Tax Reform/Tax Cuts

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bob
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Re: Tax Reform/Tax Cuts

#226

Post by bob » Wed Mar 28, 2018 2:53 pm

The Hill: Poll: Majority of Americans say they are not seeing change in paychecks due to tax cuts:
A majority of Americans say they are not yet seeing President Trump's tax cuts reflected in their paychecks, according to a new poll.

A CNBC All-America Economic Survey finds 52 percent of respondents say they haven't seen a change.

Just 32 percent of respondents report taking home more money due to the tax cuts, which Trump signed into law late last year.

Of those saying they are taking home more money, 38 percent say the extra pay they receive helps them a "great deal" or a "fair amount."

Forty percent say the extra pay helps "some" or "just a little," and 22 percent report that the extra pay "does not help much at all."

* * *

Treasury Secretary Steven Mnuchin has said that 90 percent of wage earners would see bigger paychecks due to the guidance.


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Re: Tax Reform/Tax Cuts

#227

Post by RTH10260 » Wed Mar 28, 2018 3:30 pm

bob wrote:
Wed Mar 28, 2018 2:53 pm
The Hill: Poll: Majority of Americans say they are not seeing change in paychecks due to tax cuts:
A majority of Americans say they are not yet seeing President Trump's tax cuts reflected in their paychecks, according to a new poll.

A CNBC All-America Economic Survey finds 52 percent of respondents say they haven't seen a change.

Just 32 percent of respondents report taking home more money due to the tax cuts, which Trump signed into law late last year.

Of those saying they are taking home more money, 38 percent say the extra pay they receive helps them a "great deal" or a "fair amount."

Forty percent say the extra pay helps "some" or "just a little," and 22 percent report that the extra pay "does not help much at all."

* * *

Treasury Secretary Steven Mnuchin has said that 90 percent of wage earners would see bigger paychecks due to the guidance.
Folks - don't be soooo impatient - it's trickle down economy - the trickle is little and it takes its time to end in the hands of your superiors :!:



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Re: Tax Reform/Tax Cuts

#228

Post by Volkonski » Tue Apr 17, 2018 11:51 am


Reid Wilson

@PoliticsReid

Study finds 1 million California residents will owe $12 BILLION more on taxes, thanks to state/local deduction limit, in 2019 -
http://www.
sacbee.com/news/politics-
government/capitol-alert/article209015539.html

10:47 AM - Apr 17, 2018


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Re: Tax Reform/Tax Cuts

#229

Post by RTH10260 » Tue Apr 17, 2018 5:11 pm

Volkonski wrote:
Tue Apr 17, 2018 11:51 am
https:// twitter.com/PoliticsReid/status/986270005066063872
Reid Wilson @PoliticsReid

Study finds 1 million California residents will owe $12 BILLION more on taxes, thanks to state/local deduction limit, in 2019 -
http://www.sacbee.com/news/politics-gov ... 15539.html

10:47 AM - Apr 17, 2018
IMHO the Democrats need to trump'et this effect in the coming election campaign. Though as I read the article it seems to me commie that the rich are taking the brunt and it will not really hurt them. The upper middle class may not be so happy. To note that in my country personal taxes are never deductible.



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Re: Tax Reform/Tax Cuts

#230

Post by bob » Tue Apr 17, 2018 7:01 pm

RTH10260 wrote:
Tue Apr 17, 2018 5:11 pm
IMHO the Democrats need to trump'et this effect in the coming election campaign.
Much of the president's base will be pleased that the president raised taxes -- but only the taxes of the rich liberals.

(Which is how it will be spun.)


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Re: Tax Reform/Tax Cuts

#231

Post by RTH10260 » Wed Apr 18, 2018 7:19 pm




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Re: Tax Reform/Tax Cuts

#232

Post by TollandRCR » Thu May 24, 2018 4:42 pm

The jury is still out on whether Trump's tax cuts will strengthen the economy. However, here in Connecticut we are seeing positive effects. Citing increased international competitiveness because of the corporate tax cuts, United Techonologies Corporation (Otis, Pratt & Whitney, Carrier) has announced that over the next five years it expects to hire 35,000 employees nationwide. Its expansion plans include $15 billion for R & D and capital spending. Some 2,000 of those additional jobs will be in Connecticut. This will also boost some 3,000 small businesses in Connecticut that make parts for Pratt & Whitney.


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Re: Tax Reform/Tax Cuts

#233

Post by RoadScholar » Thu May 24, 2018 5:01 pm

On the other hand, quite a number of companies are using the tax breaks mainly to execute share buy-backs, enriching the shareholders but not raising workers' pay, hiring more, or building new facilities.

And then there's the deficit.

So yeah, the cost/benefit equation is still a work in progress.


