income Americans who will lose their health coverage as a result of this tax plan (according to the Congressional Budget Office), and by subsequent cuts in safety-net programs necessitated by increasing the deficit by $1.5 trillion.

3. It will give small businesses an incentive to invest and create more jobs
Untrue.

(1) At least 85 percent of small businesses earn so little they already pay the lowest corporate tax rate, which this plan doesn’t change.

(2) In fact, because the tax plan bestows much larger rewards on big businesses, they’ll have more ability to use predatory tactics to squeeze small firms and force them out of business.

***

Don’t let your Uncle Bob be fooled: Republicans are voting for this because their wealthy patrons demand it.

Their tax plan will weaken our economy for years – reducing demand, widening inequality, and increasing the national debt by at least $1.5 trillion over the next decade.

Shame on the greedy Republican backers who have engineered this.

Shame on Trump and the Republicans who have lied to the public about its consequences.

Robert Reich is the chancellor’s professor of public policy at the University of California, Berkeley, and a senior fellow at the Blum Center for Developing Economies. He served as secretary of labor in the Clinton administration, and Time magazine named him one of the 10 most effective Cabinet secretaries of the 20th century. He has written 14 books, including the best-sellers Aftershock, The Work of Nations and Beyond Outrage and, most recently, Saving Capitalism. He is also a founding editor of The American Prospect magazine, chairman of Common Cause, a member of the American Academy of Arts and Sciences and co-creator of the award-winning documentary Inequality for All. HIs latest documentary, "Saving Capitalism," is available on Netflix.


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