Sen Orinn Hatch had the brazenness to rant and pout and even have his voice get a bit quavery about how he grew up poor "lower middle class" when Sen. Brown of OH said that the Republicans always want to cut taxes for the rich....
(btw -he is among the most wealthy of senators Orinn Hatch, that is)
I think he really sincerely believes his own party that this bill will somehow benefit everyone, even though we know from years of hard experience that trickle down economics doesn't work - give businesses tax cuts and they make more profits. The workers get squat, already rich shareholders get a few more cents a year, deficits rise... It didn't work in the 80's... it didn't work in Kansas and it won't work now...
17
Isn't there a huge contradiction in Republican values here? If corporate tax cuts are to have an effect on the economy, there has to be some kind of guarantee that the money saved will be invested in the companies and their workers, not put in the bank, invested in buying other businesses, or passed out to shareholders. But that requires regulation, which is anathema to the GOP. Nothing trickles down without channeling, but no one has mentioned any provisions in the tax bills to direct the money to where it is needed.
9
In the 1960s, it was, "Don't Buy Grapes." With this tax bill being passed while the Passport Papers are still hot off the press, it's now, "Don't Buy Apples."
2
This Republican party's willingness to cozy up to dictators and openly flout ethics rules and possibly even abet treason is endlessly fascinating. Maybe Americans have been naive, as Trump and others have said, about the kind of deal making that's now possible for dictators, oligarchs, and politicians. A lot of us refuse to go there, it's not what we're about. And I hope we put a stop to these chenanigans soon.
1
The plan is to reduce tax benefits and savings for college students by $65 billion over the next decade and hand that money to the children of the richest 5000 people that die every year. This will hurt corporations, who will move to countries with a better educated population.
4
Representatives or Senators who voted no or will vote no, essentially voted to keep taxing both individuals and businesses at the current level, and to continue with the current tax code which is a complicated loophole-ridden royal mess.
1
Really the tax priority of the congress of a people who are free and equal should be to raise revenue in a manner that equalizes the burden with minimal encumbrance of freedom, which is pretty much the opposite of what both parties in congress use the tax code for. They use it to reward friends, punish enemies, and run our personal lives by financial punishments.
We would be far better off with a simple tax code that assesses one single tax rate on all person's and corporations without regard to source or use of the income. Every person, corporation, political organization, church, think-tank, and foundation should play be exactly the same rules and pay the same tax rate with the same deductions, which should be only the business expenses in raising the income. Then we could all go about pursuing happiness and fulfilling our values, be it making money or doing good works or whatever without inefficiencies and distractions of tax planning. Does anyone of any political party find Congressmen and women qualified to direct the values by which we live?
1
What happened to the idea that PEOPLE know best what to do with their money? If PEOPLE are taxed less then they will pick the winners and losers among corporations by buying their products or not, and they will do so by buying in the USA, supporting our industries, services, and retail. How come the people no longer know best?
Over 80% of the assets of corporations doing business in the US are overseas. Why do we expect them to act in our interests? If taxes are cut, cut the taxes of the people and they can decide the winners and losers.
6
Has someone built a wall around the Republican voters so no actual information gets in? This should be political suicide. How are they getting away with it?
8
This Republican party's willingness to cozy up to dictators and openly flout ethics rules and possibly even abet treason is endlessly fascinating. Maybe Americans have been naive, as Trump and others have said, about the kind of deal making that's now possible for dictators, oligarchs, and politicians. A lot of us refuse to go there, it's not what we're about. And I hope we put a stop to these chenanigans soon.
4
Of course this will help corporations since they are the ones that are putting huge sums of money into the campaigns of these idiot congress folks. Without election reform this process will continue and we will be a third world country run by corporations. The notion that having more money because of tax cuts and that corporations will create more jobs is pure hogwash. The only way to create more jobs is to tax the heck out of corporations bringing in products from outside of our country. Let's keep in mind that it was the Clinton administration that created NAFTA and the flood of U.S. companies moving their operations to other countries with cheap labor and costing U.S. workers their jobs.
2
NAFTA didn't really do all that, and lefties ought to worry when they find themselves saying exactly what Trump says.
On anything.
3
I expect the Times to track those raises that are supposed to come trickling down to everyone in the country after corporations have stolen everything out of the US Treasury, thanks to this bill. If we don't see enormous wage increases and huge numbers of brand-new, well-paying jobs all across the spectrum for every worker - excluding upper-level executives - then we will know that Republicans have defrauded us.
2
Nothing really matters to Congressional Republicans other than getting a return on investment to their rich donor class. Not "Trump the Disaster", not the health or well being of the American people, nor the long term financial well being of the nation. Infrastructure, Food Safety, the Environment, the elderly, Education. None of it matters to them so long as they pass a tax bill that proves their fealty to their rich benefactors. We now live in a democracy where the government no longer acts in the best interests of the majority.
4
Not only is this bill a bare-faced attempt at a transfer of wealth to corporations, the GOP's "persons" (no, not actual people/voters, but corporations) but also another MASSIVE transfer of wealth from CA, NY, NJ and other wealthy states to the South and other trump voters. Wake up: CA, NY, NJ and the other states with healthy economies ALREADY subsidize these trump welfare queens.
5
Orrin Hatch like all other Republican senators is a liar, bogus, phony, fraud ,false, spurious , pretentious and deceitful old person without any sense of shame.
4
We could appreciate this if these corporations who will benefit greatly from these massive tax breaks will take that saved money and A) increase wages and B) hire more people. But we know they won't. They already make tremendous profits but are keeping the "screws tight" on wages. They'd much rather allocate those funds to enormous executive level bonuses and investor dividends. Also, the Trump administration is NOT doing anything to encourage "Hire American." So corporations in their tenacious pursuit for maximum profit are going to continue sending jobs overseas. This "tax reform" is a massive punch in the face to the average American citizen. So much for "drain the swamp!"
3
The GOP fealty to corporations is misplaced and out of sync, especially in the Trump era.
The Democratic Party is now entirely the party of Big Business. From Silicon Valley to Wall Street.
1
This is a leveraged buy out of the New Deal written by and for our corporate raider overlords. When it is done, it will reduce Social Security to junk bond status.
First, it raises $1.5 trillion to fund cash savings on the tax bills of corporations and wealthy owners of corporations. In typical corporate raider style, layoffs quickly follow in the form of reduced social welfare finding and tax increases for the hand to mouth class, which translates into less spending in the real economy. Booting people off of health insurance will focus some of the personal spending reductions on the health care sector.
As the reverse stimulus package leads to the inevitable economic contraction, it will be claimed that we must raid Social Security and any other tranches of public wealth to feed the gaping budget deficit. Doing so will add to economic anxiety and actual poverty, further throttling back spending in the real economy.
Initially, the recession and loss of an economic safety net will be met by increased personal borrowing. The meager financial reforms put in place at the close of the Great Recession are being dismantled to facilitate the rise in bad debt that will ensue.
Ultimately, this disaster capitalism scheme will result in the remaining assets of the debt ridden working class being repossessed or bought out for cheap during the foreseeable economic crisis being engineered today.
And there we have a leveraged buy out of the New Deal leading to a Raw Deal.
6
It will be interesting to watch the number of ways that Republicans try to discredit the CBO scoring of both the House and Senate bills, as well as the rising tide of public disgust as the details of these schemes become more widely known.
2
"Help" corporations? Corporations don't need help. When they get extra money they buy back shares to help their stockholders. They don't build factories unless there's demand. Why go on...this bill is to make the rich richer, period.
5
Any bill that offers any degree of simplification of our ridiculously complex tax code is a step in the right direction. Reducing or eliminating regressive interest and local tax deductions that transfer the tax burden from the well off to those less well off is a step in the right direction.
And eliminating the regressive and highly unfair ACA "mandate" tax is well worth the flaws.
And Speaking of fair. If we want to be fair to stockholders, which includes those self-employeed gig economy people slammed buy the ACA mandate tax, either corporate earning OR dividends and stock sale profits would be taxed but not both.
This bill doesn't do any simplification. It's not a reform bill. It's a tax cut bill. Don't be gullible and believe the messaging. This bill is designed to do one thing: Give large corporations a tax cut. It's paid for by eliminating deductions that average middle class Americans use.
It barely even touches the myriad of deductions and tax credits available to corporations. The complexity remains. THe only thing that changes is that folks making less than $75,000 will pay more and corporations will pay less.
And there was this article in the paper today:
https://www.nytimes.com/2017/11/16/us/politics/obamacare-premiums-middle...
I still laugh when I think about Trump's base: white, rural, unemployed or underemployed, alcoholic and opioid addicted thinking that he will MAGA and all those suburban white women living in their gated communities. Talk about cognitive dissonance. We are exceptional, truly exceptional.
1
Orin Hatch is an unapologetic self-server, who thinks he deserves more because he started at the bottom. He certainly does Not believe that his outsized good fortune requires additional civic responsibility, on his part. Typical "poor me" thinking, who has NEVER walked in the shoes of another. I have always found him to be malignantly self-righteous, but now more than ever. Revolting. Sherrod Brown is a good guy. Orin Hatch is definitely NOT.
3
WSJ held a forum with CEO's and Cohen from the Trump administration and they asked the CEO by a show of hands how many would increase CapEx with the new tax cut. five hands out of 30-40 CEOs FIVE HANDS. Cohen asked, "why not more?" Here is the link:
https://www.cnbc.com/2017/11/15/gary-cohn-looks-for-assurances-from-ceos...
http://www.cnn.com/videos/politics/2017/11/15/corporate-tax-relief-middl...
3
All you really need to know about the tax bill:
1. Overall tax cuts: $5.9T Total, $1.4T Net (deficit funded)
2. Corporate tax cuts: $1.8T, Net $0.5T
3. Individual tax cuts: Total $4.1 T, Net $1T (Net sum off by rounding)
4. Corporations contribution % which is today 9% will be reduced since it gets 1/3 the net benefit - Lesson: Corporations win!
5. What is in and what is out: Carried interest “loophole” remains; college tuition interest “loophole” eliminated. Estate tax is eliminated; Medical expenses will be taxed - Lesson: the wealthy win! Education loses!
6. Overall Lesson: For 227 representatives, maintaining contributions from wealthy donors and corporate donors will be more helpful in keeping them in office than policies favoring their constituents.
1
Solution: stagger corporate 15% tax-cut to a qualified 3% cut each year over 5 years contigent upon annual proof of their meeting a pre-established, national, actual number of "jobs- created" mandate. Otherwise, like in the past, they will take the money and continue to send our jobs oversees.
1
Why all the whining? Voters put these Republicans in office, voters gave them the majority in Congress, and voters knew all along that the Republican Party favored business over individuals. Voters knew, or should have known, that this is exactly the kind of tax bill that would be produced by this Congress. If indeed there is such outrage around the country about this tax bill, and that is doubtful, then in just one short year voters will have the opportunity to right their mistake. But, it's a pretty good bet that will not happen. Most voters do not know anything about the tax bill and care even less, and will use their vote to keep in office the same people who produced this bill.
The GOP tax plan should be called the "The Trickle Down Economics Act." The theory of tickle down economics has been tried before under Ronald Reagan and George W. Bush and both times it has utterly failed to do anything for the economy. This tax plan and discredited economic should be thrown into history's trash bin NOW.