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Re: Tax Reform/Tax Cuts

#234

Post by TexasFilly » Thu May 24, 2018 6:42 pm

Nah, it was a big con.


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Re: Tax Reform/Tax Cuts

#235

Post by kate520 » Thu May 24, 2018 10:15 pm

:yeah:


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Re: Tax Reform/Tax Cuts

#236

Post by ZekeB » Thu May 24, 2018 10:19 pm

The deficit will come home to roost after the Republicans are kicked out of office. Guess who's going to be taking the blame?


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Re: Tax Reform/Tax Cuts

#237

Post by RVInit » Thu May 24, 2018 11:07 pm

ZekeB wrote:
Thu May 24, 2018 10:19 pm
The deficit will come home to roost after the Republicans are kicked out of office. Guess who's going to be taking the blame?
as usual.


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Re: Tax Reform/Tax Cuts

#238

Post by kate520 » Fri May 25, 2018 1:41 am

I remember the 'jokes' about the Great Recession, that the CDOs blew up prematurely, before the Democrats took office, because their calculations were off. :roll: Wasn't that part of the Permanent Republican Majority plan?


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Re: Tax Reform/Tax Cuts

#239

Post by MsDaisy » Wed May 30, 2018 6:24 pm

Walmart is paying $20 billion to shareholders. With that money, it could boost hourly wages to over $15.
Walmart employs more than 1 million Americans. Its base pay is below the federal poverty line for a family of three.
By Emily Stewart - Vox

After the Republican tax bill passed, Walmart announced it would boost the minimum wage paid to its workers to $11 an hour, give “eligible associates” a $1,000 one-time bonus, and deliver other new benefits to an estimated 1 million employees thanks to its tax cut.

If the company hadn’t also planned to deliver $20 billion to shareholders via stock buybacks over the next two years, a decision announced before the tax bill was passed, it could have done a lot more.

If Walmart wanted to spend that $20 billion on workers instead, according to a report released by the left-leaning think tank the Roosevelt Institute this week, it could increase their wages by $5.66 an hour to a $16.66 base wage. Or it could buy its employees Walmart stock and turn them all into shareholders, doling out about 113 Walmart shares — currently valued at about $83 apiece — to each.

An associate of OUR Walmart, an association of Walmart employees, put forth a proposal for a floor vote at the annual shareholders meeting on Wednesday calling on the company to put a dollar into its associate stock program for every dollar it puts into its shareholder buyback program. Walmart noted in a Securities and Exchange Commission filing that it was aware of the proposal and planned to recommend that shareholders vote against it.
http://www.vox.com/business-and-finance ... rker-wages

So in other words.... "Tax Reform" is working like a charm, the corporate masters should be very proud. And companies like Walmart will continue to pay below poverty wages while Taxpayers will continue to pay the bill for all the government services provided to the poor who work at companies that "could" but refuse to pay a living wage.... After all with Trump in office and a Unified Republican Government why not? $20Billion straight to the pockets just like they said they'd do YeeHaw!


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Re: Tax Reform/Tax Cuts

#240

Post by Addie » Sun Jul 01, 2018 6:21 pm

Vox: Trump is already talking about another tax bill

He might want to take a look at the polling on the first one.


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Re: Tax Reform/Tax Cuts

#241

Post by bob » Tue Jul 17, 2018 2:39 pm

CNBC: Blue states file suit against federal government over SALT caps:
New York, Connecticut, Maryland and New Jersey are suing the federal government, alleging that the new $10,000 cap on state and local tax deductions (SALT) is an “unconstitutional assault on states’ sovereign choices.”

New York governor Andrew Cuomo announced the lawsuit on Tuesday morning, naming Steven Mnuchin, U.S. Treasury Secretary, and David Kautter, acting commissioner of the Internal Revenue Service, among the defendants. The lawsuit was filed in the Southern District of New York.

“The federal government is hell-bent on using New York as a piggy bank to pay for corporate tax cuts and I will not stand for it,” said Cuomo.

* * *

Cuomo claims that the elimination of the SALT deduction will cost New Yorkers $14.3 billion in 2018 alone and another $121 billion between 2019 and 2025.

* * *

“This lawsuit probably won’t go anywhere,” said Joseph Bishop-Henchman, executive vice president at the Tax Foundation. “But they can go to angry high-income people and say we tried to do something.”
The complaint.


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Re: Tax Reform/Tax Cuts

#242

Post by Suranis » Mon Jul 23, 2018 11:56 am

https://twitter.com/business/status/1020645157035704320
Bloomberg
‏Verified account @business

Wages were supposed to rise after Trump's tax cuts. Instead, they’ve fallen https://bloom.bg/2Lb4dBo via @bopinion

Guys? I'm getting the feeling that Trump might be a bad president.


