Drudge Retort: The Other Side of the News
Friday, December 22, 2017

The GOP had sold its signature tax bill, which passed this week along party lines, as rocket fuel for the economy by lowering corporate taxes so business can plow that money back into their domestic operations. That's not how many CEOs (or economists) see it. Of more than 100 executives in a Yale survey, 86% said their firms would not "immediately make large domestic capital investments" if the tax bill was passed. They spared few critiques of the bill: 71% said it was "wrong for this package to add so much to the nation's debt," 62% called its treatment of state and local taxes "an unfair attack on blue states," and 62% were "concerned about the health care impact of the tax proposal."

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Per the above link ...

Of more than 100 executives in a Yale survey, 86% said their firms would not "immediately make large domestic capital investments" if the tax bill was passed.

They spared few critiques of the bill:

• 71% said it was "wrong for this package to add so much to the nation's debt,"

• 62% called its treatment of state and local taxes "an unfair attack on blue states,"

• and 62% were "concerned about the health care impact of the tax proposal."

Still, economists -- and corporate leaders themselves -- warn that the windfall is far more likely to line the pockets of executives and shareholders than prop up workers' paychecks.

That sentiment shows up in public polling.

The 2017 tax bill is the least popular piece of major legislation in 30 years, rivaling only tax hikes signed by Bill Clinton and George W. Bush.


All this redistribution of wealth toward America's highest income earners ... a tiny sliver of positivity is that a few of these CEOs are becoming a little self-conscious about all the free taxpayer money they're getting.

#1 | Posted by PinchALoaf at 2017-12-22 12:34 AM | Reply

CEOs Don't Plan to Invest Tax Windfall in America

Almost forgot ...

And to those who voted for Trump -- I, told, you, so.

#2 | Posted by PinchALoaf at 2017-12-22 12:41 AM | Reply

That money is going to "trickle down" onto their shareholders and that's about it.

#3 | Posted by morris at 2017-12-22 05:29 AM | Reply

I think there's a typo in the headline. The "Well, Duh" is missing.

#4 | Posted by Reagan58 at 2017-12-22 08:05 AM | Reply | Newsworthy 1

I'm so confused why people would complain about getting to keep more of their money

#5 | Posted by Will123 at 2017-12-22 09:20 AM | Reply

Your confusion is probably genetic or mentally induced so let my try to help you out.

With the new Tax Cuts for the MegaRich Bill many people will indeed see very slightly smaller tax bills for a short period of time. Those reduced tax bills will come with costs that will more than take back what is saved. Medicare, Social Security, Medicaid PAYGO cuts will more than eat up the savings and the alterations to ACA Mandate will raise health insurance premiums by 10% or possibly more.

I suspect that you knew this and you're love of The Gropenfuhrer won't let you admit it but if you sincerely did not understand these things then please see your doctor at once. You would be a great candidate for some heavy opiods

#6 | Posted by Reagan58 at 2017-12-22 09:30 AM | Reply

Americans need to realize one fact, this money is going to flow to the billionaires and all of it is borrowed money. The rest of us will be paying interest on this money for the rest of our lives and our children's lives and the heirs to these billionaires won't even be required to pay inheritance taxes on the money they are stealing today. Insanity!

#7 | Posted by danni at 2017-12-22 09:31 AM | Reply | Newsworthy 3

"With the new Tax Cuts for the MegaRich Bill many people will indeed see very slightly smaller tax bills for a short period of time. Those reduced tax bills will come with costs that will more than take back what is saved. Medicare, Social Security, Medicaid PAYGO cuts will more than eat up the savings and the alterations to ACA Mandate will raise health insurance premiums by 10% or possibly more."

They may see slightly smaller tax bills but expect all of their other bills to rise. This tax legislation will create inflation because they are artificially adding trillions to the money supply.

#8 | Posted by danni at 2017-12-22 09:32 AM | Reply

As well, the couple of cost items that I mentioned are just a few of the multitude of turds that reside in this S**t sandwich.

#9 | Posted by Reagan58 at 2017-12-22 09:33 AM | Reply

Yeah Danni, I'm concerned that the actual plan is to cause a major economic crash so that the .01%ers can snatch even more and get bailed out for any losses. I wonder where we've seen that scenario before?