The tax cut for corporations would not create jobs. But, it reduces the need to spend money unnecessarily to reduce the tax. They may use the savings to buy other companies or smooth over cash flow with business fluctuations. They have to remove tax on corporations altogether. To make up for the loss tax individual incomes at higher rates.
Corporations?
You mean those things that hire and provide benefits to tens of millions of Americans, while generating technological progress and international cooperation?
Why would anyone want to help those?
Clueless windbag Orrin Hatch stubbornly denies that the Republican tax bill would raises taxes on poor and middle-income people -- despite the analyses by his own committee.
I recall when Hatch came to the JFK Library in Boston and made arrogant, insulting remarks about the recently-deceased Ted Kennedy that Hatch apparently thought were funny. They were not.
So relived that they threw in tax breaks for private plane owners. I was getting worried!
2
This is OPEN CLASS WARFARE. People are too darn distracted or apathetic or stupid to care. Guileful and amoral men---as I hate to admit, these are all men we're talking about, basically---take advantage of this weakness of democracy. Plato talked about this weakness eons ago, albeit about the mob-rule model of democracy, not the representative one.
Recently, year after year, the monthly DOL jobs report has reported on a lengthy period of stagnant real wage growth. Yet, simultaneously, corporate profits and stock price valuations have reached record highs. It seems the factor of production supplied by labor has become less scarce; and, the factors of production supplied by corporate stockholders seem to have become scarcer, or more highly valued.
Since stockholders provide funds to rent machinery, directed by IT and artificial intelligence software, this would seem to be a very lucrative form of investment. The rental payment for machinery can be used to substitute for increasingly sophisticated levels and quantities of employees. Thus, as these technologies have been scaled upwards over decades, they have become ever cheaper substitutes for workers. As a result, now, a larger supply of workers is available at a cheaper equilibrium price or wage, due to this substitution effect.
And, the reduced wage, and more constrained other employment-related opportunities for many workers, especially white males; have led to measurable declines in longevity for certain groups, due to: increasing suicides, drug ODs, and other causes, per this job anxiety.
To use tax changes to reward an already flourishing corporate sector seems to be misdirected. To reward this corporate sector in the midst of stagnant wages by having many in a shrinking middle-class fund such cuts, seems outright irrational.
[JJL 11/17/2017 F 10:42 a.m.]
1
If this passes I don’t care what the political affiliation is......vote them out! We are larger than the 1%. This is pure GREED!
2
I grew up with a family member who was a noted economist. This is non-rich thievery with a method that has never worked but the republicans are pushing this major lie. I wondered what was going to take down the rest of our country and this plan appears to be the killer.
What's not being cut for the poor and middleclass? A reduction in Medicare and Medicaid services will more quickly kill off those on it because we won't be able to pay for what isn't covered. This covers the poor, those on both "health" plans, the elderly. Then many of us will be hit with lower SS earnings. The GOP has proven again and again they lie through their teeth and they are out to kill the country. To believe otherwise is ridiculous.
1
But of course. Corporations are people too. They need a tax break, so they can hire more qualified employees, which in turn can facilitate burgeoning of economic growth, and everybody can hope to live happily ever after. Or so the GOP would have us believe. Remember the laughable Laffer curve? Lower taxes, especially for the affluent HAS TO spur job growth, like no one would be able to calculate. Really? The GOP taglines of lower taxes have reverberated the Hill for eons, like sickening shibboleths, and now they seem to be quite boisterously rhapsodic about it.
Many economists still harbor the idea that less revenue to the government would spike economic enhancement, while others are not sold on that idea. The latter feel it has been a myth that lower taxes will engender a boon, and dub it as an a priori and, quite conceivably, a heuristic argument, yet to be proven. In essence, there are too many assumptions here. But then who listens to a lollygagging commoner?
Be that as it may, the permanent lower taxes for the indecently rich and a temporary and expiring one for the middle class is a raw deal, undoubtedly. One wonders, how these platitudes will work wonders for the voters.
1
America will soon become like medieval Europe. A huge underclass to keep the Starbucks and the Wal-Mart's fully staffed, a small number of truly poor, lacking any government-provided social services, and then the Trumps, the Bushs, the McConnels, the Clintons.
Still trying to sell the American people a bill of goods regarding trickle down economics. Shame on them. Most of us either read - or at the least know about the panama papers.
Kansas experimented with major tax cuts for businesses and high income individuals did it not? That experiment failed at supporting schools and other necessities, and did not lead to the boom in business that had been predicted.
So why does the GOP insist on repeating the experiment nationally? Why is this tax bill which has so many predictable negative effects being rushed through Congress? Is this partially a smoke screen so that the Estate Tax can be eliminated? Is this part of the GOP plan to create a permanent super-wealthy class of donors for its campaigns?
Then there are the "unintended" consequences — no tax money for infrastructure upgrades, higher costs for higher education, increased individual bankruptcies driven by uncovered medical costs, etc. The differing impacts on states with high state taxes (income or property) is particularly disturbing as it will lead to more division between the states. Why should California, Illinois and New York residents be required to even further support the low tax, federally subsidized red states?
Cutting corporate taxes will not lead to more jobs. Cutting corporate taxes will not lead to higher wages. If this bill passes as it is currently written the short and long term results will be a disaster.
2
Yesterday was a sad day for the USA. House bill guarantees permanent income tax cuts for the rich and corporations and adds to the national debt. It's a massive transfer of wealth to those already sitting on piles of cash. Cost of infrastructure projects will increase because PAB's lose tax exemption. Students get hurt because tuition assistance is taxed. And so it goes. Next is Medicare and Social Security "reform" to offset the lost revenue. I have never seen such a mean, nasty group as the Republican Party in the way it treats ordinary people.
4
The rich of course doesn't have enough voting power, but knows how to use their money for the political donations to the Republicans. Most of the Trump supporters, those who believe tax cuts will come to their pockets, do have voting power. Therefore, the rich can tolerate all the nonsenses that Trump does as long as their tax burdens are cut substantially. However, the split between the rich being represented by so-called mainstream Republican politicians and the rank-and-file Trump supporters is getting wider and wider. This is the reason why mainstream Republicans rush to pass tax cuts with all the beautiful talk telling the public that they are doing this for the Americans, particularly the middle class. But their Americans mean the very rich Americans that can give them political donations.
2
Given that the only thing reps will feel is a loss in their pocket book, why not boycott any product made in or by a company head quartered or any of whose top five principal officers live in a congressional district that voted for Trump? Given that a majority of senators elected by less than majority of USA populace, only way I see for majority of Americans to have voice heard.
1
"Polls show that voters want corporations to pay higher, not lower, taxes and that they doubt corporate rate cuts will show up in their own paychecks, as the White House has claimed."
They doubt it because the vast majority CEOs have made it clear that they have no plans to raise wages.
3
Nothing moves wages but supply and demand. Wages don't rise until enough people don't need to work to produce a labor shortage.
It only seems reasonable, humane, and even 'human' for both parties' "Top Tax Priority to Help Corporations" --- after all, the Supreme Court, which is as infallible as the Bible, in the minds of many Americans, has declared, as if in stone tablets, that corporations are humans (1886) and deserve the same rights inscribed in 'our' Constitutions' First Amendment that freedom of speech includes 'our' right to use money (2010) to enforce (if not protect) 'our' truly representative democratic Republic of all the people --- included our non-breathing corporate fellow Americans.
1
The real War on Christmas: the Republican Tax Plan. How well did all this corporate-tax-cutting-to-stimulate-growth work in Kansas?
2
Last night Robert Reich pointed out that US corporate profits represent close to 50% of corporate profits WORLDWIDE. Congressional Republicans apparently want to up that percentage and claim that by doing so US economic growth will be stimulated.
That claim doesn’t even pass the smell test, much less the Econ. 101 test.
2
You know who doesn't get a tax cut under any GOP plans, House or Senate?
Americans earning between $0 to $9525 - a year. To tell the truth, I didn't even think there was a tax bracket for those people. I thought they were exempt from taxes.
But as exists now, and is continued in the GOP plans, these people are in the 10% tax bracket.
That means that at the highest end of these "income" earners, this bracket, a guy making $794 - a month - owes the government $80 of it.
No cuts for him.
But a 15% - permanent - tax cut for corporations already awash with cash and who admit they will not spend the influx of tax dollars on job creation or capital investment.
Obscene, but true, in the inverse Robin Hood GOP world...
6
They haven’t paid federal income taxes and they won’t be paying any. The standard deduction takes care of that... In fact, they’ll probably be paid for not paying...
You misread the tax code. Roughly half of American workers owe absolutely no federal income tax at all. According you how you read the tax code that is not possible.
One doesn't even need to file a return if they earn less than $10,000.
The rate you quote is the assessed on line 43 after standard deductions, etc.
I wouldn't point out your error but apparently you are bringing a few people along with you and we all have a vote on the boat so we need ground our arguments in reality.
We can be a free, prosperous, charitable, self-governing, and happy people, or we can be equalized, mediocritized, homogenized, infantilized, feminized, and diversified. If you prefer the former, vote Republican; if the latter, Democrat. All else is sound and fury, signifying little.
2
Reality check congress is totally iresponsible to greater good american people. If wasnt wont be rewarding corperations by buying imports using tax dallors at expense of american workers who pay taxs. Article should read stop governemnt spending on imports at expense american workers jobs
Mr. Hatch gets his back up because he's questioned about the intentions of the tax bill... well sir, you may have come from a "lower middle-class" background, but if you believe this tax plan benefits the middle class as much as it benefits corporations and the wealthy then its time for you to leave the Senate. I mean leave today, because obviously, you are suffering from the affects of age or some other type of mental lapse. This bill is a slap in the face to the middle class, just as 99% of the rest of Republican legislation. It is a total embrace of your strongest lobbies, and it gives bird feed to the people paying for breaks to the people who have more money than they can spend. You Sir, are a disgrace, you and ALL your republican colleagues.
4
In light of the likelihood that most if not all of the corporate tax cut windfall will, without "nudges" in other directions, go to increased dividends, etc., why hasn't anyone of standing urged that this tax reform be coupled with a modest minimum wage increase? When that was such a topic of conversation a couple of years ago, the counterargument was the toll on corporate profits. Here's the perfect time to fund such an increase. Wages across the board would have to adjust.
I think that if these two moves were made together, Democrats would have a motivation to look more closely at the combination. And the elusive "pay-for" would be more likely to occur, bringing in more tax revenue from a better-off working class.
1
Because people of standing know enough about economics and history to know that the minimum wage is a scam on the ignorant.
And the Democratic party says....nothing. Not the slightest whimper. And they wonder why they lose elections.
1
You obviously haven't been listening or deliberately choose not to. Dems have been all over the media against this scam.
There is there is a very simple question to be put to the American people: “If you give a rich man one dollar with no strings attached, how much do you expect to get back?”
1
OK Americans, you wanted to make America great again and your wish is on its way...along with the realization that donald duck lied to you, in the most obvious ways all along. Heck, most of you will never read this post, the NYT or whatever, sorry because ignorance is not a bliss, it's a curse, and denial is not shield but the opposite as well.
1
The new GOP hymn version of the Prayer of Saint Francis....
