Thursday, February 01, 2018

Is the GOP Tax Law Already Working?

The ink was barely dry on the $1.5 trillion tax cut Congress passed last month when President Donald Trump began crowing about its successes. Last week, he bragged at both the American Farm Bureau's annual convention and a Cabinet meeting about companies that had already paid their workers bonuses because of it. "Nobody thought about it," he said last Wednesday. "We just knew a lot of good things were going to happen." Congressional Republicans have taken their own victory laps. Last Thursday, just minutes after Wal-Mart announced it was raising its hourly wage from $10 to $11, Speaker Paul Ryan's office blasted out a press release promoting the news; House Republicans launched a website, titled "Tax Reform Works," tracking new wage hikes and investments.

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Democrats, meanwhile, have already declared the whole thing a failure, pointing to recent corporate stock buybacks as evidence that most of the benefits will go to companies' shareholders rather than their workers. "Over the past several weeks," Senate Minority Leader Chuck Schumer said in December after the law's passage, "major companies have announced an astonishing $83.7 billion in share buybacks, anticipating the passage of tax reform."

So who's right? Most likely, neither.

Comments

It sure is already working. The government will run out of money faster than projected.

#1 | Posted by 726 at 2018-02-01 03:56 PM

My wife got laid off this week. I predict more of that.

#2 | Posted by chuffy at 2018-02-01 08:28 PM

In the Badger state Kimberly-Clark has plans to lay off 600 workers, several Yonker's stores are being shuttered and Saputo Cheese is closing. Yes its working here..

#3 | Posted by SLBronkowitz at 2018-02-01 08:33 PM

Sorry to hear that Chuffy, hopefully she can find something quickly.

#4 | Posted by Rightocenter at 2018-02-01 08:48 PM

Whether something like this "works" is a long term assessment. A short burst of activity followed by downfall doesn't count as "working".

Maybe if Trump and the GOP could actually accomplish an agenda they wouldn't be so desperate for a "win".

#5 | Posted by jpw at 2018-02-02 12:05 AM

The idea that the tax plan than has not yet gone into effect suddenly flipped the economy is stupid. .. and stuyid is typical republiclown thought pattern ... just as all the years..... and I do mean years.... of the clowns railing, whining and insisting that "Obamacare" had crushed the economy when it had not yet taken effect! Fekkin ghost stories are what they are all about.... cowards.

#6 | Posted by RightisTrite at 2018-02-02 05:56 AM

The US economy is enormous and like a locomotive takes time to get up to speed. But, as we learned in 2008, it can slow down faster than it can accelerate. In thriving sectors of the economy, pay raises and bonuses happen every year, though they are hardly evenly distributed. What is unique about this year is they are being announced publicly. A brilliant political move by the Corporations that govern us, which Trump is using to issue his latest brain fart.

Trump's campaign agenda, for coal miners and other workers was forgotten as soon as he took office. But, his infrastructure proposal sounded good and he is putting it back on the table. His only proposal that left Republicans stone faced on Tuesday. Trump's manner of structuring infrastructure spending, however, amounts to yet another giveaway to the rich. Not exactly what the economy needs right now.

We live in a sea of lies. This problem did not start with Trump. But, Trump has taken lying to new heights.

#7 | Posted by bayviking at 2018-02-02 06:11 AM

If you do not itemize and have a job, you will get a cut in federal taxes. Plain and simple. Employers have until February 15 to implement the new IRS guidelines. We'll have to monitor whether the deficit grows at a slower or faster rate. With fewer immigrants and more money for companies to spend, we may see a worker shortage. There are jobs to be had out there if you would like to be employed. Really.

#8 | Posted by Nuke_Gently at 2018-02-02 06:26 AM

Tax cuts are great, but the economy still needs to be funded. Can anyone tell me the last time the US fully funded a budget without financing some portion of it?

I have a bad feeling our ability to pay low taxes while continuing to provide enormously expensive services is only going to make our children pay more in the future...unless something changes.

#9 | Posted by madbomber at 2018-02-02 07:19 AM

"Trump's campaign agenda, for coal miners and other workers was forgotten as soon as he took office."