#10 | Posted by Reagan58 at 2017-12-22 09:35 AM | Reply

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Look at Puerto Rico. The 1% has realized that bankrupting that island offers them an opportunity to buy it cheap and turn it into Trumpa Rico. That model is how they view the rest of the country. Most of us will probably end up in Kansas. Ft. Lauderdale is already too expensive for most working people and they are just getting started. Remember the housing bubble under Dubya, that was nothing compared to what they envision under Trump.

#11 | Posted by danni at 2017-12-22 09:42 AM | Reply

"I'm so confused why people would complain about getting to keep more of their money"

Because the deal is you get $1.25 a day, and you owe $7000.

Meanwhile, over 80% of this 100% debt-financed tax bill goes to the wealthiest 1%.

You tell us: good deal, or not?

#12 | Posted by Danforth at 2017-12-22 10:13 AM | Reply

"Remember the housing bubble under Dubya,"

Yes, I remember when you were whining that a house just like yours was for sale for half what you paid for your house prior to the bust.

Remember what I told you to do? I told you to buy it.....and that it would come back.

See the upside, Danni. A housing bubble and subsequent bust could be a sweet deal for you if you're ready for it.

Don't be such a DanniDowner

#13 | Posted by eberly at 2017-12-22 10:27 AM | Reply

""Remember the housing bubble under Dubya,"
Yes, I remember when you were whining that a house just like yours was for sale for half what you paid for your house prior to the bust.
Remember what I told you to do? I told you to buy it.....and that it would come back. "

My condo still isn't back up to the price I bought it for and I bought mine for about $75,000 less than my neighbors who have the exact same model. My plan is to watch this bubble as it builds and to sell as close to the peak as I can.
In hindsight, instead of investing in a condo I should have listened to Ray. He's ornery but he was right about gold. I suspect gold would be a good investment today.

#14 | Posted by danni at 2017-12-22 10:32 AM | Reply

So, essentially, the super rich are against the bill.

"This tax legislation will create inflation because they are artificially adding trillions to the money supply."

Maybe not. Obama created a lot of extra money in the supply via spending. It didn't create crazy inflation, though it did create some and wages didn't really go up. It's still pretty much insane what they did.

#15 | Posted by LEgregius at 2017-12-22 10:35 AM | Reply

Eberly, that's one of the most incredibly arrogant things I've seen you say in quite some time. Your operating from assumptions that people have income at hand to purchase property when the fact is that the VAST majority do not. If you'll also recall from the Bush Economic Crash there was almost zero credit or lending available to, again, the vast majority of people.

While your idea sounds great on paper, it's simply not existent in the reality of most Americans. I know several people here in the Atlanta area that ran the numbers and determined that selling their homes and renting was the better financial course and with this new Tax Cut For the Rich bill their move seems prescient.

#16 | Posted by Reagan58 at 2017-12-22 10:39 AM | Reply

I guess the only way to fix this is if we pay 100% of our salaries in taxes and let the government decide how to spend our money. You people live in fantasyland.

#17 | Posted by Will123 at 2017-12-22 10:48 AM | Reply

WILL @ #5

"I'm so confused why people would complain about getting to keep more of their money."

But they DON'T get to keep more of their money. That's the point. Read the fine print.

It's a short term balloon loan with a very high rate of interest when it comes due. Repayment in the form of deep cuts to entitlements such as Medicare, Medicaid and Social Security (the foundation of America's social safety net) will far out-dollar the original give-away to the poor.

The Republicans will use the high deficit (that they created) as justification.

See how that works? It's a scam.

Only the 1% get to keep their tax savings. You don't.

#18 | Posted by Twinpac at 2017-12-22 10:55 AM | Reply | Newsworthy 1

#17 Well there you have it, Will123 is clearly a ---- moron like his hero.

#19 | Posted by Reagan58 at 2017-12-22 10:59 AM | Reply

How? It seems like the majority of people on this site want to have the government run their lives.

#20 | Posted by Will123 at 2017-12-22 11:09 AM | Reply

I'm so confused

#5 | POSTED BY WILL123

We know. We know.

#21 | Posted by jpw at 2017-12-22 11:58 AM | Reply

How? It seems like the majority of people on this site want to have the government run their lives.

#20 | POSTED BY WILL123

Apparently your "seemer" is broken. We want no such thing. What we want is for the taxes we pay to provide the services we need. You know, like in every other rich country.

#22 | Posted by WhoDaMan at 2017-12-22 11:58 AM | Reply

I guess the only way to fix this is if we pay 100% of our salaries in taxes and let the government decide how to spend our money. You people live in fantasyland.