Make me a channel of your greed
Where there is hope in life let me bring despair
Where there is light, only darkness
And where there’s joy, ever misery
3
Donald John Trump please just take your ball and go home, and take Mitch McC, Paul Ryan, Orin Hatch, and the rest of the rotten-to-the-core GOP with you, please!
1
Liars are what you can call this GOP Congress. Fools are what you can call voters who vote GOP knowing full well that after the election, they will serve the rich and corporations, not YOU who pulled the lever and voted for them. At what point in time does it sink in to your head that you are being played for fools and used like tools in a shed. This "tax bill" is nothing but a welfare check dole out to the rich and corporations and IS NOT a tax cut for the middle class. If this bill passes, YOU will pay more taxes, your health premiums will rise, and not a single job will be created. Corporations do not ship jobs abroad because of taxes, they ship them abroad because of cheap labor like the Trumps who shipped all their jobs abroad. Corporations already through tax loopholes and "credits" reduce the tax they now pay, many paying little or nothing. It is an insult for the GOP and Trump to say this will create jobs when it won't. Nothing but a rip off of the Treasury and we taxpayers will bear the cost of it as will our children with an exploding deficit. Just look at Treasury Secretary Munchkin and his wife wrapping themselves with money at the US Mint and that tells the story. Wake up, smell the coffee, and THINK. Stop allowing them to play you folks for fools.
2
I stand with Sherrod Brown, senator from Ohio.
https://www.washingtonpost.com/video/politics/tense-exchange-between-hat...
1
"In light of those changes, the congressional Joint Committee on Taxation projected on Thursday that Americans earning $30,000 or less would see their taxes increase, as a group, beginning in 2021, if the Senate bill becomes law, apparently as a function of the mandate repeal driving fewer Americans to claim tax subsidies for insurance."
Not so good for poor working folks, but not to worry. Trump will avoid the alternative minimum tax for an annual saving of on the order of $30m, and the Trump family will avoid the estate tax for a saving is $1b to $4b, depending on his real net worth.
4
Who owns America? The People? NO.
Wall Street? YES.
2
I’m no Republican by any means but I do have to agree about one thing about these plans — they will highlight how badly NYS has been treating its taxpayers.
3
A bet? A gamble? You've framed the argument as if there is actually a mathematical possibility that trickle down will work. And you have not interviewed any authority who could argue against the possibility that this plan will help create jobs and raise wages. You've engaged a notion considered absurd by a sizable proportion of economists (if not the majority) and ignored the voices of those academics who would disagree. The result? An absurd idea gains legitimacy.
3
I can't begin to express the despair I feel about all of this. I read the columns and the comments and am left with a sense of impotence. Can we not no anything about this? We see the scam. We catch them in lies. We know their donors and how they are pulling the strings. We know the results if this happens. And yet, we are all here preaching to a very educated choir. Does anyone have any suggestions about what to do before it's too late?
3
The stock market is booming. Corporate America is making money hand over fist all the while paying next to nothing in taxes due to our Byzantine tax system. And that which they are obligated to pay they keep stashed in overseas accounts and such (thank you Paradise Papers, etc.) So tell me why they need a tax cut? All on the backs of average American's too. Seems like they already have more than their fair slice of Paradise. And yet they want more? Now they're being greedy don't'cha think? This tax bill is farcical in a fashion that makes Obamacare look positively pristine by comparison.
John~
American Net'Zen
3
“It’s not unusual for a tax bill to have varying impacts in different parts of the country,” Mr. Davis said. “But the degree to which this bill makes winners and losers out of different states is remarkable.”
This is all on purpose. The intent of the Trump GOP tax hike bill is to harm those who voted against them and to reward their followers. These bills are being snuck through with no hearings, legitimate debate and no public input. It’s theft committed in secret.
1
In a very fundamental way, we are no longer a democracy.
Republicans who are ostensibly elected to represent voters have shown a blatant contempt for their constituents. Taxing tuition benefits seems to be a gift to China in an attempt to assure we are no longer competitive in new technology. Eliminating the medical expense deduction which so many seniors rely on is simply cruel.
All so the richest among us can lower their tax burden. What has happened to this once great nation?
9
Repeatedly, reporting on the tax plans describes the potential benefits to these presumably different groups: Middle class, Wealthy taxpayers, Corporations.
It should more frequently be made more clear that benefiis to corporations are primarily benefits for the corporations' owners, who are, of course, the Wealthy taxpayers again. The Middle class is truly left with crums, if anything at all.
Toys-r-us, according to CNN yesterday, was asking the courts to approve 16 million dollars for executive bonuses if they hit some targets this holiday season. Here you have a company declaring bankruptcy just two months ago which apparently refuses to invest the companies money back into the company. That's a perfect case study for where large corporations will put any savings from these tax plans. 40 years of stagnating wage growth will not be cured by giving away money to the wealthy.
1
The best way to spur economic growth is to give the largest tax cuts directly to individuals. Expand the earned income credit for poor. Give a 15% break not to corporations but to middle class incomes; a 1 to 2% break for upper middle income and no break for top incomes, which have had all the gains in last thirty years. Under this plan, the poor, middle and upper middle will spend all of their new tax breaks and small business and large corporations will profit.
3
Federal Tax Reform 2017
The federal tax reform should include the following:
Free secure on-line internet tax filing software service for individuals and small companies with telephone and in-office hand-holding for those who want it.
Permanent federal tax credit for purchasers of electric vehicles indexed to greenhouse gas global concentration.
Permanent federal tax credit for photovoltaic and wind generation indexed to greenhouse gas global concentration.
No federal tax increases for individuals and joint filers with net gross annual incomes below $100,000.
No federal tax increases for individuals and joint filers graduate students. with net gross annual incomes below $100,000.
No federal tax decreases/ reductions for individuals and joint filers with net gross annual incomes above $500,000.
Medical expense deductions beginning at 5% net gross annual incomes.
Get rid of Alternate Minimum Tax (AMT).
Get rid of tax on Social Security Benefits for for individuals and joint filers with net gross annual incomes below $500,000.
Get rid of tax on Armed Services retirements for for individuals and joint filers with net gross annual incomes below $500,000.
Estate/ inheritance tax of 25% on estates greater than $10,000,000 ramping to 100% at $100,000,000.
Automatic identification of tax cheaters.
Aggressive enforcement of identification thieves.
Bounties for tax cheat whistleblowers.
Bounties for identification theft whistleblowers.
2
Republicans In Congress have said that corporate tax reductions will lead to the average worker seeing their wages rise by $4000. Many, if not most economists, disagree. So, why don't the Republicans put the money where there mouths are and include in their bill a special $4000 tax deduction for every middle class worker? If they are right workers will pay tax on their $4000 wage increase and there will be no negative affect on the deficit. If they are wrong - well we've seen that before with every one of their "trickle down" tax cuts in the past.
2
As more details of these two bills emerge the bottom line as I see it is we will continue to decline as a nation economically and widen the differences between Americans.
Our nation is now completely off track and will make more difficult the task of believing in a better future.
1
This skewed tax package makes it very clear what the Republicans' priorities are and to whom they are beholden. And, as the Citizens United decision determined that corporations are people too, we can draw the following analogy (borrowing from George Orwell): All people are equal, but some people are more equal than others. In the case of this "Tax Overhaul", the "Corporations/people" are more equal than the actual human people.
That, my friends, is the sorry state of the U.S. under the Trump/Republican robber-baron administration.
2
Every country is trying to attract corporations to their country and there is a competition. Countries like Switzerland are well known to encourage companies to move there by having a very low corporate tax. The US has to prioritize tax cuts as one of the means for competing for corporations to invest and stay in America and keep the jobs. We are a capitalist country and corporations create jobs and government spends the tax revenues from the jobs, some may call it mismanagement of tax revenues.
1
I guess it's time to start thinking about taking up residence someplace other than New Jersey. You know, with any modification of a tax structure as complicated as ours there has to be winners and losers. And I get cutting corporate tax rates to a level and structure that looks like most of the rest of the world. But how is it adoption benefits get put back in but mortgage deductions get capped/eliminated? How is it the hedge fund folks get to call their earnings "carried interest" which is treated like long term gains instead of what it is, earnings? Why are we raising the income threshold for the 39.6% tax bracket up to $1 million, double from where it is now? I'm willing to pay a little more if it's fair and if we stop spending money we don't have but I hope this tax plan continues to get some needed adjustments.
"In Washington, Republicans have stressed that cutting corporate taxes will supercharge economic growth, accelerating job creation and raising wages in the process."
Why would anyone believe this? How is it the legislators even make this statement without twitching? They have to know they are lying.
1
In this entire process of 'restructuring' income tax, the sole revenue source of Uncle Sam, we're missing a huge point. Where is the discourse? Where is debate that ensures fare shake to all sides and a rationale outcome.
Democrats are not only muted, they seem to have gone deaf and clueless! Republicans on the other hand seem to be serving their masters, the Corporations.
The Republican style of this tax heist is nothing but a daylight robbery, in front of helpless naive citizens! Long live the essence of Democracy!
1
I find two things particularly notable about the GOP approach. First, making tax cuts for corporations permanent but tax cuts for individuals only temporary, on the rationale that corporations need to plan. As if low and middle income families don't?! Sure, we'll all just wing it year to year, not knowing if we can afford health care, or tuition for our kids, or even the property taxes we have to pay to keep our homes.
Second, the mass wealth transfer from blue states to red states. That not only rips the cover off the great GOP lie about self-sufficiency and rugged individualism, it amounts to a literal payoff for the years of gerrymandering that made some states red in the first place. From here on out, to be a Democrat means to be a hard worker who stands on your own two feet and helps out your neighbor, while to be a Republican means to be someone who mooches off others after sneaking into the benefits line in the first place. "Brother, I reached in your pocket and took your dime."
In spite of the advertisements of the huge multinationals showing veterans and the flag, the multinational cares not a whit about the country where they are incorporated. Allegiance is to the shareholders and the board. Congress is kicking the permanence of the individual tax cuts down a road littered with mines while making corporate tax cuts permanent now. As many posters have noted tax break savings will go making their business more efficient and more profitable. Hiring more workers does not fit into that equation.
1
I sit and read all these articles and see how the lobbying groups for various constituencies have gotten their ways with these bills, even how new pork has been written in by Senators who happen to have the luck to sit on the Finance Committee. And some people’s money must have given them an ear to listen to them when the appropriate pocket was properly filled. Why else would private jet owners get special treatment. Or was that a presidential request?
However, those groups that have no lobbyists, no money to give away, are not cohesive and are without an Association to clamor to be heard, have gone voiceless despite newspaper articles about the patent unfairness to them. I think of all the students who will not be able to deduct the interest on their loans. How grad students will have to pay taxes on their tuition. As if to punish them for getting education. How divorced people who owe alimony because of a marriage that lasted more than 8 years in some states will now also have to pay the income taxes for their ex-spouses, even though the income, by law at the divorce, belongs to those ex-spouses.
Businesses became people with Citizens United. They are getting all the lowered taxes, keeping all their deductions. Now Businesses have more rights than people.
