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Tax Reform

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Agree that it’s great that a handful of companies (and hopefully more) will give back to their employees. But having more money in hand via larger tax cuts (for lower income and middle class) vs counting on the generosity and unselfishness of CEO’s ... I’ll take the bigger tax cut.
 
mvp25 said:
Agree that it’s great that a handful of companies (and hopefully more) will give back to their employees. But having more money in hand via larger tax cuts (for lower income and middle class) vs counting on the generosity and unselfishness of CEO’s ... I’ll take the bigger tax cut.
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just the announcements posted in this thread have had bonuses, raises, and many billions that will be spent on new capital and infrastructure.
 
KI4MVP said:
just the announcements posted in this thread have had bonuses, raises, and many billions that will be spent on new capital and infrastructure.
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Definitely it's great that these companies so far are doing this; but I suspect the majority of businesses will not be, and thus, these huge corporate tax cuts probably won't have nearly the effect on the economy that proponents are claiming. Maybe the vast majority of companies will be doing these types of things, and that would be great, but it's highly doubtful IMO.
 
DRiSKz5WAAEzAr5.jpg:large

Can't wait to get my yuge...

*winces at screen*

1.6% tax cut...
 
MediumBaller said:
If you don't want to keep your tax cut you can always donate it. I really do not understand complaining about getting to keep more of your money.
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The graph illustrates exactly what is wrong with the distribution of the cuts. The poorest people see a reduction of 0.4% or less. The richest get anywhere from 2-4.3%.

And in 10 years, the poorest people actually take a hit under the policy.

This is trickle down economics and the efficacy of which have been debunked many times over.
 
Binkster said:
The graph illustrates exactly what is wrong with the distribution of the cuts. The poorest people see a reduction of 0.4% or less. The richest get anywhere from 2-4.3%.

And in 10 years, the poorest people actually take a hit under the policy.

This is trickle down economics and the efficacy of which have been debunked many times over.
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Do you think this tax plan will still exist in 10 years? I've seen a number of people argue that it will be replaced before then.
 
Binkster said:
The graph illustrates exactly what is wrong with the distribution of the cuts. The poorest people see a reduction of 0.4% or less. The richest get anywhere from 2-4.3%.

And in 10 years, the poorest people actually take a hit under the policy.

This is trickle down economics and the efficacy of which have been debunked many times over.
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No, the chart itself is flawed. Flip it and show the percent of taxes saved, not the percent increase in after tax income.

A 2% tax cut for people who got only pay 5% of their income in taxes is going to have less of an "after tax impact" than the same 2% tax cut for people who only pay 39.6% of their income in taxes.

Why do people want a progressive tax system, but balk when tax cuts are applied to that progressive system.

The 2nd tax bracket dropped from 15% to 12% - a 3% rate drop
The top tax bracket dropped from 39.6% to 27% - a 2.6% rate drop

There are some screwy things in the middle, the rate actually went up on income between 157.5k to 191.5k and from 200k to 416k

And again with the 2027 numbers? There is zero chance that no additional tax changes will be made between now and 2025, when many of the changes expire.

Also, it's fairly likely that the increase in average wages will be the more significant outcome of this tax cut.
 
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from CNN:

AT&T

The telecom firm said it will give 200,000 employees a $1,000 bonus.

In a statement, AT&T CEO Randall Stephenson hailed "Congress, working with the President" for taking a "monumental step" that will "create good-paying jobs."

(AT&T (T) is seeking to acquire Time Warner, CNN's parent company. The Department of Justice sued to block the deal in November.)

Boeing

The aerospace giant said it will spend $300 million on workers. The funds will be split evenly among worker training, upgrading facilities and a program that matches employees' charitable contributions.

Boeing CEO Dennis Muilenburg "praised" the tax bill as "a critical driver of business, economic growth and innovation for the United States and for Boeing," according to a press release.

Comcast

The telecom firm, which owns NBCUniversal, said it will give out "special" $1,000 holiday bonuses to more than 100,000 "frontline and non-executive" employees.

Comcast also expects to "spend well in excess of $50 billion over the next five years investing in infrastructure to radically improve and extend our broadband plant and capacity, and our television, film and theme park offerings," according to a press release issued Wednesday night. "With these investments, we expect to add thousands of new direct and indirect jobs."

Two company spokesmen confirmed the announcement was tied to tax reform.

Fifth Third Bancorp

The financial services company says it will raise its company-wide hourly minimum wage to $15, signaling a pay raise for about 75% of its employees.

The bank also pledged to give out $1,000 bonuses to about 13,500 of its workers.

CEO Greg Carmichael attributed the move to the tax legislation. "The tax cut allowed the bank the opportunity to reevaluate its compensation structure and share some of those benefits with its talented and dedicated workforce," the company said in a statement.

Wells Fargo

The mega bank said it will hike its minimum hourly pay rate to $15. That will mark a $1.50 increase over the company's current minimum of $13.50 per hour.

Wells Fargo said the new minimum will become effective in March 2018.

The bank also said it will increase its charitable giving by about 40% to $400 million.​
 
Binkster said:
DRiSKz5WAAEzAr5.jpg:large

Can't wait to get my yuge...

*winces at screen*

1.6% tax cut...
Click to expand...

Make more money and you can be up here with us 2.9%ers.:chuckle:

Look, it ain’t shit but I also don’t really see the benefit of complaining about it?

Were there alternatives to this plan that would have saved us more money?
 
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