Because it was an obvious lie that anyone who is even slightly aware of reality understood, unfortunately that leaves out Trump voters.

"Tax cuts are great, but the economy still needs to be funded. Can anyone tell me the last time the US fully funded a budget without financing some portion of it?"

I believe that was the Presidency of Jimmy Carter, which was the last Presidency before Reaganomics was brought to play and thought not to be Voodoo Economics. When Reagan took office we had less than 1 trillion in debt, he managed to triple it. We haven't returned to the sensible tax structure we had before that lunatic was elected ever since.

#10 | Posted by danni at 2018-02-02 08:05 AM

You're free to pay at pre-cut rates if you feel like that is your fair share.

#11 | Posted by sitzkrieg at 2018-02-02 08:44 AM

"You're free to pay at pre-cut rates if you feel like that is your fair share."

NO, like the rest of us, we'll just sit back and let yours and my own grandchildren pay for these Republican tax cuts. I'm sure they'll appreciate our short sightedness. But don't ever let me catch you claiming to be a patriotic American again. I would not be able to stop laughing.

#12 | Posted by danni at 2018-02-02 09:19 AM

LOL. You can just say "I'm keeping my Trump tax cuts". You will not die.

#13 | Posted by sitzkrieg at 2018-02-02 09:27 AM

"LOL. You can just say "I'm keeping my Trump tax cuts". You will not die."

Yeah, that 50 cents will make my retirement much more comfortable. My grandkids though will get the tab for 5 trillion dollars given away to the 1%. They'll thank you profusely I'm sure. Hey, are you going to support them when they come after SS, Medicare and Medicaid to pay for those cuts? George Bush tried it and was embarrassed into giving up that scheme, hopefully Trump can even feel embarrassment, hopefully you can too but I doubt either of you have the capacity for it.

#14 | Posted by danni at 2018-02-02 09:33 AM

yes, we received a bonus at Christmas and now a 10% raise. I will receive at 767.00 refund on my fed taxes this year, last year I paid 319.00....

#15 | Posted by scooter28054 at 2018-02-02 09:34 AM

Yeah, that 50 cents will make my retirement much more comfortable.

#14 | POSTED BY DANNI AT 2018-02-02 09:33 AM | FLAG:

I'm up thousands. Eventually it will go to my kids, without a punitive estate tax. Good times. I'm not a government dependent and plan for those social services to be bankrupted through incompetence. If you didn't, woe to you.

#16 | Posted by sitzkrieg at 2018-02-02 09:36 AM

#16 If you're only up thousands as you say there is no way that you have the holdings that would ever be affected by the estate tax. You trying to catch up with Gropenfuhrer on how many lies are told?

#17 | Posted by Reagan58 at 2018-02-02 09:44 AM

"I'm up thousands. Eventually it will go to my kids, without a punitive estate tax. Good times. I'm not a government dependent and plan for those social services to be bankrupted through incompetence. If you didn't, woe to you."

Hey, first I think you are a liar and secondly F you. That you don't care about the majority of Americans just makes you look unAmerican. But, that said, I don't believe a single syllable you post ever because you're really just a politcal hack probably paid to support Trump and the Republicans but that doesn't make you rich. YOu're not because no rich person would waste their time posting here when they could be out enjoying their wealth. At least I would be.

#18 | Posted by danni at 2018-02-02 09:46 AM

"I'm up thousands. Eventually it will go to my kids, without a punitive estate tax. Good times. I'm not a government dependent and plan for those social services to be bankrupted through incompetence. If you didn't, woe to you."

Hey, first I think you are a liar and secondly F you. That you don't care about the majority of Americans just makes you look unAmerican. But, that said, I don't believe a single syllable you post ever because you're really just a politcal hack probably paid to support Trump and the Republicans but that doesn't make you rich. YOu're not because no rich person would waste their time posting here when they could be out enjoying their wealth. At least I would be.

#19 | Posted by danni at 2018-02-02 09:46 AM

I think you're a bitter, old sociopath, but I don't hold that against you. I didn't say I was rich. I said I was up thousands. Funny that you think that is "rich", it's not. It's the typical results of the tax break for most middle class people.