1
Wow! The record profits that American corporations have been earning for years are insufficient? Who knew! One would have thought that if higher corporate profits meant higher wages, more hiring and more investment, we would have seen that happening already. Instead we've seen all the huge profits go toward higher executive salaries, higher stock prices, and offshore hoards of cash. I guess there's some magic number that suddenly opens the floodgates of corporate hiring. Let's just keep giving them more of OUR money until we reach that magic threshold. So what if we have no healthcare and our infrastructure crumbles and we have to cut Social Security and Medicare. To paraphrase Spock, the needs of the few outweigh the needs of the many.
2
If corporations get this huge tax break - unprecedented in modern times - they should be forced to put the extra money where their mouths are. They should be required to create some level of domestic investment and not turn around and just buy more goods and services overseas. Wasn't that what Trump was trying to prevent in the first place?
A Might is Right plutocracy has moved from political rhetoric into our public policies at the Executive and now Legislative levels of our government. Look no further than the Trump-GOP tax bills and deregulations to see who and what is rewarded and who and what is not.
Make no mistake this is a de facto coup d'etat of our democratic republic by the rise of a plutocratic republic in our Branches of Government. This was inevitable once our unwise Judiciary constitutionalized corporatism. Can fascism in America be far behind?
More accurately, the corporate tax is to help the monied class. The voiding of the estate tax, plus this new corporate tax, means it's tilted so far to the rich there is no chance of competing. We're entering Robber Baron Era II.
We give small states equal representation with larger ones in the Senate, and in the Electoral College, tilting the country to the right. We also allow well-monied people serious access to Congress with PAC donations and lobbying and that is not equal representation. We are nothing like a democracy where the people speak with equal voice. And we're not a republic where elected representatives speak on our behalf equally. Fact is the Founding Fathers set this country up as a republic not a democracy to both quell popular fury but also to maintain their monied privilege.
As the saying goes, no taxation without representation. The FF never said anything about equal representation. Two legs bad, four legs good.
What the GOP believes, with justification, is that as long as they remain staunch on cultural issues {guns, abortion, etc} their base, which appears to receive minimal or no relief from their tax bill, will support them without question. They have so many single or two cultural issue supporters that governing policy, in general, is not all that important.
Unfortunately, many Americans who need government programs to survive continue to support politicians who cut such programs as long as those politicians, By God, protect their right to own a machine gun.
Pitifully, these folks appreciate any kind of minimal tax break and never realize that the true beneficiaries of the GOP tax act are corporations and the wealthy.
Give them a small tax break and they could care less that corporations and the top 1% are going to become more wealthy and more powerful than ever.
Corporations should be taxed at 50%, not 20%. Right now, they're taxed at 35% but most of them don't pay anything close to that. Companies like G.E.,
General Motors and Koch Industries. Paul Ryan and Mitch McConnell are responsible for this. They should be held accountable for it and voted out of office. Also, the citizens of this country should boycott all corporations that get this tax break. All markets that carry products made by Koch Industries should be boycotted. Don't buy their products. The Kochs are also responsible for this bill and their company needs to be held accountable.
Both tax bills promote bad public policy. They reward Wall Street without regard to Main Street. Both tax plans reduce taxes for corporations and investors without tying the reductions to U.S. job and wage growth.
Neither positive nor negative reinforcement is built into the tax plans to encourage economic behavior that is good for average Americans. Trickle-down economics is wishful thinking. Why leave to chance what could be accomplished by design? Is the GOP that foolhardy or is the GOP too corrupt to care about the people they are supposed to represent?
I guess I just have to scratch my head at all of this.
Isn't the orange small-handed one on TV almost every day, telling us how GREAT the economy is doing, thanks to HIM?
If that's the case, then why do corporations need lower taxes?
1
Whatever happened to the Republican mantra for years of fiscal responsibility? Anyone can make a balance sheet and projected budgets look good if you work with the most optimistic projections. Good financial management is intentionally cautious. I have only ever dealt with small budgets, but unless you are in a very unusual situation it is wise to radically under-estimate income and then to over-estimate expenditures -- and even then you might turn out to have been overly optimistic. My Republican friends have always told me that you can't trust 'tax and spend' Democrats with budgets, but what about Republicans who spend but then cut taxes to the wealthy and take away benefits from the poor -- but still come up with a whopping imbalance? Remember the immortal words of Charles Dickens' Mr. Micawber, "Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery."
No wonder we have huge deficits. Every time the economy ticks up the republicans game power and reduce taxes for the rich. Reagan, tax cuts deficits, Clinton slight tax increase deficits down so much money we were going to have a lock box for social security, Bush tax cut for the rich, no lock box big deficits. Obama had a recession, deficits to get us out, tax increase to pay for healthcare, now Trump huge tax cuts for rich when we should be paying down the debt. We will we get serious about the cost of the things we want.
Funny how this works. Republicans make these irresponsible tax cuts, which will benefit mainly the uber rich (both national and foreign), and possibly be quite detrimental for the economy. With some likelihood, we will elect democrats to Congress and a President that is "anything but Trump", and they will reverse many of the tax cuts, which would be the right thing to do, but perpetuating the notion that the democrats are always increasing taxes.
1
The top priority of GOP is to help themselves stay in power. Our unwise Supreme Court constitutionalized non-representative government in its Citizens United Opinion and paved the way for plutocratic government. Under the guise of free market capitalism the GOP seized upon the opportunity to entrench themselves as a ruling class above the People. Their studied neglect/casual indifference toward Trumpism and our democratic republic has led to a system of authoritarian rule financially supported by America's aristocracy and the People's tax dollars.
Isn’t the Republicans’ biased taxation approach towards citizens from predominantly blue states blatant discrimination? Unequal representation via gerrymandering has delivered a result that can only be described as “payback.” The Southern strategy is effectively to punish Democrats and their neighbors.
The top priority of GOP is to help themselves stay in power. Our unwise Supreme Court constitutionalized non-representative government in its Citizens United Opinion and paved the way for plutocratic government.
Under the guise of free market capitalism the GOP seized upon the opportunity to entrench themselves as a ruling class above the People. Their studied neglect/casual indifference toward Trumpism and our democratic republic has led to a system of authoritarian rule financially supported by America's aristocracy and the People's tax dollars.
How these policies actually work:
1) Kansas: the low tax experiment was so lousy even the Rs raised taxes
2) US pre-Medicare: destitute elders unable to get medical service
3) US pre- Social Security: destitute elders unable to eat
4) Atlantic City - little donny's debt spree fleeces everyone involved while he walks away with his millions.
Lowering taxes on corporations does not create jobs. Making it harder to get an advanced degree does not create jobs. Making health care harder to get does not create jobs or improve lives.
9 years ago, the Rs could have used cheap money to create jobs by re-building crumbling infrastructure but $.9T was as far as they'd go. Now they will flush $1.7T down the toilet (into crumbling sewer infrastructure?) and get nothing for it.
Not really all that surprising. Trump cannot get over any slight and must indulge in vengefulness just as the republican south cannot get over the civil war and the taking of their property. The republicans now have decided that sticking it to the northern and affluent states is just and necessary. It is getting increasingly likely that this country may be on the verge of splitting up. As the weather begins to reap havoc across this country, there will be those who will try to take what they can get to help out their own. In a distant way, we are not unlike Venezuela. In 2020 trump will try to hang on to power by all means necessary just as he tried to steal the last election by any means necessary. This tax bill may be a play out of Putin’s book and the opening salvo. Little green men from the house and senate. Who give you those slogans. They care only for themselves and their supporters who will take from you by any means necessary. The Don from Russia. Good title.
I think Repubs are largely odious. However...
What's so bad about having the tax burden increased in the highest income states? By the way, what does it mean that the corporate tax cuts are "permanent?" This is a statute (assuming it passes which I doubt that it will). It is only as "permanent" as the next session of Congress.
I checked the 2016 US Census Bureau statistics today for the states with the highest income levels. The top five are in order, New Hampshire, Connecticut, Alaska, Maryland and Massachusetts.
California, New York and other states with higher state and local taxes already contribute more revenue than they receive from the federal government. At this point, a legitimate case could be made that the Senate and the House legislation targets these states largely for one reason-they have majority Democratic congressional delegates and voted for Clinton in 2016.
You are correct in stating that any legislation passed and signed into law is permanent only until overridden by newer legislation. However, we should remember that significant tax legislation is historically difficult to pass. The last major overhaul of the tax code was done over 30 years ago, in 1986.
I'd wager that any tax legislation signed into law will be with us for some time. The Democrats would need to regain majorities in the House, Senate and White House to have any chance of doing so. At this time, that hope is some distance off.
If corporations are people and people have the right to bear arms, where does that lead?
Everybody knew this from the start. The whole purpose is to boost the economy. The Democrats prefer regulation and higher taxes. They should get on board and work some of their own ideas into the mix. Make it a centrist package, remove the fringe elements the Republicans have to include now to get the main parts through.
Double the minimum wage over 10 years.
Make executive compensation non-deductible
Graduated income tax for corporations
Alternative minimum tax for corporations
Stop being a bunch of cry babies.
Enough is enough. I've finally had it with these republican hacks. They are bought and paid for by corporations and the ultra-wealthy. So much for the middle class and the little guy. After not being active politically for years, I hereby pledge to work against the election of every republican at every level of government. I will also donate whatever I can to ensure the election of persons who will represent the interests of the people, not their corporate masters.
We the people of the United States v the trump administration et al. for malfeasance and blatant misrepresentations for personal gain.
Theses heartless Republicans are just fine with throwing the sick and elderly under the bus when medical costs are skyrocketing, harming students trying to get at education when state university tuitions have shot up to all time highs, thanks to government cutbacks, and eventually all of us will suffer when Medicare can no longer ensure even a bare minimum of retirement security. Oh I forgot- we'll make up for the deduction losses in our higher stockholder dividends
Unfortunately for anyone but the .5%, many GOP voters still believe in Trickle Down "Voodoo" Economics. At the CEO summit sponsored the the WSJ the other day, an editor asked the room-full of CEOs - in front of Cohen - how many were going to use tax cuts to make capital investments in people, technology, etc. About 3 raised their hands. Nope, give them a tax break and they're gonna keep the money. https://www.cnbc.com/2017/11/15/ceos-raise-doubts-about-gary-cohns-top-a...
We the people of the United States v. the trump "administration" for malfeasance and blatant misrepresentations.
We know that corporations do NOT pay the present tax of 35%, but through all sorts of provisions and loopholes pay 12.6%, on the average. What I still haven't found out if with the proposed tax reduction to 20%, corporations will also retain the many provisions and loopholes that they now enjoy. If so, will they pay any tax at all? Is this the Republicans' idea of a fair system? And do they mean by simplification: THEY get the money and YOU pay the tax
2
Note also the measures targeting higher education. But should that be a surprise from a Party whose base is said to regard higher education as bad for the country?
3
As noted in another article, the change in the tax code would affect thousands of graduate students, mostly in the most needed STEM professions. Without the tuition waivers and poverty level student stipends, neither my wife or I would have achieved the advanced degrees we needed to have our careers as research scientists. Getting from the bottom 10% to be the first to graduate college as well as a PhD requires help along the way and taxing tuition waivers and stipends in graduate school is exactly the wrong way to encourage future generations of the best and brightest as well as many students we have mentored over our careers. How many more signals are we going to get from the anti education Republican party before the voters get the message?
8
For every one in the House that voted for their bill, and every one in the Senate, who will vote for their bill,...that will hurt 320 million of us in multiple ways, monetarily and health wise, including death.
