Enjoying those tax cuts yet?

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Re: Enjoying those tax cuts yet?

Postby grzegorz on Mon Apr 15, 2019 8:51 am

9 popular companies that paid $0 in taxes for 2018

Aarthi Swaminathan

Yahoo FinanceApril 15, 2019, 6:37 AM PDT

A new report reveals that some American companies didn’t just pay no taxes last year — they paid negative taxes.

The report by D.C.-based think tank Institute on Taxation and Economic Policy (ITEP) looked at how Fortune 500 companies have been affected by U.S. President Donald Trump’s 2017 Tax Cuts and Jobs Act (TCJA) and found that 60 of America’s biggest corporations paid $0 in taxes this year.

9 popular companies that paid $0 in taxes for 2018
https://finance.yahoo.com/news/companie ... 12117.html

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Re: Enjoying those tax cuts yet?

Postby grzegorz on Mon Apr 15, 2019 10:02 am

You do understand that those big bad corporations that hire people above minimum wages are responsible to their shareholders
"stockholders" to make a profit. Their function is not about infrastructure.
They can always make their factories overseas and sell in the US.

This yr didn't pay any taxes,,,in fact all that was taken out by the federal gov was returned as a refund.


Trump has everything made overseas and I don't see him opening a tie factory in Indiana. Do you?

In fact this tax bill gives breaks to companies who outsource their jobs overseas.

I don't make minimum wage but when I moved back from China I was making $12 an hour for years (which is California is like making $7.50 anywhere else) and I paid about 20% to taxes. The difference is my tax money would have went to necessities like food, rent and gas. The rich don't "need" that money and it doesn't go to necessities.

Now I make more money and still most of my money goes back into the economy. I just had someone fix part of my roof for $300 and years ago that would have devastated us.

I believe in capitalism but not unregulated capitalism which we don't have anyhow. If anything our country is built on corporate welfare both through tax breaks and bail outs. To top it off those corporations usually move that money overseas never to be seen again unlike my money to the roofer. So please explain to me again why we worship the ground the CEOs walk on.

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Re: Enjoying those tax cuts yet?

Postby grzegorz on Mon Apr 15, 2019 10:29 am

Since those riding the Trump train are going to say that these tax cuts for corporations are the best thing since sliced bread I would like to hear them explain how less money coming in is going to end the debt and deficit crisis in the country.

I recall that when Obama was in office that was the number 1 issue and I even recall many voting for Trump on that issue. So what's up? It's not an issue until the Dems get back in the white house?

As far as I am concerned the Republicons passed this tax bill in hopes that all this money would give the economy a sugar rush until the next presidential election. If the economy continues to do well at that point it will tougher to get Trump out.
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Re: Enjoying those tax cuts yet?

Postby windwalker on Mon Apr 15, 2019 3:08 pm

Is this fake news

"It is not as if the tax cuts were too small to notice. Forty-eight percent of households are getting a tax cut greater than $500, according to the non-partisan Joint Committee on Taxation. The middle fifth of earners received about a $780 tax cut last year on average, according to the Tax Policy Center."
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Re: Enjoying those tax cuts yet?

Postby Steve James on Mon Apr 15, 2019 4:32 pm

They're not "too small to notice," but "greater than $500" is a very loose figure. I.e., if it were "greater than $1000," we could say that 1/2 of all households got at least a $1K tax cut. That would mean that they paid $20 less per week on taxes. Of course, it didn't say "greater than $600. So, that implies that 1/2 of all household got less than $10 dollars more per week. Nope, it's not too small to notice.

"The middle fifth of earners" ... Ok, if we add 1/2 (5/10) and 1/5 (2/10), it equals 7/10ths or 75% of American households paid an average of $640 less in taxes. That leaves 25%. Does that mean that they paid less taxes or more? I dunno. What I do know is that 100% of the people lost the ability to deduct things like union dues, work clothes, state and local taxes, and their real estate taxes.

No, it's not fake news. It's the truth. The real question is how it affects the individual who has to pay taxes. I do, and it's not necessarily any better for me now. I think that a lot of people thought that the new law would make it better for them. They do have "some" more money in their pockets, and that's good. A poor family can use the extra 40 bucks every two weeks. It's not going to move them out of poverty, though. Frankly, I'm not sure that it would make much of a difference to a "middle class" family.
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Re: Enjoying those tax cuts yet?

Postby windwalker on Tue Apr 16, 2019 7:34 am

This seems to answer some of the questions concerning whether the tax cuts were beneficial or not.

"According to the national survey of 102 Certified Public Accountants—representing over 5,500 small business pass through clients across the U.S.—conducted by Research Strategy Group International, nearly 80 percent of respondents believe that the implementation of the tax cuts legislation has helped America’s small businesses,” the pro-small business organization said in a statement timed for tax day.

“Moreover, almost as many also felt that the TCJA helped stimulate the economy (76%).”
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Re: Enjoying those tax cuts yet?

Postby Steve James on Tue Apr 16, 2019 8:09 am

The question wasn't whether the tax cuts were beneficial. The question was who benefited most, and what the result of those benefits will be in the future. Reducing the corporate tax rate is great for them and for smaller businesses. Most American taxpayers do not own businesses, large or small. They are employed.

Anyway, I can only measure improvement from my own perspective. The new tax system has not had a negative effect on my personal situation. However, I can say that nothing has improved significantly or at all. So, it's easy to say that the cuts have stimulated the economy. I just don't hear people raving about how it has improved their lives.

As I've said in earlier posts, it hasn't done anything to secure Social Security or Medicare (things that most people will need eventually). It hasn't reduced the national debt or deficit. There's no more funding going to repair and replace the national infrastructures like bridges, tunnels, railways, roads, etc. There's not more money for dealing with health crises and the opioid problem. In fact, there are fewer funds for those things. Where's the money going to come from? Will the small businesses pay?

It's funny. This year, tax day, was much less of a big deal than it had been. Maybe it was because of the fire at Notre Dame that moved it from the center of attention. Or, maybe people don't want to talk about it.
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Re: Enjoying those tax cuts yet?

Postby windwalker on Tue Apr 16, 2019 8:31 am

"Reducing the corporate tax rate is great for them and for smaller businesses. Most American taxpayers do not own businesses, large or small. They are employed."

Reducing the tax rates on those who employ them benefit them by allowing the employer's to stay in business, able to employ more people.
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Re: Enjoying those tax cuts yet?

Postby Steve James on Tue Apr 16, 2019 8:48 am

Well, let's just have no taxes. Anyway, like I said, reducing taxes to stimulate the economy has been tried before, as has the theory that the benefits will trickle down. Seems like we went from a surplus to a deficit (from Clinton to Bush). Oh well, let's see.
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Re: Enjoying those tax cuts yet?

Postby grzegorz on Thu Apr 18, 2019 3:52 pm

Ian C. Kuzushi wrote:Drain that swamp. ::)


Promises made, promises kept...
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Re: Enjoying those tax cuts yet?

Postby grzegorz on Sun Apr 21, 2019 11:59 pm

Watch "Trump Supporters Deluded Into Believing The President Has Made Them Rich" on YouTube

https://youtu.be/jdJaQwC8L2Q
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