#20 | Posted by sitzkrieg at 2018-02-02 09:53 AM

#16 If you're only up thousands as you say there is no way that you have the holdings that would ever be affected by the estate tax.

#17 | POSTED BY REAGAN58 AT 2018-02-02 09:44 AM | FLAG:

You don't have the full context, and I'm not explaining it to you.

#21 | Posted by sitzkrieg at 2018-02-02 09:56 AM

"I think you're a bitter, old sociopath, but I don't hold that against you. I didn't say I was rich. I said I was up thousands."

But you forgot to say "thanks Obama." You ad hominem doesn't bother me, I was here before the moderation policy and was insulted by people who make you look silly.

#22 | Posted by danni at 2018-02-02 10:00 AM

"You don't have the full context, and I'm not explaining it to you."

You fail to even understand what Reagan58 was saying to you.

#23 | Posted by danni at 2018-02-02 10:01 AM

I liked Obama. I did very well under Clinton, Bush, Obama, and am doing quite well under Trump. If your personal success is tied to what party is on power at the time, you made poor life decisions.

#24 | Posted by sitzkrieg at 2018-02-02 10:02 AM

You fail to even understand what Reagan58 was saying to you.

#23 | POSTED BY DANNI AT 2018-02-02 10:01 AM | FLAG:

I understood it. He's trying to relate 1 bit of information to the $5 million estate tax exemption, without any other facts at all. That would be an argument from ignorance fallacy.

#25 | Posted by sitzkrieg at 2018-02-02 10:04 AM

--I don't believe a single syllable you post ever because you're really just a politcal hack probably paid to support Trump and the Republicans

Yeah, because being a paid poster is the only explanation for anyone disagreeing with a towering intellect like yours.

#26 | Posted by nullifidian at 2018-02-02 10:09 AM

Less than 2% has been earmarked for bonuses or potentially effected worker paychecks thus far.

GREAT job Trump.

#27 | Posted by Sycophant at 2018-02-02 10:28 AM

Most of the tax cut windfall will boost buybacks and dividends, not workers' pockets, survey predicts

Most respondents see companies spending tax windfall on buybacks, dividends and debt.

Workers are estimated to get just 12 cents of every dollar of tax cut gains, CNBC's Fed survey finds.

www.cnbc.com

#28 | Posted by Gal_Tuesday at 2018-02-02 10:52 AM

"I'm up thousands. Eventually it will go to my kids, without a punitive estate tax. Good times."

If that money is based on the stock market how's that 401 today?

#29 | Posted by donnerboy at 2018-02-02 10:57 AM

NO, like the rest of us, we'll just sit back and let yours and my own grandchildren pay for these Republican tax cuts. I'm sure they'll appreciate our short sightedness. But don't ever let me catch you claiming to be a patriotic American again. I would not be able to stop laughing.

#12 | POSTED BY DANNI AT 2018-02-02 09:19 AM | FLAG:

You didn't seem to care when Obama Care was cranking up the deficit. Why the big concern now?

#30 | Posted by fishpaw at 2018-02-02 11:45 AM

"You didn't seem to care when Obama Care was cranking up the deficit." - #30 | Posted by fishpaw at 2018-02-02 11:45 AM

It wasn't.

#31 | Posted by Hans at 2018-02-02 11:52 AM

"I'm up thousands. Eventually it will go to my kids, without a punitive estate tax." - #16 | Posted by sitzkrieg at 2018-02-02 09:36 AM

"Thousands" has never been subject to the estate tax.

"I'm not a government dependent..."

Sure you are.

Just like everyone else in this country.

#32 | Posted by Hans at 2018-02-02 11:56 AM

There's a much easier answer than this long-winded article. If you are a Democrat and a Republican passes any law, then it doesn't work. If you are a Republican and a Democrat passes any law, then it doesn't work. There, just answered the question in two sentences.

#33 | Posted by humtake at 2018-02-02 12:58 PM

#30 | POSTED BY FISHPUSSY

He reduced the deficit. Try "PEMDAS" next time when you crunch those numbers.