Each and every one who did or will vote for these respective bills, are self-serving, greedy, and despicable. The world is round. And they will eventually receive what they deserve and are foisting on the 320 million of us. There are powers, that are greater than them, and their financial patrons who have bought and paid for them.
22
320 million minus 1
Please tell me there is some mechanism whereby states can sue the government over the constitutionality of this legislation. At least if it were tied up in the courts - it would give Democrats time to get their acts together for 2018.
8
First corporations were people. Now they are more important than actual people. All thanks to the value system of the GOP.
42
I WILL BELIEVE that 'corporations are people' when I see one [a corporation] incarcerated for wrongdoing of the type for which a 'person' would be in prison. They want privatize profit, socialize loss!! I wish some of then are aware of Count de Maupassant short stories, and understand my prayers that some of those misfortunes hit these congresspeople.
It doesn't seem irrational for the republicans to prioritize corporate tax cuts over personal tax cuts for "permanent" status. It seems logical for for them to assume that democrats (a) would not vote to extend corporate tax cuts at the end of the 10-year window and (b) would vote to extend personal tax cuts to a point, similar to how the Bush tax cuts were extended for income up to $200K single / $250K married.
1
“We don't pay taxes. Only the little people pay taxes.” -- Leona Helmsley
30
Following the proposed taxation on tuition waivers for grad students—The current tax plan doesn’t go far enough. The employer’s contribution to health care insurance plan should be taxed as a part of employee wages. Hopefully this will prompt employers to rise wages and drop the heath plan. That will force workers to demand a single, universal health plan. End of enslavement.
And in meantime, the tuition will drop to zero and the public universities will become free to attend based on merit only. And who cares about for-profit insurance molochs and schools? They will be for rich as they always were. No pretense.
1
The intent is to make sure the the big campaigns checks keep coming.
The Koch's tax savings from this bill will more than pay for their generous campaign donations.
16
NBC says Trump and his family will benefit to the tune of one billion dollars if the tax bill goes through as it is now. The media, especially the NYT so hated by Trump, must investigate the ethics and legality of Trump signing into law a bill that will personally benefit him to that degree.
Trump signing this tax bill is the definition of an ethics violation. If nothing else gets Trump impeached, signing this bill has to be an impeachable offense if not an outright violation of law. The media absolutely must investigate the possibility that Trump will break one or more laws by signing this travesty into law.
27
Help corporations with WHAT? A soaring stock market, a current tax code with loopholes so corporations pay an average of 17% or less- record profits, huge CEO bonuses, tax free offshore havens... Yeah- they really need all the help they can get right now!
I can't believe they are getting away with this! How is this happening? Where is the tainted kool-aid coming from? We need to find the source of this brain washing spring and add an antidote! In this age of media and instant information how are we not able to discern fact from fiction? This is greatest fleecing of our society since the industrial robber barons.
Can the Democratic leadership at least get mad? Or at least hold an all night vigil and pretend they are mad? I've never felt so alone or let down by my party! Not only did the GOP shut the lights out- the Democrats are hanging around in the dark- not even bothering to find a light switch!
For God's sake and the sake of this nation- Somebody DO SOMETHING!
45
This how Trumpsters wanted to make America great. Not Americans great. Not even Americans good. Just American corporations. Really this tax bill would is a massive giveaway to the investor class and a giant cluster ... for working people.
6
There is so much misinformation that I am not surprised you are confused. I read only NYT but do it carefully. The last time I had read real details, NYT listed all deductions that will be taken away from corporations under this tax plan. I wish you stick to this instead of howling about lowering the tax. I would rather have General Electric pay full 25% than pay nothing by exploiting tax loop holes as they did, for fact.
3
That's what I am feeling! I can't believe this, I feel so impotent. We are going to being held in collective bondage by corporations and it will all be legal.
This bill will immediately and deeply hurt millions of middle and upper middle class famiies in high tax states due to the loss of most state/local tax deductions. In response, the Democratic party needs to focus intensely on making Congressional Republicans in these states (whether they voted for this travesty or not) pay for their vote on this legislation. This should present a unique opportunity for the Democrats to retake the House by routing Republicans in states such as NY, NJ, Massachusetts and California. The anger at the disproportionately negative impact of this "tax reform" will far exceed any good feeling from those segments of the population in these states that receive some marginal benefit. The only real beneficiaries are corporations and very rich individuals. Payback must come with the midterm elections next year.
7
Re: There is also the appearance, to liberal critics in particular, of Republicans seeking to reward their prized constituencies first, while leaving others to bear the consequences if their most optimistic scenarios do not play out.
I am a liberal critic. There is no "appearance" to the financial burden I will bear because of the republican tax bill. It is real money I will owe and lose as I spend thousands more every year in healthcare and taxes because Trump is president and the Republicans have control of congress. It bothers me that the impact of these policies on 'liberals' is portrayed as collateral damage. Like they are esoteric, that they aren't designed to hurt us on a personal level. I think they are.
15
with all due apologies to Kansans, if this mess gets through, we'll all be living in Brownback's Kansas. Not a place I want to be, literally or metaphorically,
4
The bill does not "help corporations", it rewards corporate/shareholders greed at the expense of the rest of us.
....maybe it is the right way to change the Republican Congress next year!
4
I would like to see Congress start over with a bill dealing only with the issue of corporate flight from America, in real tax reform. Corporations that were founded or are based in this country would receive an equitable and simplified tax structure that would reduce rates to percentages similar to those in other competitive, developed nations. In exchange, the law would require payment at the actual rates, with no funky dodges and crazy deductions. Forget the alligator tears and accounting tricks. And certainly, none of those kinds of ludicrous breaks of the style that Trump all but admitted receiving, allowing the payment of little to nothing in taxes over many years because he suffered some business reversals but was still made relatively whole by simultaneous earnings.
For good measure and to make us little people happy, it would require White House occupants -- starting with the Big Cheese -- to provide full, publicly-accessible tax returns for the most recent seven years.
We would be extending the hand of welcome to U.S. corporations. And in exchange, the law would penalize all multinationals that send earnings and major assets abroad while still seeking the advantages of doing large-scale business in America. And while I'm making up my wish list, I would require Republicans to work with pragmatic Dems in fashioning the specifics. No benefits without responsibilities, kind of like what we already require of Middle America.
3
What is this corporate flight myth? The Fortune 500 has business all over the planet becas they have customers all over the planet. Corporate headquarters remain in the US. When corporations have inverted, they did not move thousands of officers and execs abroad. It was a post office box exercise.
The big issue with those corporate tax cuts is that the USA issues the universal fiat currency.
In other countries, you could dream about freeing more cash for your national corporations so that they could invest. Even in those countries it would be a big if, probably a right-wing falacy, because business invest only when profitability (profit rate) is high: when profit rate is high, you don't need tax cuts either way: you can go to the free market and borrow money at low interest.
When the USA cuts corporate tax, it lowers its own budget revenue because it is a capitalist State (i.e. its only source of revenue is, in the limit, taxation). Since the USG won't spend less (it would lower consumption essential to the economy, e.g. military industry), its deficit will rise.
For any other country in the world, this would be a big problem, since its sovereign debt interest would need to skyrocket in order to prevent inflation from kicking in. But for the USA, this is not a problem: since everybody needs dollars, they will keep borrowing them anyway. Neither inflation nor interest will rise.
So, nothing happens? No. Instead, a Triffin paradox situation will happen, trade deficit will rise and thus, deindustrialization will happen. The USA pays debt with deindustrialization cum financialization. So, what will American corporations do with the extra cash? They will most likely use it to buyback their own stock in NY or Chicago and invest, when needed, elsewhere.
I will propose it again - we need to get rid of the corporate tax altogether!
What we need in its place is to impute the actual earnings, whether distributed or not, to every single person or entity who held that stock during the course of a year.
This would create the biggest accounting nightmare of all time.
Why do that? Because, it would be the only way to reign in the out of control churn and financial shenanigans that is Wall Street and re-direct the financial markets to truly being about creating wealth. And it would focus corporation on actually doing what they're best at - providing goods and services as efficiently and cost effectively as possible without the distraction of spending untold billions currying special taxes favors out of the President and Congress.
"Corporations are people too, my friend." - Mitt Romney 2012
We've had black rights; women's, queer's; you name it.
I say its time we had corporate rights, perhaps the most deposed minority in the land. After all, they're people too, my friend.
Not.
3
G.O.P.
Greed Over People
11
If we have almost full employment, why are we trying to create jobs?
8
Because we will all need two or more just to survive if this tax debacle is passed.
The top priority of the GOP is not helping business, but to help themselves. Trump and other politicians always keep their hands open when is comes to contributions, so the less expenses a business has (i.e. taxes paid to the IRS), then the more money a business has to hand over to those on the hill as well as the white house, and naturally investors. It is truly scary when those in control of both houses no longer place the nation first, but insist on using their office to enrich themselves. Isn't there laws that say that is illegal. But those that suppose to prevent this from happening are the ones who are responsible for helping themselves. Where did it all go wrong.
Is anyone surprised by this? Another indication of Capitalism Run Amok........SAD!
When I hear talk of how any GOP measure will stimulate greater business growth that will mean higher wages for workaday employees, I think of one bright and shining example of how this will not happen. Near the holidays a couple of years ago, Walmart put out big boxes in its stores for workers. This booming retail behemoth told its customers the boxes would give them the opportunity of giving to the staff -- by dropping in no longer needed belongings. After all, some workers had to rely on public assistance, Walmart noted, but deserved good cheer. The corporate giant neither saw nor expressed any irony in this new concept. It was as if the employer had no connection to employee income. It went unnoted, too, that many Walmart shoppers were also low wage earners themselves.
Republicans have no sense of irony, either. They don't open their hearts at the holidays. The measure approved today in the House is not tax reform but rather a shell game. It is not a giveaway of historic proportions for the middle class but rather unprecedented only as a scam. Unless Congress provides real and direct tax cuts for middle and low-income Americans, business growth is for executives, owners and large-stake investors. Otherwise, it's trickle-down pocket change and maybe a box of used goodies, provided by folks from equally constrained households.
86
Businesses grow when customers have money. Just look at GE. Shrinking its dividend because the business is not growing because no one has any money to spend.
2
I don't recall who likened to trickle down to "feeding the birds by giving the horse more oats." .... we've been trickled on before and it didn't work, don't tell me this trickle is the rain of prosperity.
Article be better suited if read Job Cuts . How much has government spent on imports last 20 years on computors made in china alone,trillions an millions jobs lost paid taxs . Congress has zero allegance to american people
This morning, Rep. Ron Estes (R, KS) was interviewed on NPR and explained that the tax bill would pay for itself by boosting growth rates to 3-4% in the coming decade. This would require the total US economy to be between a third larger to half-again as large as it is today, in just 10 years, while of course avoiding recession at any time in that period. He also claimed this has been the standard growth rate since WWII.
First, he's from Kansas, so why should we trust him regarding economics? Second, according to Thomas Pikkety's "Capital in the 21st Century", US growth rates have averaged less than 2% over the postwar period, and real growth rates above 1.5% are not realistic for any mature economy over a long period. The NPR host quoted economists who think a growth rate of 6-8% (staggeringly high) would actually be needed for this bill to pay for itself.
Does any thinking person really believe the US economy will be 40-50% larger than it is today, just 10 years from now?
