planomateo
Member
💬 The future of donations to College Athletics - Republican tax overhaul will have an impact
- Thread starter planomateo
- Start date
LMAO No.
A brutal new analysis shows the GOP tax bill would do little for US economic growth
Who cares though? "Everyone" got what they wanted, right? All the rich people will get to pocket millions of more dollars. Corporations will get to pocket millions of more dollars that they can stash in their overseas accounts and use much of it to keep automating all these jobs they are supposedly going to be saving. Insurance premiums will jump so far up that NOBODY other than the super rich are going to be able to afford it. We didn't learn our lessons in 2008, so instead of driving this bitch off a cliff, we can just ram it straight into an oncoming train instead. But hey, we'll (middle class) get an extra 20 bucks in our check every month, totally worth it. I just find it funny conservatives only scream about the deficit when a dem is in office, pretty funny.
And by the way, gotta give you credit for being able to twist this into blaming "the media", even though it was Byrne that mentioned it.
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Ya, and the lib slant is dripping from that BI piece.
Basic economics : one in the hand is worth two in the bush. What you don't realize is there's a mandate within the bill that will bring back 4 TRILLION in off-shore corporate money. The GLOBAL average for corporate tax is 15%, but ours was over 30? Come onnnn, man. Even COMMUNIST-FREAKING-CHINA has a 15% corpprate tax. And we wonder why so many U.S. jobs are outsourced to China.
Competitive corporate tax in the United States brings more jobs back to the U.S. More jobs---> more consumer $$ being spent (also more individual AS WELL AS consumer sales taxes). It's not rocket science. THIS is the reason Capitalism WORKS.... NOT the over-taxing socialism.
Don't you think it's funny how the more news leaked that the tax deal was going to pass, that the Dow AND even the Nasdaq started peaking record highs? But that's because of Obama, and his overegulation of everything down to parks, right?
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"Lib slant"? :rolf: I guess facts have that slant.
And I have seen literally NO ONE claiming this bullshit tax reform bill is going to add 7-10% GDP, not even Trump or Paul Ryan themselves have made a claim that freaking ridiculous. So, either you heard someone like Sean Hannity say or just flat out made it up. Paul Ryan himself just today acknowledged that it's not even going to come close to paying for itself like he swore it would.
Not basic economics, trickle down economics... and it works so well, as we've seen... right?
Why? Because the rich are going to become richer? How is that hard to understand? And I always find it amusing when I hear conservatives bring up the stock market. It started breaking records under Obama, and has been steady climbing for like 6 years. But you guys said that doesn't necessarily equate to the economy growing. Now suddenly because the Cheeto is in office, it matters? Which is it?
Notice you didnt refute a single thing I said about whats going to happen with this bill, probably because you know its true.
And you know what, none of this would matter near as much to me as it does if these scumbags would just be up front about it. Just say "we want to give the richest of the rich and corporations" massive tax breaks. Just say that. You can argue that you think that will make the economy grow more (we know it wont because last time it was done we tanked the economy but whatever). No, Trump stands up there and just flat out bold face lies constantly. "This will hurt me massively." Come to find out he PERSONALLY is going to gain MILLIONS UPON MILLIONS on this. "All my rich friends hate me for this." Its a fucking lie. They spun this as being nothing but trying to give the common man a hand up. That is not what it was and that's not what it is.
See my edited revision.
So what if the rich get richer if they're employing more people with higher wages? That's the beauty of Capitalism. Also another beauty is the fact that ANYBODY that has an innovative idea and cultivates that idea into a consumable good or service, he can make his own fortune. You don't get that under socialism.
Next on the list is welfare reform. I'm sure THAT is a hair up your ass too.
Shall we start on that? How welfare is supposed to be a hand-up and not a hand-out? Yet 80+% of prolonged welfare recipients are all unmotivated able-bodied people who game the system.
How are you not getting my point? That doesn't happen. It didnt happen when Bush cut the riches taxes. THAT IS THE POINT. The most hilarious thing I've ever seen is when Gary Cohn went to a conference with all these huge millionaires and CEOs and asked for a show of hands of how many people would be putting their money saved from the tax cut back into their business and like 2 people raised their hands.