#34 | Posted by IndianaJones at 2018-02-02 01:11 PM

Can anyone tell me the last time the US fully funded a budget without financing some portion of it?

President Bill Clinton: Total = $63 billion surplus, a 1 percent decrease.

FY 2001 - $128 billion surplus.
FY 2000 - $236 billion surplus.
FY 1999 - $126 billion surplus.
FY 1998 - $69 billion surplus.

www.thebalance.com

#35 | Posted by 726 at 2018-02-02 01:51 PM

You're free to pay at pre-cut rates if you feel like that is your fair share.

#11 | Posted by sitzkrieg at 2018-02-02 08:44 AM | Reply | Flag:

No, if you send in too much, the IRS returns it.

#36 | Posted by 726 at 2018-02-02 01:52 PM

If you do not itemize and have a job, you will get a cut in federal taxes. Plain and simple.

As with every overly simplified explanation...that is wrong. The changes in the tax law are more complex than a bumper sticker.

#37 | Posted by 726 at 2018-02-02 02:00 PM

No, if you send in too much, the IRS returns it.

#36 | POSTED BY 726 AT 2018-02-02 01:52 PM | REPLY

Oh don't worry, they have that covered. You send it to the Bureau of the Public Debt. Both them and the IRS belong to the Dept. of the Treasury.

#38 | Posted by sitzkrieg at 2018-02-02 03:20 PM

... and which majority was in Congress that pushed those budgets through for Clinton's signature?

#39 | Posted by MSgt at 2018-02-02 04:18 PM

If you do not itemize and have a job, you will get a cut in federal taxes. Plain and simple.
#8 | POSTED BY NUKE_GENTLY

Not so simple. As the GOP has been quick to tell us all for a decade, nearly half of Americans do not pay federal income tax.

#40 | Posted by johnny_hotsauce at 2018-02-02 05:06 PM

I think you're a bitter, old sociopath, but I don't hold that against you.
#20 | POSTED BY SITZKRIEG

I don't think you now what the word sociopath means.

You don't have the full context, and I'm not explaining it to you.

#21 | POSTED BY SITZKRIEG

I'm betting you're probably full of ----, as in yanking chains a bit for fun.

#41 | Posted by jpw at 2018-02-02 10:59 PM

As with every overly simplified explanation...that is wrong. The changes in the tax law are more complex than a bumper sticker.

#37 | POSTED BY 726

Not in your standard righty's brain that can only hold a bumper sticker's worth of information at a time!

#42 | Posted by jpw at 2018-02-02 10:59 PM

If you do not itemize and have a job, you will get a cut in federal taxes. Plain and simple.
#8 | POSTED BY NUKE_GENTLY

It's working great! I've already ordered my new yacht.

Hope you guys enjoy your Big Macs.

-andreamycrack

#43 | Posted by donnerboy at 2018-02-03 03:12 PM

It's working great! I've already ordered my new yacht.
#43 | POSTED BY DONNERBOY AT 2018-02-03 03:12 PM | FLAG: Sounds Great! Think I'll got for this one: Oyster 365 -
www.oysteryachts.com

#44 | Posted by MSgt at 2018-02-03 03:41 PM

That's like asking "does maxing out your credit card allow you to have fun for a while?"
Sure. But it doesn't mean you have more money. You're just living like you have more money, and you're going to have to suffer for it in the future.

#45 | Posted by SpeakSoftly at 2018-02-03 03:44 PM

Calculate how much will have to be "borrowed" - loaded onto the people - in order to give the One Percenters their Trump Tax Loot.

#46 | Posted by Doc_Sarvis at 2018-02-03 03:47 PM

"GOP mega-donor Charles Koch and his wife donated about $500,000 to Speaker Paul Ryan's (R-Wis.) joint fundraising committee, just days after the GOP tax plan was passed."

Link:

thehill.com

I say half a mill was winning.

Then there's this:

"US House speaker Paul Ryan has come under fire after citing a school worker who was $1.50 (£1) a week better off because of recent tax cuts."

Link:

www.bbc.com

$78 a year tax cut. I guess there's winning and there's winning.

#47 | Posted by Foreigner at 2018-02-03 06:38 PM

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