110
We don't know what's in the water in Kansas but it did gave us former Senator and Gov Brownback and his failed policies, didn't it?
There's the rub: thinking person. Thanks for bringing up Pickety. He should be in the news now.
Once again I ask: who are the non-voters? Do they know what is about to happen to them? If they find out, will they actually vote?
3
"I know how the tax code works better than anyone, and I'm going to fix it so it's fair and just, and works for you,"
Donald Trump, October 2016 to a rally of his supporters. Must of had his fingers crossed.
3
You know what AT&T thinks of this plan? They had a layoff today to celebrate
This tax cut will not create jobs, just more millionaires when they use their cut to buy back stock and reward executives for completing their outsourcing and layoff objectives.
3
I have a neighbor named Peter. He will see his taxes go up if this bill becomes law.
Paul Ryan is one of the chief architects of the bill, and there no doubt that he personally will benefit.
And this we have the Republicans - literally!!! - robbing Peter to pay Paul.
Pathetic.
2
Dear Peter, hi ! This is Paul. I live in what you call a flyover state. You may call me a Socialist since I love Bernie’s ideas. Yet, I like the Rep tax plan and you should too. Do you pay Alternative Tax ? I bet you do, so don’t fret, you will be better off, anyway. You say you pay a lot in property and state taxes, well above doubled standard deduction? So you want to have thousands in deduction from fed. Sorry pal, you just want a voucher for attending a private school and do not want to chip into the public education. Why this would sound to you different? You pay local for yours benefit only. This is not a double taxation. By the way, move here, we do not have natural disasters at your scale to be fixed by fed (our) money.
For the last time, Republicans, when you cut taxes on the wealthy and corporations, they don't reinvest to help those below them get jobs and improve the economy. THEY KEEP THE MONEY.
36
The tax bill does not disproportionately cut taxes on the wealthy.
It is a corporate tax cut, and yes, when corporations have more money to invest they certainly do expand their businesses. It also encourages people to start new ventures.
Business people and corporations take a calculated risk based on the net present value of their investments. If these investments are taxed at a lower rate the net present value will be higher and growth and investment are more likely.
Not only that, but corporations and businesses are the only source of wealth. Either through jobs or investments. Without businesses and corporations there would be no money to tax.
Corporate welfare is a misnomer. Pensions for example, are largely invested in public corporations.
Corporate taxes are on profit. The money a corporation spends to pay its employees is categorized as expenses - not taxable. (Although the employees must pay income tax!) The money that a corporation spends on capital projects and equipment is also expenses - deducted, therefore not taxed. Having corporate taxes encourages corporations to spend their revenues on employees and equipment, in order to lower their tax exposure.
I'm always amazed at the level of class consciousness among the Times' editors, pundits and readers----when the Republicans are in power. But when Democrats are the ones waging war on working people, there was nary a peep out of any of you when, for instance:
Obama froze federal employee pay during the depths of the depression,
Dems bailed out the automakers but put no provisions in place to prevent what the automakers did a few months later - move more production out of the country,
Obama and Pelosi proposed cuts chained-CPI cuts to Social security,
the Dems refused to bring the Employee Free Choice Act up for a vote in 2009 (which would have given unions a much-needed shot in the arm).
True, the Republicans wage nuclear war against the working class, while Dems stick with conventional warfare, but are you all really going to continue uncritically support the less-vicious party without attempting to reform it?
4
I adore seeing guys simultaneously scream about Democratic profligacy, and bidget-making parsimony.
3
You realize the Republicans almost crashed the economy into Depression II, right? Or did you miss that part.
3
We have heard this thing about the 'trickle down" of benefits many many times. It never happens. Something is really wrong with the people who support the republicans. I am not sure if the large corporations begged the congress to reduce their taxes. It seems that the republicans are out to punish the americans.
15
Paradise Papers show how corporations use their extra money. Also, at the meeting Gary Cohen had with corporate CEOs, few indicated they would reinvest the money or raise wages. They will do stock buybacks and dividends. Trumps admin is going to crash this country. Maybe that’s his desire n
8
You just have to look at the stock market to see, the problems in our economy aren't the corporations going broke. We need to help the sick, seniors and students not CEOs.
17
Republicans have stressed that cutting corporate taxes will supercharge economic growth, accelerate job creation and raise wages in the process. “
Great – they rammed this legislation through so make them personally liable when economic growth, job creation and rising wages for the lower and middle-class do not materialize. Their outright lies, and assumptions/numbers scribbled on the back of envelopes at best are Misleading and Gross Neglect- at worst, Criminal.
Most experts agree the Republican economic growth assumptions are not realistic. Most know that corporate tax reductions will not drive growth, job creation and wages to the level Republican stated. One more Republican lie. Rather, it will go to increased executive compensation, dividends and stock buy-backs resulting in higher stock prices leading to increased compensation to executive though executive restricted stock and stock options.
Oh, and more money for lobbyists and contributions to Elected Politicians!
We must find a way to hold self-interested Elected Politicians and their staffers, from both parties, personally liable, responsible and accountable for the lies they have told US, their gross mismanagement of our county, our $20.5 T and growing national debt (108% of GDP), and our $100 T in future, unfunded liabilities they forced on US jeopardizing our economic and national security, while benefiting themselves, their staffers, their party and special interest donors.
http://www.usdebtforum.com
4
Over the last few decades there has been a war against labor unions, salaries have stagnated, tuition costs for higher education (hope for the families of blue collar workers) have sky rocketed, and many corporations have closed shop to move operations overseas where labor costs are super low. Do you really think that permanent tax breaks for corporations will benefit the middle class?
7
Ugh! Should've done a bipartisan ACA fix, a bipartisan tax bill, and a bipartisan infrastructure bill! Then we could've loved you.
Trump is very enthusiastic about this tax "reform" since it will help Trump. Just eliminate the AMT and eliminate any estate tax or pass through tax and he profits. Which brings up the question about Trump's back tax returns. Where are these? How can congress favor themselves and Trump? Have these people no shame?
8
How can Trump's base still think that he has their backs? The only one's that gain from this tax cut are corporations, the bigger they are the more they gain. If anyone thinks that what corporations gain will trickle down to them in the form of increased salaries, they will be sadly disappointed. Just think! Why do did so many companies leave our shores to set up business elsewhere? It had to do with unions and the cost of labor. So if they are incentivized to return due to lower taxes there is no way that whatever money is gained will go to salaries. Trump's base should consider themselves lucky to have a job cause nobody has their back. The only thing they can be sure of is that their taxes will eventually rise to pay for the deficit. There is no one left out their that can pay and someone will have to bear the burden.
4
talk about repeal and replace If this doesn't get out the vote in '18 then you deserve what these jokers dish out.
8
The easy solution is for people to significantly reduce their spending. Our economy and the corporations Trump loves depend on us buying their goods and services. So stop. Stop buying cars, electronics, jewellery, and anything else you don't absolutely need. We consumers could easily take down the U.S. economy if we wanted to. Let's flex our muscles, stop whining, and take our country back.
7
Go frugal.
The GOP is a wholly owned subsidiary of a handful of billionaires, corporations, and now, Russia. We mortals are nothing to them.
5
This is Capitalism in it's raw form; taking money from the many to enrich the few. That is how the economy works and how business oriented Republicans operate.
6
Penalizing college tuition by requiring students to pay taxes on the full tuition the university doesn`t charge them for, will have the effect of discouraging American students from pursuing advanced degrees. This makes perfect sense to the Republicans. They know that Republican identity is lowest among the top educated citizens - in fact, less then 4 percent of Americans with doctorate degrees identify as Republicans. Advanced education is the GOP`s number one enemy, and they know it full well. Combating education as if it were a disease is precisely one of the things Republicans need to do if they want to keep a stranglehold on the nation. Like Islamic extremists, Republicans understand that an educated person is not their friend.
217
"...requiring students to pay taxes on the full tuition the university doesn`t charge them for..."
By this logic, should charge sales tax on the full value of an item even when it is on sale? Or, even better, charge income tax on the discount provided by a sale?
1
As Trump said throughout his campaign, I love the uneducated.
2
The outrageous book price of college tuition is a racket. This bill is a positive for college student because it gives universities and incentive to use honest pricing making planing easier.
It is a fact that most corporations are already sitting on large amounts of money. If increasing the amount of money they have would stimulate the economy it would have already done so.
7
Wow, this smells of revolutionary taxation via vindictive payback for voting Democratic! It may be well past time that rich blue states like NY and CA look seriously at secession.
7
Well, corporations are people, too. They have to get their money for campaign donations from somewhere -- why not from tax relief?
1
Check out the following 2 links. The first posted by sharon of worchester co ma. in the NYT comment section the second from a Yahoo finance story.
The first is an example of poor logic in the corporate tax cut and the second a sign that the plan puts the desires of a few ahead of the needs of the many.
"At a meeting of The Wall Street Journal's CEO Council, an interview with Cohn — the National Economic Council director"..."prompted discussion about the amount of investment the GOP tax bill, the Tax Cuts and Jobs Act, would generate.
Republicans and the Trump administration have argued that tax cuts for businesses would lead companies to invest more and raise wages for workers.
The moderator then asked those in attendance whether they were planning to increase seem to be on the same wavelength as Cohn.
While there was a smattering of raised hands in the auditorium, it was clearly not as many as Cohn would have liked.
"Why aren't the other hands up?" Cohn asked before moving on.'
http://www.businessinsider.com/trump-gop-tax-plan-gary-cohn-bill-2017-11
"The tax plan’s changes to the estate and gift taxes would cut revenue $151 billion from 2018 to 2027, according to the JCT. Only 4,700 estates were large enough to be subject to the estate tax as the 2017, since the exemption is over $5 million."
https://finance.yahoo.com/news/cbo-house-gop-tax-plan-triggers-25-billio...
2
To be as cynical as the Republicans are devious, it seems to me that the tax cuts expiring 2025 is just in time for Republicans to claim to want to extend the tax cuts to get elected while the expiration in 2027 could be an attempt to sabotage the next President who will likely be a Democrat knowing history. It seems to perpetuate the strategy of tax cuts indefinitely.
As a middle-class working Republican, where is my tax plan?
Seems as if I'm being given the shaft again.
I abhor the Democrats and their giveaways and at the same time deplore the advantages given to the huge corporations.
Guess the operative word(s) is 'given' or 'giveaways'!
1
what giveaways?
2
Are corporations having a hard time making ends meet? Do they really need our help to give them a leg-up in the world?
3
To me this is another example of Citizen United. The individual is forgotten and the corporations needs are put to the forefront when the issue of tax cuts are addressed. One is lead to believe that the the individual has some benefits from the tax cuts, but both short term and long term they are bestowed on the corporations and the elite few. A GOP sham.
4
This whole exercise is a succinct demonstration of the fraudulence of the Trump/Bannon movement. Where is the populism in this tax bill? Or, they were referring to "corporate populism" all along?
4
Not an economist and don't play one on TV, but I don't see how anyone can believe this shuck-and-jive about corporate tax cuts somehow bringing The Amazing Job and Wage Growth Miracle! (TM) Has anyone ever proven a connection between lower corporate taxation and more hiring? Or, far more important, the wage increases which the US worker has desperately needed for years?