People like you just hear Sean Hannity say over and over that when the rich get more money it trickles down to everyone else and you regurgitate it as fact when the fact is the opposite.
What gets a hair up my ass is people like you who just flat out make up fucking numbers like that. When almost 40% of people on welfare have at least one job.
USDA ERS - Chart Detail
But sure lets do some welfare reform, those that ARE abusing it (which is estimated to be around 8% of recipients) kick em off, but while we're at it how about getting rid of some corporate welfare. They already got their huge tax cuts, lets get rid of some of these loopholes Dump claimed he would get rid of and their subsidies and everything else these crooks get handed to them. Why do I get the feeling that will never happen and you will never care about it?
We just turned this thread into something it wasn't and no one on this site shares my views, so I'm wasting my breath as usual and I have to be up in a few hours. Have a nice day Roy.
I don't watch Hannity. Or anything on Fox for that matter.
Nice try tho, Chavez.
Those same "economists" you hear from said the GDP would NEVER reach 3 under Trump. It's currently at 3.3. If the economy was so great under Obumma like you claim, why did it average 1.5 under 8 years of Hussein? It was 1.5 in 2016.
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planomateo
Member
It's all about who you choose to read.
To makes sure this is clear, click here.
LMGTFY
From the same site you quoted earlier.
The Trump administration and the CEA have made many large projections about the economic impact of the tax plan. Chief among them is that the tax plan will push US economic growth above 3% sustained GDP growth like Trump has promised.
The White House is making a big claim about how Trump's tax plan would boost the US economy
If GDP remains above three percent we'll have good job growth and the deficit will be less than projected. If it starts nudging four percent, the additional revenue will reduce the deficit. I don't think anyone believes this will generate more momentum than that.
As to last month's video of CEOs saying they won't hire or build or spend should the tax plan be enacted - that's probably an honest response of CEOs who wouldn't commit to anything off the cuff. AT&T, Fifth Third, Boeing and Wells all announced initiatives yesterday. Wells and Fifth Third will institute a $15 minimum wage, 300,000 ATT/Comcast employees are getting immediate $1,000 bonuses (the union wants more).
I think someone mentioned the greedy corporations would just stash more money overseas. There is less of an incentive to do that now, and an opportunity to repatriate funds. Both are good developments for domestic economic activity. How they employ funds will be key. The stock market run-up has made buybacks less attractive.
Thankful for Massive Tax Cut, AT&T, Wells Fargo Promise to Share the Wealth
Thankful for Massive Tax Cut, AT&T, Wells Fargo Promise to Share the Wealth
President Donald Trump has yet to sign the tax overhaul that promises to slash corporate taxes, but several big U.S. companies raced to tout plans to dole out some of the expected windfall
AT&T said it would pay a $1,000 bonus to most of its U.S. workers. PHOTO: STEPHANIE KEITH/REUTERS
By Theo Francis
Dec. 20, 2017 7:26 p.m. ET
President Donald Trump hasn’t yet signed the tax overhaul that promises to slash corporate taxes, but several big U.S. companies raced Wednesday to tout plans to dole out some of the expected windfall.
AT&T Inc. and Comcast Corp. said they would pay a $1,000 bonus to most of their U.S. workers—more than 300,000 people combined—once the president signs the legislation. Wells Fargo & Co. and Fifth Third Bancorp FITB -0.36% said they would raise their minimum wage to $15 an hour.
The moves came within hours of a final vote in the House to adopt the legislation, which would reduce the corporate tax rate to 21% from 35% and make other sweeping changes expected to cost $1.5 trillion over the next decade. The Senate passed the bill a day earlier, and Mr. Trump is expected to sign it, though perhaps not until early January.
Telecoms and banks are among those expected to get a huge boost from the overhaul since most of their operations are domestic and they pay higher effective rates than internet or pharmaceutical firms that have intellectual property or operations outside the country.
