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.
Ian C. Kuzushi wrote:Drain that swamp.
windwalker wrote:"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.
meeks wrote:windwalker wrote:"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.
This is a very flawed logic that is waved by the Republican party.
As the JEC notes in its report:
"Taxpayers with incomes under $50,000 will see their share of the total federal tax burden drop from 4.2% to 3.9%."
"Those with less than $10,000 in income will see their taxes slashed by more than half."
"Average taxpayers with incomes between $10,000 and $20,000, a group that frequently claims refundable tax credits, will have no tax liability and receive an additional refund."
" Millionaires will actually see their share of the total federal tax burden rise to 20.2%, compare to 19.6% if tax relief expires."
"While taxpayers will enjoy an average 5.2% cut in their taxes, taxpayers that earn over $1 million will see a below-average reduction of 2.3%."
As we've mentioned more than once, these tax cuts aren't a "giveaway to the rich" or "fat cats." In fact, a new analysis from Congress' Joint Economic Committee (JEC) shows that the benefits of making the cuts permanent would mostly go to low- and middle-income earners
https://www.investors.com/politics/edit ... ss-growth/A third bill, the American Innovation Act of 2018, would allow businesses to deduct up to $20,000 in startup expenses in the year they are incurred, with some exceptions.
Critics have pounced on the $627 billion "price tag" for the tax cuts estimated over the next decade. But that raises the question: price tag for whom? Federal bureaucrats? Americans overwhelmingly like keeping their money rather than handing it over to a federal government that refuses to control its spending. As a recent report noted, the federal government could cut $3.1 trillion in spending over half a decade just by getting rid of wasteful, unnecessary programs
2. Promise: The middle class will benefit. Yes, the vast majority of Americans — 65 percent — did get a tax cut. Looking specifically at the middle class, the Tax Policy Center predicted that 82 percent of middle-class earners (households who make $49,000 to $86,000 a year) would receive a tax cut averaging about $1,050.
The data out so far backs up the estimates. H&R Block said that among the millions of tax returns it processed by the end of March, the average tax cut was $1,200. (It’s also true not everyone is celebrating. About 9 percent of middle-income families had to pay more, and the rest paid about the same in taxes, according to the Tax Policy Center.)
Taking the money that we paid in our taxes and gifting it to the already rich does not benefit us
meeks wrote:So now they talk about re-introducing that tax plan - taxing large corporations at a higher amount if their profits exceed a certain amount... and the Republicans pull out the boogeyman flag and wave it in our faces saying "Bernie wants to tax you at 70% of your income...! Run... run away from Bernie!" (or Ocasio-Cortez, etc...) when in fact most American families would never come anywhere close to even a whiff of the potential of needing to pay 70% tax rate on the amount of income that was in excess of a certain limit (the money beneath that limit being taxed at a normal rate no matter what the total income was).
Taking the money that we paid in our taxes and gifting it to the already rich does not benefit us. Taking the money we've already paid in our taxes and using it to rebuild our schools, parks, roads, and even refund to the middle class who pay the highest percentage in taxes (rather than refund to the rich) is what those taxes were intended to be used for. Unfortunately in our rigged economy and rigged election system we've got the rich in the position of making the rules and they're ruling in their own personal interests.
Remember when the Panama papers came out, exposing all these people that were hiding all their money overseas and how quickly it fell out of the headlines?
This summer, manufacturing activity hit its highest level in 14 years, the economy is in the midst of the longest-running period of businesses adding new jobs, and wages are increase faster than they have since 2009, when we were first climbing out of the bottom of the Great Recession.
Many workers are benefiting twice from the tax cuts. First, by paying less in taxes, and second from higher wages generated by a faster-growing economy.
The Heritage Foundation recently calculated that, over the next decade, the typical American household will reap an additional $26,000 in take-home pay, thanks to the cuts and the economic growth they fuel.
For a family of four, the 10-year benefits are almost $45,000. That’s more than enough to buy a new car or to put a down payment on a house.
>>> See the economic benefits of tax reform for every congressional district
Q: Why should I care that businesses got a tax cut?
A: Most Americans are employed by businesses, and when businesses are doing well, workers do well, too.
It is true that businesses—and all people they employ—have benefited greatly from tax reform. The old U.S. tax code pushed businesses and their new investments overseas and put American workers at a disadvantage.
The new lower business taxes have reversed this trend, and the benefits are most directly accruing to workers.
For the first time in history, there are more jobs than applicants. More job openings are a sign of a healthy economy, one in which employees have the upper hand.
When unemployment is low, and workers have the upper hand, businesses are forced to use their tax savings for bonuses, increased wages, and better employee benefits.
Tax reform lowered the U.S. federal corporate-tax rate. As a result, the combined federal and state U.S. corporate-tax rate fell from almost 40 percent—the highest in the developed world—to below 25 percent.
The new rate, slightly above the world average, is making America more competitive in the global economy.
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