Irony can be pretty ironic sometimes.

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Re: Tax Reform/Tax Cuts

#243

Post by Addie » Tue Jul 31, 2018 11:32 am

WaPo
Trump administration considers tax cut for the wealthy

The Treasury Department is considering a tax cut for the wealthiest Americans through a change that would not need approval from Congress, officials said, a move that would follow a package of tax cuts last year that also benefited the super-rich.

The agency is studying whether to allow investment income, known as capital gains, to be adjusted for inflation in a way that shields more of it from taxation. Most capital gains are paid by wealthier Americans, who disproportionately hold large portfolios of investments.

But the use of executive power on such a significant change to the tax law would be highly unusual and could be vulnerable to a legal challenge. Senior administration officials have discussed whether to proceed but have not concluded they have legal authority to do so. The move was rejected during the George H.W. Bush administration because it was seen as outside the scope of Treasury’s authority and only attainable via an act of Congress.

The idea has long been advocated by White House National Economic Council Director Larry Kudlow, but tax changes this drastic are typically made by Congress, not the Treasury and Internal Revenue Service. Still, Treasury Secretary Steven Mnuchin told the New York Times in an interview that he was reviewing whether to move ahead if Congress doesn’t act on its own.


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Re: Tax Reform/Tax Cuts

#244

Post by MN-Skeptic » Tue Jul 31, 2018 12:18 pm

Adjusting capital gains would be a pain in the ass, accounting-wise. I assume there would be a published inflation adjustment factor for each year of purchase. It sounds great if you just own one large block of stock bought at a single time. But many people put aside, say, $100 per month. Or they have dividends reinvested automatically. That's especially true for mutual funds. Each of those yearly purchases would have to have a different inflation adjustment factor applied. I would NOT want to do the accounting for that.

By the way, this only applies to taxable accounts, not tax advantaged accounts such as IRAs. But how fair is that, then, that increases in the value of stocks inside a tax advantaged account, which will be taxed at ordinary income rates, are also not adjusted for inflation?


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Re: Tax Reform/Tax Cuts

#245

Post by Orlylicious » Thu Sep 20, 2018 8:16 pm

Alexi McCammond 1 hour ago

GOP realizes tax cuts won't help them win the 2018 midterms

More than 60% of voters believe the GOP tax law benefits “large corporations and rich Americans” over “middle class families,” according to a new survey commissioned by the Republican National Committee that was obtained by Bloomberg News.

Why it matters: Republicans just got confirmation — from their own poll — that what they've thought was going to be their winning issue in 2018 might not help them after all. It also confirms that Democrats' strategy of tying health care and taxes together is working.

The survey declares Republicans have "lost the messaging battle" on tax cuts. It also notes that most voters believe Republicans want to cut Social Security and Medicare "in order to provide tax breaks for corporations and the wealthy.”

By the numbers: 63% of independent voters think the tax law mostly benefits wealthy Americans and large corporations, compared to just 27% who think it benefits middle-class families.

That's nearly flipped among Republican voters (63% think it benefits middle-class Americans).
44% of voters approve of the tax law overall, though, compared to 45% who don't.

Bottom line: This should worry the GOP — they haven't been able to talk about health care after they failed to repeal and replace the Affordable Care Act, and now they can't even talk about their key legislative accomplishment.
https://www.axios.com/republicans-tax-c ... 2e193.html


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Re: Tax Reform/Tax Cuts

#246

Post by Suranis » Sun Sep 30, 2018 12:11 pm

http://fortune.com/2018/09/28/house-3-8 ... ut-passes/

With attention fixed on the Brett Kavanaugh confirmation hearings, the U.S. House of Representatives passed a new $3.1 trillion tax cut on Friday. The vote was 220 to 191, including three Democrats.

The down-to-the-wire 2017 tax act passed in late December contained a mix of permanent and temporary changes that had to result in a net increased cost that fell within a structural limit of $1.5 trillion that allowed the Senate to approve the bill with a simple majority.

The House’s new bill takes effect starting in 2025, and would add $600 billion to the national debt within the next decade, and then $3.2 trillion in the 10 years after that, according to Howard Gleckman of the Tax Policy Center.

Despite the House vote, it is unlikely the Senate will take up the legislation. The first round of tax cuts landed with a thud, with even a leaked Republican National Committee poll—reported on by Bloomberg News—showing American voters thought it benefited “large corporations and rich Americans” by an overall 2-to-1 margin and the same margin among independent voters.

Without special rules in place, the Senate would vote under normal procedures, which can require 60 senators’ votes to pass a bill that is heavily opposed.


Irony can be pretty ironic sometimes.

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Re: Tax Reform/Tax Cuts

#247

Post by Shizzle Popped » Fri Oct 19, 2018 6:24 am

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