In a statement, AT&T CEO Randall Stephenson was effusive in his praise for the bill, saying Congress and Mr. Trump “took a monumental step” to align U.S. taxes with those of other industrialized countries.
A few weeks ago, Mr. Stephenson was sparring with the Trump administration after the Justice Department filed an antitrust lawsuit to block AT&T’s takeover of Time Warner Inc. He broached the question of whether the White House meddled in the process and said he didn’t know the answer. The Justice Department said there was no political interference.
Mr. Trump, in celebrating the bill’s passage in Congress in a White House event, highlighted AT&T’s pledge to give bonuses and increase spending. “That’s because of what we did, so that’s pretty good,” he said.
The mutual admiration comes after a year in which the relationship between the White House and U.S. business leaders has often proved tumultuous. Two CEO advisory panels disbanded earlier this year after members began announcing they would leave the bodies in protest of Mr. Trump’s response to a white supremacist march that turned deadly in Charlottesville, Va.
But American companies stand to benefit from the Republican tax overhaul as well as extensive efforts to cut back regulations across industries—initiatives that executives have sought to support even as they sometimes kept their distance from the president in public.
In announcing its bonus, Comcast cited both the tax cut and the Federal Communications Commission’s recent decision to roll back net neutrality regulations.
Economists and some policy makers have questioned the degree to which companies will use the savings from the tax bill to invest in the U.S. or create jobs, as opposed to buying back shares or paying dividends to shareholders.
Congressional Democrats are highlighting the risk that companies don’t ramp up hiring and investment. Sen. Chuck Schumer (D., N.Y.) circulated a list of more than 30 large public companies that have announced a combined $83.7 billion in share buybacks since the Senate passed its version of the tax overhaul in early December.
“There is a reason so few executives have said the tax bill will lead to more jobs, investments and higher wages,” Mr. Schumer’s communications director, Matt House, wrote in an email to reporters. “It will actually lead to share buybacks, corporate bonuses and dividends.”
Companies discussing their buybacks in conference calls during this period didn’t tie the announcements to the tax bill. Some, including Honeywell International Inc., explicitly said they hadn’t determined how they would use foreign assets once they had paid a one-time tax. Through Sept. 30, share buybacks have generally been declining among S&P 500 companies since about mid-2016.
On Wednesday, AT&T said it would pay its special bonus to more than 200,000 union and nonunion employees and front-line managers.
The Communications Workers of America union recognized the payouts, though it has also attacked the GOP bill as skewed toward corporate interests and the wealthy. Labor groups have asked corporations, including AT&T, to give employees a $4,000 wage increase once the tax cuts pass, citing an amount the Trump administration has said would flow to workers.
“While I’m never going to turn down money for our members, $1,000 is a drop in the bucket,” compared with companies’ benefit from the tax plan, CWA President Chris Shelton said in an interview. “We won’t rest until we get at least what they promised.”
CWA has backed the AT&T takeover of Time Warner and recently reached a tentative labor agreement boosting pay and job protections for about 21,000 of its wireless workers. Those employees would get an extra $1,000 ratification bonus if they approve the new contract.
Boeing Co., another firm expecting a big reduction in its tax bill, said Wednesday it will inject $300 million of its savings into employee-related activities, split equally between training, facilities upgrades and supporting charitable gift-match programs.
Wells Fargo plans to increase its minimum hourly wage to $15 from $13.50, a move that will affect 36,000 workers. In addition to raising its minimum wage for 3,000 workers, Fifth Third said it would give more than 13,500 of its 18,000 employees a one-time $1,000 bonus.
Fifth Third finance chief Tayfun Tuzun said in early December that he expected the bank’s effective tax rate would fall from about 26% or 27% to 12.5% or 13.5%. He also estimated that the bank would have a net gain of $240 million to $265 million. At the time, he expected the majority of the bank’s tax benefit to go to the bottom line. The bank said on Wednesday the pay raises would cost $23.6 million.
—Drew FitzGerald, Rachel Louise Ensign and Christina Rexrode contributed to this article.
Appeared in the December 21, 2017, print edition as 'Firms Plan to Share Wealth.'