#17 | POSTED BY WILL123

Not everyone is a simpleton who can only think in absolutes.

#23 | Posted by jpw at 2017-12-22 12:02 PM | Reply

How? It seems like the majority of people on this site want to have the government run their lives.

#20 | POSTED BY WILL123

Not even close.

But I'm assuming that nuance will be lost on you so do me a favor and don't vote. Simple stupidity like yours gave us Trump.

#24 | Posted by jpw at 2017-12-22 12:04 PM | Reply

Apparently your "seemer" is broken. We want no such thing. What we want is for the taxes we pay to provide the services we need. You know, like in every other rich country.

#22 | POSTED BY WHODAMAN AT 2017-12-22 11:58 AM | FLAG:

If that's true, why aren't you complaining about our wasted tax dollars instead of tax cuts? We are overpaying all over the place and it's ridiculous.

#25 | Posted by Will123 at 2017-12-22 12:05 PM | Reply

"My condo still isn't back up to the price I bought it for "

Never mind. I struggle with accepting that there really are people like you in the world.

So committed to misery and failure.

We're done.

#26 | Posted by eberly at 2017-12-22 12:21 PM | Reply

If that's true, why aren't you complaining about our wasted tax dollars instead of tax cuts? We are overpaying all over the place and it's ridiculous.

#25 | POSTED BY WILL123

Are you new here? Or have you just not been paying attention? Those of us on the left complain (and have complained) plenty about how our tax dollars are wasted. How does that contradict our preferences on how our tax dollars should be spent?

You probably think cutting taxes fixes waste. Waste is due, in large part, to corruption. Reducing the dollars won't eliminate the corruption, it will just make the effects of the waste worse.

#27 | Posted by WhoDaMan at 2017-12-22 12:25 PM | Reply

"Eberly, that's one of the most incredibly arrogant things I've seen you say in quite some time. "

Thank you. Just trying to help someone make chicken salad instead of chicken ----.

Bon appetit.

LOL

#28 | Posted by eberly at 2017-12-22 12:25 PM | Reply

Are you new here? Or have you just not been paying attention? Those of us on the left complain (and have complained) plenty about how our tax dollars are wasted. How does that contradict our preferences on how our tax dollars should be spent?
You probably think cutting taxes fixes waste. Waste is due, in large part, to corruption. Reducing the dollars won't eliminate the corruption, it will just make the effects of the waste worse.

#27 | POSTED BY WHODAMAN AT 2017-12-22 12:25 PM | REPLY | FLAG

Obviously cutting taxes does not mean cutting waste. Why complain about tax cuts? Maybe if we give these corrupt idiots less money to work with, they will start to figure things out. Giving up a third of my salary between all the taxes I pay is absurd.

#29 | Posted by Will123 at 2017-12-22 12:32 PM | Reply

Obviously cutting taxes does not mean cutting waste. Why complain about tax cuts? Maybe if we give these corrupt idiots less money to work with, they will start to figure things out. Giving up a third of my salary between all the taxes I pay is absurd.

#29 | POSTED BY WILL123

If you cut the spending, it's not the waste that's going to get cut. How do you feel about drastically reducing the size of our military?

#30 | Posted by WhoDaMan at 2017-12-22 12:36 PM | Reply

Giving up a third of my salary between all the taxes I pay is absurd.

#29 | POSTED BY WILL123

If you lived in one of the CIVILIZED rich countries, that would pay for your medical care, real unemployment insurance, college tuition, maternity and family leave, six weeks or more of vacation, and a decent retirement. Wouldn't you trade what you get now for "a third of your salary" for what they get, i.e., a more secure life?

#31 | Posted by WhoDaMan at 2017-12-22 12:41 PM | Reply | Funny: 1 | Newsworthy 4

Why complain about tax cuts?

How can you possibly ask that question when the tax bill will pile another $1 trillion on the national debt? Republicans are putting massive debt on our grandchildren so that today's fat cats get fatter, and you don't understand why anybody might have a problem with that.

#32 | Posted by rcade at 2017-12-23 10:35 AM | Reply

Obama.............. He added $7.917 trillion, a 68 percent increase, in seven years. This was the fifth-largest increase percentage-wise. Obama's budgets included the economic stimulus package. It added $787 billion by cutting taxes, extending unemployment benefits, and funding public works projects. The Obama tax cuts added $858 billion to the debt

Tax Cuts!! What?

#33 | Posted by Maverick at 2017-12-23 11:30 AM | Reply

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