More great news about the tax reform law...

[transporter]

...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

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?

...

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.

...

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).

...

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.

 

[LightRoasted]

If I may ...

More great news about the tax reform law...

Exactly what did you expect to happen when we operate in a fiat, debt based, monetary system? The system was set up from the beginning, 1913, to take from the working people, the producers, of this Nation. Your anger and rage is greatly misplaced. Every fix, every band-aid, every social program, nearly every social ill, every modern tax law -- increase or decrease, save excise taxes and import duties is by virtue, and a reaction to, our debt based currency system. It is a rigged system that benefits only those that control the money supply, and those at the top. All these fixes are is an illusion to focus the people, using and by way of a complicit media, on other things than the actual cause of the problem; The Federal Reserve Act of 1913, and the private central banks that own and operate it.

 

[GURPS]

...check out the author's bio. He is a very well respected global economist.

Respected Global Economist

that and 5 dollars gets you a cup of coffee at Starbucks

Council on Foreign Relations



So Sugar Tits YOU are surprise when business act in the interest of the Business

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 comrade GURPS for your information 0..

What are YOUR Qualifications You Mewling Quim

 

[OmyGawd]

Wasn't this designed to put more money into the hands of the populace? So you paid less in taxes withheld and your paycheck went up so you had more money in hand while not giving it to Uncle as an interest free loan. Wasn't that the way it was supposed to work?

 

[PrchJrkr]

Wasn't this designed to put more money into the hands of the populace? So you paid less in taxes withheld and your paycheck went up so you had more money in hand while not giving it to Uncle as an interest free loan. Wasn't that the way it was supposed to work?

That's what happened in my little world.

 

[David]

What I find interesting is that they always frame the argument around who's supposedly getting a better deal and who should pay more. The conversation NEVER involves the possibility that the federal government is out of control and spending is, at best, a ****ing disaster.

Keep the plebes fighting with one another while they go on spending to make themselves and their cronies wealthy beyond what most of us can even comprehend. "They" being the cabal, the deep state, the powers that be --- pick your name.

 

[GURPS]

well we know spending is out of control ........

 

[warneckutz]

...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.
MAGA...or something.

Do you take any time off from whining? I'm sure the people in your life find you a joy to be around. Damn, you suck.

 

[Chris0nllyn]

Wasn't this designed to put more money into the hands of the populace? So you paid less in taxes withheld and your paycheck went up so you had more money in hand while not giving it to Uncle as an interest free loan. Wasn't that the way it was supposed to work?

It is.

Unfortunately, many folks found out they can't write off what they once could.

 

[This_person]

It is.

Unfortunately, many folks found out they can't write off what they once could.

yet, still end up with more money.

 

[Chris0nllyn]

yet, still end up with more money.

Yes and no. They may have more money in each check, but the rules that changed affected the ability to write-down one's income. For example, my wife and I typically write-off work related expenses. Can't do that anymore.

 

[TCROW]

It is.

Unfortunately, many folks found out they can't write off what they once could.

Most people jut saw the extra few $$ in their pay check but never bothered to think there’s another side to the equation.

 

[This_person]

Yes and no. They may have more money in each check, but the rules that changed affected the ability to write-down one's income. For example, my wife and I typically write-off work related expenses. Can't do that anymore.

Is that because the standard deduction is more than you would have been able to write-off in work-related expenses?

That's what happened for me. I could not deduct as much - because the standard deduction was more than that. My gross income vs. taxes paid for 2018 was noticeably lower than my gross income vs. taxes paid for 2017 - but I had to pay this year because what they took out of my check was even lower than that. Made it feel like it was worse, yet in reality it was better.

Was yours in reality better, based on the percentage of your gross income vs. total taxes paid?