As to last month's video of CEOs saying they won't hire or build or spend should the tax plan be enacted - that's probably an honest response of CEOs who wouldn't commit to anything off the cuff. AT&T, Fifth Third, Boeing and Wells all announced initiatives yesterday. Wells and Fifth Third will institute a $15 minimum wage, 300,000 ATT/Comcast employees are getting immediate $1,000 bonuses (the union wants more).
I think someone mentioned the greedy corporations would just stash more money overseas. There is less of an incentive to do that now, and an opportunity to repatriate funds. Both are good developments for domestic economic activity. How they employ funds will be key. The stock market run-up has made buybacks less attractive.
Thankful for Massive Tax Cut, AT&T, Wells Fargo Promise to Share the Wealth
Thankful for Massive Tax Cut, AT&T, Wells Fargo Promise to Share the Wealth
President Donald Trump has yet to sign the tax overhaul that promises to slash corporate taxes, but several big U.S. companies raced to tout plans to dole out some of the expected windfall
AT&T said it would pay a $1,000 bonus to most of its U.S. workers. PHOTO: STEPHANIE KEITH/REUTERS
By Theo Francis
Dec. 20, 2017 7:26 p.m. ET
President Donald Trump hasn’t yet signed the tax overhaul that promises to slash corporate taxes, but several big U.S. companies raced Wednesday to tout plans to dole out some of the expected windfall.
AT&T Inc. and Comcast Corp. said they would pay a $1,000 bonus to most of their U.S. workers—more than 300,000 people combined—once the president signs the legislation. Wells Fargo & Co. and Fifth Third Bancorp FITB -0.36% said they would raise their minimum wage to $15 an hour.
The moves came within hours of a final vote in the House to adopt the legislation, which would reduce the corporate tax rate to 21% from 35% and make other sweeping changes expected to cost $1.5 trillion over the next decade. The Senate passed the bill a day earlier, and Mr. Trump is expected to sign it, though perhaps not until early January.
Telecoms and banks are among those expected to get a huge boost from the overhaul since most of their operations are domestic and they pay higher effective rates than internet or pharmaceutical firms that have intellectual property or operations outside the country.
In a statement, AT&T CEO Randall Stephenson was effusive in his praise for the bill, saying Congress and Mr. Trump “took a monumental step” to align U.S. taxes with those of other industrialized countries.
A few weeks ago, Mr. Stephenson was sparring with the Trump administration after the Justice Department filed an antitrust lawsuit to block AT&T’s takeover of Time Warner Inc. He broached the question of whether the White House meddled in the process and said he didn’t know the answer. The Justice Department said there was no political interference.
Mr. Trump, in celebrating the bill’s passage in Congress in a White House event, highlighted AT&T’s pledge to give bonuses and increase spending. “That’s because of what we did, so that’s pretty good,” he said.
The mutual admiration comes after a year in which the relationship between the White House and U.S. business leaders has often proved tumultuous. Two CEO advisory panels disbanded earlier this year after members began announcing they would leave the bodies in protest of Mr. Trump’s response to a white supremacist march that turned deadly in Charlottesville, Va.
But American companies stand to benefit from the Republican tax overhaul as well as extensive efforts to cut back regulations across industries—initiatives that executives have sought to support even as they sometimes kept their distance from the president in public.
In announcing its bonus, Comcast cited both the tax cut and the Federal Communications Commission’s recent decision to roll back net neutrality regulations.
Economists and some policy makers have questioned the degree to which companies will use the savings from the tax bill to invest in the U.S. or create jobs, as opposed to buying back shares or paying dividends to shareholders.
Congressional Democrats are highlighting the risk that companies don’t ramp up hiring and investment. Sen. Chuck Schumer (D., N.Y.) circulated a list of more than 30 large public companies that have announced a combined $83.7 billion in share buybacks since the Senate passed its version of the tax overhaul in early December.
“There is a reason so few executives have said the tax bill will lead to more jobs, investments and higher wages,” Mr. Schumer’s communications director, Matt House, wrote in an email to reporters. “It will actually lead to share buybacks, corporate bonuses and dividends.”