Yep: full employment; corporate profits at record highs; stock markets at record highs... yet wages stay flat.
"Investments to increase productivity" from the cuts... more smoke and mirrors: Worker productivity has been very high for quite some time now. Surprise! Wages are still flat! It's a productivity-pay gap, and it's a Very Bad Thing, since for the first time in apparently ever, wages and productivity have been decoupled. Increased productivity, pay the same in wages... doesn't take a supercomputer to see who benefits ...hint: It's not the workers.
So: Isn't it kind of axiomatic that generally, what does stimulate corporate expansion and that whole 'growth' thing is demand?
... where's increased demand going to come from, when middle and lower earners have less disposable income thanks to this tax "cut", increased health care/insurance costs, and -- don't forget-- continued flat wages? Shuck and jive, friends and neighbors.
Ask CEOs--I think this has been done--what they'll do with the tax cuts, and see how many of them say they plan to increase wages. I'll wait...
131
So few words...so much information. Well done.
I live in the high growth area of Seattle, which has an unemployment rate of 3.5% Sounds good, but let me tell you the dark side. For the last ten years I have seen the benefit plans offered by firms become worse and this is across the board. No 401-K match, no encouragement for savings plans, terrible health insurance, and a lot more voluntary programs all paid by the employees. This is of course due to the high cost of health care, but there are other economic factors as well. Once someone lowers the bar, the other firms do too. Thank God for the insurance exchange, as that is where I get my health insurance. Don't expect private companies to do more for you with their profits, they haven't been for a long time. Though I make a decent wage, now, I take more risk with each employer. And, my wage is not more than it was ten years ago.
2
Has any one thought about what causes company growth, its not tax cuts, its growth in demand and where does the demand come from--It comes from the good old middle class Americans who would have more money to spend when their taxes are cut not increased Wow what a cause and effect analysis!!
The Republican Party, Inc. gifts the already wealthy and their corporations. The rest of us don't merit even an afterthought.
3
Blue states already pay for red states, and this just makes it worse.
Time to secede, or maybe tear the whole thing down.
21
sounds good to me.
3
California and New York make up about 23% of the total GNP of the United States...how long before they throw up their hands and decide to quit subsidizing red states whose politicians vote for such garbage.
49
I don't blame you at all - how do you get out of this fiasco besides seceding from the U.S.?
3
"Let them eat cake" didn't work out so well for Marie. The rich who depend most on a stable society are either stupid or fools if they are in it for the long run.
9
Duh! The title of this article is something we all know of. It's like saying The sun rises in the east.
Let's remember that irrespective of how much you may like or not like the bill , you voted in a majority for the people who passed this bill - fully aware of their loyalties.
So if your taxes go up, you can only yourself.
That's democracy for you folks.
5
Speak for yourself. I didn't vote for them.
5
This is the triumph of Wall Street, the ultimate power in the US. When you elevate corporate NET PROFITS you reward stock corporate chieftains, investment bankers, institutional investors and stockholders. Agreed many of the stockholders are 401 K accounts that benefits a large swath of Americans, or better, trickles down to them. The big names get the biggest share of the tax windfall such as Gary Cohn, Steve Mnuchin, Wilbur Ross, Betsy DeVos, oh you know, the cabinet. Real Estate tax bounty is bound for Trump Family and Jared's family too.
10
"Mittens" Romney said during the 2012 campaign "Corporations are people, my friend." Mit was wrong - to Republicans, corporations are better than people.
18
Or put in another way, if you are not a member of a successful corporation, you are less than a person. Isn't that what they said about slaves?
1
One thing that has not been mentioned that is in the house bill is the eliminattion the estate tax (aka death tax) paid by inheritors of estates of a few hundred super-rich families. But increases taxes paid by the inheritors (e.g., your children) of everyone else’s estate! (Hint: Step Up Basis)
8
How can these lunatics tell us with a straight face that corporations are going to raise wages just because they are getting tax breaks? That is pushing on a string. They are going to use all that money to buy back their own stock and reward their shareholders and executives. Only INCREASED DEMAND for their products and services will force them to hire more people and raise wages. Demand is essentially consumption, and is driven by the average joe spending money - not rich people - of which he/she will now have less. Nothing but lies and hypocrisy from Republicans, as usual.
31
Is that TRULY a surprise to anyone??
7
Is there another advanced democratic nation where the governing party is obsessing how to destroy the working middle- class?
Republicans have become despicable.
38
Charles Dickens could not have come up with a better story line than the one we are living through in a Republican America.
22
To paraphrase Lincoln's Gettysburg Address, (according the the Republicans), "...government of the wealthy, by the wealthy, for the wealthy, shall not perish from the earth", insuring the future of the Trumps and their kind.
3
The only winners here are the corporations, the ultra rich and the bank accounts of those in congress who vote for it. All normal Americans lose. That includes all you trumpers.
13
"A few wealthy individuals and corporations have bought up our private sector and now they're buying up the government. Campaign finance reform is the most important issue facing us today, because it impacts all the others."
~ Sen. Bernie Sanders
14
There is only one single reason for our government to give tax cuts to corporations: They've all been bribed. There is NO benefit to American citizens for corporations, the largest of which already pay NO taxes (!), to receive any more "cuts". They take their profits offshore, buy back their own stock, do NOT "invest" in this country in any way, and then expect the military (OUR MILITARY) to provide global protection for their assets. ENOUGH!
15
This bill is Trump shooting his supporters in the middle of 5th avenue (in the face, in broad daylight) - just as he said he could. And as he predicted, it won't matter because he has always known that his supporters care more about angering the establishment than they do about their own lives.
So what do we do as a country when 35% of the population are nihilists and simply crave destruction? We give it to them, in the form of policies and rhetoric that overtly redirects their anger towards the plutocracy. They're not ready for healing language and constructive proposals. They want blood. Let's give it to them. And then maybe we can all move on.
6
Do Republicans really believe that growth will miraculously appear to more than offset the cost of the tax cuts or is that just a cynical selling point. Cause there appears to be no evidence for this belief, which is the foundation upon which they are selling the pile of wonder. If the effective tax rate for corporations is in many cases currently close to zero for corporations and they are sitting on a mountain of cash, can borrow at historically low rates and by many accounts have actually said they would not make additional investments about would likely simply by back shares why do they continue with this charade? Not only is this going to exacerbate inequality, it is going to blow a massive hole in the budget which is going to require all kinds of cuts. Maybe that is the point of it all. (Don't forget to look at what happened in the Kansas experiment - it was a miracle.) Or how bout the canard that we are over taxed. Anyway, contrast this with mountain of evidence regarding climate change and the Republicans disbelief that it is occurring. But I am sure Blue Blooded Billionaire and all of the millionaire Senators and House member are doing this so that the stock portfolios of all those people in West Virginia, Pennsylvania etc, are going to explode in value as a result of this miracle so they can retire in comfort. It is all about the working men and women.
1
I have TWO lame duck senators (McCain and Flake) and have written them both more than once. My expectations are low on them voting NO because their biggest donors are the corporate executives whose pockets will be reimbursed by this tax proposal. My House representative is a freshman Democrat who is sticking with his team and otherwise treading water.
I need suggestions on how else to oppose this legislation. The focus must be on how my Congressional representation votes. And I don't own a gun.
4
Moveon.org was the organization giving the message to Democrats for ballot measures and candidates that lead to the big state wins in Va. and N.J.
1
It is long past time to vote these corporatist bums out of office. What's more, we must legislate to prevent them from living as high-paid corporatist lobbyists once they are removed from office.
And I think it's also appropriate that we shine a light on the many former Democratic members of Congress who have likewise enriched themselves by serving the needs of well-funded entities over the legitimate interests of the American public.
All of the self dealing needs to stop.
And anyone who voted for this House tax bill is truly an enemy of the people.
6
The US is the only country in the world where you can actually convince people that giving money to the rich is going to improve their situation.
Trickle Down was the biggest scam ever perpetrated as it was perpetrated on all the working people around the world and yielded the highest return of any scam in history.
The mantra that tax cuts for corporations will result in large US investment is a ridiculous claim, not backed up by empirical data to indicate any tax cut/investment correlation, or even that investment increases followed the tax cuts temporally.
Historically, companies do other things with that tax cut money, such as pay down debt, do stock buybacks, special dividends to investors etc. or putting the money in an offshore account.
This is just another Republican smoke screen to dupe the masses.
This entire tax debate is about greed and Republicans use the persistent corporate tax cut myth to return public wealth to those who already hold most of all wealth (and watch it disappear).
The 1% and a large percentage of so-called top economists are to blame for sustaining this myth.
Businesses with more money don't create more jobs to produce the same stuff.
Jobs are a cost item, something to be minimized to improve the bottom line. More cash flow doesn't create more jobs, increased demand does.
Companies only add jobs when they absolutely have to because of demand for their product. At all other times they're trying to cut payroll.
I bet the Senate will pass this.
16
Pardon me.
Corporations, whatever the Supreme Court may have said, are not people.
The bill in questions prioritizes stock holders.
3
As a financial planner the average corporate tax rate for profitable american corporations in 2016 was 16.1 percent yes 16.1 percent, google it, in addition 19.5 of profitable american corporations paid no taxes in 2016 google it, the deception of a 35 percent corporate tax is a scam, no one pays that wake up
9
You miss the big picture: it's all a scam, suckers.
Where have all the good Republicans gone? My Alabaman Republican father is not one any longer. I hope more and more follow him in jumping off this greedy train of capitalism run amok. I recall being a fan of Ayn Rand myself when I was a teen, but for me when Rand spoke about enlightened self-interest, I always included the needs of others, especially those who are most in need. I didn't realize that so many people really only think of themselves and forget that the rest of us exist. So disappointing.
3
We the Corporations of the beholding States, in Order to form a more perfect Wall against the people, establish arbitration panels, insure domestic Immunity, provide for our common defense from Taxes, promote the Corporate Welfare, and secure the Blessings of Money to ourselves and our Shareholders, do ordain and establish this Constitution for the Corporate States of America...
6
Personal taxation rates could be more long term only if the CRAZY Congress would stop passing budgets that are overspent every single year at a rate of $100 million per hour. That's a fact that is being ignored. It MUST be paid by the people. So our tax rates MUST rise to pay for $20 TRILLION in debt. Raising corporate rates means we dont have jobs to pay for it. You guys need to wake up and smell the coffee.
The Republican Oligarchy has spoken. If you're not a rich CEO or a rich corporation, you aren't worth their consideration. In fact, you're in the way.
The Republican Oligarchy doesn't want you to have education, healthcare, clean water or air, or clean food. It doesn't matter if you've worked all your life playing by the rules. The Republican Oligarchy wants you crawling in the mud, desperate, and fearful. They think it's entertaining.
These men have made power and money their god, in their own image. And their dream is to subjugate all those they consider beneath them.
Of course they're not Christians, so I'm sure it doesn't matter that they're doing this right before we celebrate the babe who was born in a manger and not in something akin to Trump Tower.
Jesus said that it's easier to draw a camel through the eye of a needle than for a rich man to enter heaven. And that whatsoever we do to the least of our brothers, that we do to Him as well.
4
How to alleviate the tax increase of graduate students whose tuition waiver and fellowship stipend are taxed.
