transporter
Well-Known Member
...great if you are a huge multinational corp, of course. More of the same beating if you are a small business, worker or average American family.
The Global Con Hidden in Trump’s Tax Reform Law, Revealed
Now, before you ignorati types start pooh-poohing that this is from the NY Times...check out the author's bio. He is a very well respected global economist. This is not something written by Robert Reich.
Sorry, Gilligan...the tax bill signed into law at the end of 2017 is exactly what actual economists told you it would be; a massive wealth transfer to the uber wealthy. Ms. Pelosi was correct to state that workers and average families got tossed a few crumbs. It really, really makes a difference in your level of understanding when you utilize something other than propaganda sites and comrade GURPS for your information.
So what did we get for an additional $1-2T of national debt? 2 quarters of growth that was significantly above trend...and much of that was due to increased govt spending!! MAGA...or something.
The Global Con Hidden in Trump’s Tax Reform Law, Revealed
The White House argued they wanted a system that “encourages companies to stay in America, grow in America, spend in America, and hire in America.” Yet the bill he signed into law includes a sweetheart deal that allows companies that shift their profits abroad to pay tax at a rate well below the already-reduced corporate income tax — an incentive shift that completely contradicts his stated goal.
Why would any multinational corporation pay America’s 21 percent tax rate when it could pay the new “global minimum” rate of 10.5 percent on profits shifted to tax havens, particularly when there are few restrictions on how money can be moved around a company and its foreign subsidiaries?
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For starters, the law’s repatriation deal did prompt a brief surge in offshore profits returning to the United States. But the total sum returned so far is well below the trillions many proponents predicted, and a large chunk of the returned funds have been used for record-breaking stock buybacks, which don’t help workers and generate little real economic activity.
And despite Mr. Trump’s proud rhetoric regarding tax reform during his State of the Union address, there is no wide pattern of companies bringing back jobs or profits from abroad. The global distribution of corporations’ offshore profits — our best measure of their tax avoidance gymnastics — hasn’t budged from the prevailing trend.
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Overall, the Tax Cuts and Jobs Act amounted to a technocratic sleight of hand — a scheme set to shift an even greater share of the federal tax burden onto the shoulders of American families. According to the Treasury Department’s tally for fiscal year 2018, corporate income tax receipts fell by 31 percent, an unprecedented year-over-year drop in a time of economic growth (presumably a time when profits and government revenue should rise in tandem).
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President Trump’s economic advisers and the key architects of the bill on Capitol Hill must have known their reform wasn’t going to end business incentives that hurt American workers. Honest reform would have meant closing corporate loopholes — a move they originally promised to make.
Now, before you ignorati types start pooh-poohing that this is from the NY Times...check out the author's bio. He is a very well respected global economist. This is not something written by Robert Reich.
Sorry, Gilligan...the tax bill signed into law at the end of 2017 is exactly what actual economists told you it would be; a massive wealth transfer to the uber wealthy. Ms. Pelosi was correct to state that workers and average families got tossed a few crumbs. It really, really makes a difference in your level of understanding when you utilize something other than propaganda sites and comrade GURPS for your information.
So what did we get for an additional $1-2T of national debt? 2 quarters of growth that was significantly above trend...and much of that was due to increased govt spending!! MAGA...or something.