Companies discussing their buybacks in conference calls during this period didn’t tie the announcements to the tax bill. Some, including Honeywell International Inc., explicitly said they hadn’t determined how they would use foreign assets once they had paid a one-time tax. Through Sept. 30, share buybacks have generally been declining among S&P 500 companies since about mid-2016.
On Wednesday, AT&T said it would pay its special bonus to more than 200,000 union and nonunion employees and front-line managers.
The Communications Workers of America union recognized the payouts, though it has also attacked the GOP bill as skewed toward corporate interests and the wealthy. Labor groups have asked corporations, including AT&T, to give employees a $4,000 wage increase once the tax cuts pass, citing an amount the Trump administration has said would flow to workers.
“While I’m never going to turn down money for our members, $1,000 is a drop in the bucket,” compared with companies’ benefit from the tax plan, CWA President Chris Shelton said in an interview. “We won’t rest until we get at least what they promised.”
CWA has backed the AT&T takeover of Time Warner and recently reached a tentative labor agreement boosting pay and job protections for about 21,000 of its wireless workers. Those employees would get an extra $1,000 ratification bonus if they approve the new contract.
Boeing Co., another firm expecting a big reduction in its tax bill, said Wednesday it will inject $300 million of its savings into employee-related activities, split equally between training, facilities upgrades and supporting charitable gift-match programs.
Wells Fargo plans to increase its minimum hourly wage to $15 from $13.50, a move that will affect 36,000 workers. In addition to raising its minimum wage for 3,000 workers, Fifth Third said it would give more than 13,500 of its 18,000 employees a one-time $1,000 bonus.
Fifth Third finance chief Tayfun Tuzun said in early December that he expected the bank’s effective tax rate would fall from about 26% or 27% to 12.5% or 13.5%. He also estimated that the bank would have a net gain of $240 million to $265 million. At the time, he expected the majority of the bank’s tax benefit to go to the bottom line. The bank said on Wednesday the pay raises would cost $23.6 million.
—Drew FitzGerald, Rachel Louise Ensign and Christina Rexrode contributed to this article.
Appeared in the December 21, 2017, print edition as 'Firms Plan to Share Wealth.'
Give a rich man more money and he will turn it over by investment to make more money. I would bet that includes paying someone for something productive. The rich don't sit on it.
Give the government more money and they just burn it on $hit that goes down the drain.
Any reduction of taxes keeps us all with a higher standard of living. The rich pay a bigger percentage so their cut should be more.
We can debate all we want about the details of the cut but the bottom line is that it is a real tax cut for the majority of us.
Give the government more money and they just burn it on $hit that goes down the drain.
Any reduction of taxes keeps us all with a higher standard of living. The rich pay a bigger percentage so their cut should be more.
We can debate all we want about the details of the cut but the bottom line is that it is a real tax cut for the majority of us.
JoseyWalesTheOutlaw
Member
So, you just ignore that he said it would raise it between 8-10%? That doesn't matter? When I clearly posted the study that said it would raise but nowhere near that... Everything you posted also, no matter how much rainbow and sunshine you spin it with is it getting anywhere near 8-10%. You literally agreed with me.
While I'm happy for the people that are getting bonuses right now. Let me ask you, though, why do you think that happened? Was it AT&T and Comcast saying "HEY LOOK WE ARE GOING TO BE GIVING YOU GUYS SO MUCH MORE MONEY?!" or was it that they want to make it appear that way? Why? Because they just bought and paid for the death of Net Neutrality? They have a MASSIVE merger they wont to get done and the govt. has to sign off on? Not to mention almost immediately AT&T announced 300 layoffs and that they are jacking up prices.
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Even though regulating greed is not an exact science you have to at least attempt to strike at the heart and head of these selfish monopoly schemes. Soon now cutting cable will be a waste of time given the ability of these ISP to recoup their losses by jacking up prices to big broadband users and quickly passing them on to our billfolds. Not sure why ISPs would be looked at as any different than Ma Bell?
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