This I am writing by experience: I was a graduate student in 1976 to do Ph.D. I was awarded a free tuition $3200/two semesters. All this monetary assistance was federal tax exempt at that time with more or less zero state and local taxes. Nevertheless, a fellow student calculated and sent a pamphlet to all ( no email then) announcing that all graduate students are eligible for Food Stamps. I could not apply because I was not a citizen.
With that experience I can suggest some strategies to cope with this financial crunch when anybody is a graduate student.
1) Look all assistance available from Government, food stamps, medicaid, etc.
2) You may have to satisfy with substandard housing for few years with most of your remaining fellowship amount going for that
3) Look for cloth and shoe collecting sources
4) May have to work for few hours a week if you can find a job
5) If you are still short of money, which will definitely the case, look for donations from rich people, middle income people and corporations that are getting huge tax benefits. Or wherever you get some free handouts.
Life may be tough during that period, but that should not seriously affect pursuit of scholarship.
Are you being sarcastic or are you creating a Dicken's plot - graduate studentes are to look for aid from food stamps and Meicaid? Read the NYT articles today on graduate students and tuition - they have to pay $10,000 in additional taxes b/c their tuition waivers from universities bill be taxed as a result of this obscene and evil tax scam.
Reddy is very serious.
Corporations already have many tax incentives that we, the rest of teh tax paying public, subsidize. Why are conservatives (read Republicans) so focused on tax cuts for corporations? Because they have been bought and sold by corporate lobbyists who do not care about our economics but to enhance their purses. Until the average American realizes this fact corporations and their lobbyists will continue to fleece the average taxpayer and increase the national debt so that politicians can then turn around and gut benefits for the average American using the excuse that they are paying down the debt instead of increasing taxes on the wealthy like the Clinton Administration did and substantially paid down our national debt until the Republicans came back into office and increased it once again.
4
Which corporations and why?
Corporations are not people and money is not speech.
Corporations have people aka lobbyists and plenty of talking and walking money to buy legislators.
2
It may surprise The Donald, that he was elected to serve the people of the United States, not the corporations. While a healthy economy is paramount, he was already delivered that on a silver platter when he took office. thanks Obama.
Will the new tax provisions really serve the American working class, as Trump so promotes, or just stream line a gateway to excess manipulation by corporations. What's the difference, too much government, too much influence by corporations. Let's find a balance.
We don't have "too much" government; we government for large corporations, big banks, Wall Street and the wealthy: when Republicans are fully in control as in the 1920's they only represent the wealthy. And what followed R's rule in the 1920's - a Depression that lead to FDR in 30's and '40's. A "graduated" tax system put in place taxing the upper levels of income. From the wealthy and corporations paying taxes, FDR created the middle class in the first 100 days. Then he created jobs with public works in our infrastructure- roads and bridges. It was the Democrats that put in place Social Security and the 40 hour work week.
So, now R's are undoing every program for the middle class from 1940 to to the 1970's when legislation for actual Americans stopped - with Reagen, Do you think this ends with nothing less than another Great Depression. Quit voting for Republicans!
1
Most large corporations pay far less than 35% in federal taxes, as they leave their profits offshore. The proposed cuts will mostly benefit small businesses which generate 100% of their profits on-shore. These are also the companies that employ the majority of American workers. Maybe it's not a bad thing to cut them a break and make them more competitive.
Everything Trump is trying to pass is to help himself and his family when he gets back into private life. It is not to help the middle class or anyone else but the top 1%. Trickle down economics doesn't work, never has, never will.
3
"Barely one-third of families in the bottom 50% of earners own stocks, either directly or indirectly. The average stock portfolio among this group is worth about $52,000. That's up significantly from 2010, but down from $55,300 in 2013.
By contrast, the Fed said 93.6% of the top income group owned stocks in 2016. Their average holdings stood at $1.4 million last year, up from $999,400 in 2013."
So the tax cut legislation makes the richest richer, a formula for replacing representative democracy with plutocracy.
3
One must always remember that, per Supreme Court decision, corporations are people. That being the case, a corporate tax cut is by definition a personal tax cut. See how easy that was?
2
I happened to have heard Paul Ryan rallying the (GOP) troops to quickly pass this monstrosity. He said it was sending a clear message to "special interests" that Congress was serious about helping "middle class families."
Although I heard it with my own ears, I think Ryan misspoke. What he really meant was that Congress was sending a clear message to special interests that middle class families would not be served in order to accommodate special interests.
4
Has passing a budget with no bipartisan debate and cobbled together by a few members of Congess over a few weeks now a normal thing? Even if the tax bill was a reasonable one, we should be outraged by how it is being done. This is not a democracy when almost half the voters have NO VOICE in creating a Bill that totally changes our economy and our lives.
4
I continually feel that we're in the Emperor has no clothes story. These tax proposals are filled with Illusions....
The Illusion that corporations already flush with cash and dodging taxes in offshore accounts are actually burdened by taxes and will suddenly be freed up to produce jobs and higher salaries with lower tax rates?
The Illusion that the Economy will finally be unchained and grow at something over 3%, trickling wealth down to the masses along the way?
The Illusion that these are Middle Class tax breaks?
All of these Illusions have been exposed for what they are by objective sources but what does it take to see the Emperor for what he truly is?
3
People with high financial net worth pay as much as 1% of their asset value to investment managers, and they get to deduct it from their income (less 2% of their AGI). Why is nobody talking about this deduction? It is simply a wealth transfer to those who are already fabulously wealthy.
If there were any semblance of justice in the GOP tax bills, they would eliminate this outright gift to the rich.
1
"Prized constituencies": Just three parts of this bill--lower pass-through rates to high-earning business owners, phase out of the estate tax, and elimination f the AMT--cost over $1 trillion. And each of these helps Donald Trump and family, along with many other hugely wealthy investors. "Consistent conservative philosophy"? Hardly. The 1986 act had the consistent conservative philosophy that all income should be taxed equally and the tax system should as neutral as possible with regard to investment. And, oh yes, revenue neutral also. Giveawys and new loopholes can hardly be called consistent or conservative.
1
Re: Corporate taxes
Corporation, per se, do not pay taxes. They pass them on. To
a) Share holders in form of lower dividends
b) Workers in form of lower wages
c) Consumers in form of higher prices for the products they make.
Who gets stuck with what has been the subject of extensive economic research. The opinion very widely, but the consensus is that worker pay about 60% of the corporate tax in form of lower salaries.
Very simplified, that is because they are the weakest group since globalization (if you do not like your salary we will move the factory to Mexico) destroyed Unions. If you cut the share holder part, share holders will move to more profitable corporations. If you increase your product prices, Chinese competitors will sweep in.
On economic history the tax cut should benefit workers. But that was before industrial Unions (not public unions) lost their power to negotiate wages.
In a global economy, the US corporate tax (39.6 % with State taxes figured in) is too high too compete. Ireland's is 12.5%. The influx of foreign corporations generated the US equivalent of 8 million new jobs by 2014. [1]
A more productive approach
The solution to the weak position of workers is to enact German Style legislation. A company with more 2000 employees, by law, must have on the supervisory board with share holders.
5
"Corporation, per se, do not pay taxes. They pass them on"
This is been a right wing trope for decades and is complete nonsense. You might as well say that a wage-earner does not pay taxes, their employer does. Or maybe it is the consumer paying the employer paying the employee who pays the taxes. But wait, they get taxed as well!
It is a circular argument with no meaning or logic whatsoever.
Businesses/corporations benefit from thousands of government regulations and services in their business and it is right to tax them to pay for those. Indeed, paying for them thru corporate taxes is the most efficient way to spread the tax burden - tax on those that use it. In fact, that is a constant refrain of the Repubs, so why doesn't it apply to business? No reason.
If corporations paid no taxes then they would be fully subsidized for all government services they use and would not factor them into their pricing. That means they would tend to over-use services and demand the taxpayers supply even more services reducing taxpayer discretionary funds. So might as well tax corporations directly.
Of course no corporation worth its lawyers fees pays anything close to the 35% nominal rate. the vast majority pay in the range or 15%, which is pretty much like the rest of the developed world.
And with the current congress, do you really think they are going to eliminate the loopholes that corporations payed them to make in order to avoid the 35% rate? Not a chance.
1
If so, hiring may not rise but prices will have to fall.
Making these cuts "Permanent" without knowing the effect on the economy, growth, debt, jobs, and middle class incomes is a terrible mistake. They are "hoping" these cuts will create an economic miracle which is so unlikely as the economies of the 1950s and even the 1980s are over. The stock market will rise, and likely also fall as it has no where really to go once the cuts happen. Then what? The government will have no money to rescue the economy ever again.
20
Every time such articles appear the stock market jumps up. Why?
4
The market rises and falls on hopes, dreams and rumors.
12
2018!!! WE RISE
12
I sure hope Dems stand solidly against and a lot of Republicans kill this and deny the orange monster legislation yet again.
17
Too late. They've already been paid off.
This could have been the Times headline anytime in the past 50 years.
6
This is so sick and disgusting! Wait until the middle class evangelicals see their take home pay diminish in the next 3 years- now they'll really have something to worry over and pray. Then again it could just be God's will !!!
22
Billions for Donnie Tax Cuts:
teachers lose supplies deduction
students lose loan interest deduction
Grad students are taxed for tuition waivers
RepubliCon Swindle
23
don't forget the old folks who no longer can deduct their high cost medical expenses
1
Sound about right. Repubs absolutely hate education so this punishes any who supply or partake in education.
Outrageous!
4
Companies are awash in money; if they wanted to invest, nothing is stopping them.
I think we should take our lawmakers at their word:
----“The most excited group out there are big CEOs, about our tax plan,” Gary Cohn.
----“My donors are basically saying, ‘Get it done or don’t ever call me again,’” Rep. -------Chris Collins (R-N.Y.), himself a millionaire.
----“The financial contributions will stop,” Sen. Lindsey Graham
----Trump said, "It won't benefit me." (Just kidding, we already know not to take Trump's statements as true.) Trump paid $31 million due to the alternate tax ---in 2005; the very tax he plans to omit.
The GOP tax cuts have nothing to do with middle class tax cuts except as camouflage; they have everything to do with paying back their donors.
Kansas enacted many parts of the GOP tax ideas; it was supposed to be the shining example of how these ideas would foster economic growth. The result? Kansas could not even keep its schools open. Kansas scored dead last in economic growth -- even driving businesses away.
The middle class cuts vanish while the corporate and super wealthy ones increase over time. And any benefit to the middle class will be cancelled anyway by health premiums increasing 10% each year.....not to mention 13 million Americans losing health care.
45
Dropping MEDICAL EXPENSES from Senate bill ? SHAME.
9
With a tip of the hat to Ray Charles this is what the Republican Tax Gift really means for most Americans:
"Them That Got"
"That old sayin them that's got are them that gets
Is somethin I can't see
If ya gotta have somethin
Before you can get somethin
How do ya get your first is still a mystery to me
I see folk with long cars and fine clothes
That's why they're called the smarter set
Because they manage to get
When only them that's got supposed to get
And I ain't got nothin yet
Whoah, I tell you all
I ain't found nothing yet.”
12
We need a tax plan that will give a break to middle and low-income earners who need money to live on. They will spend it and the economy will get a real boost as a result.
A few days ago Gary Cohn stood in front of a group of CEOs at a WSJ panel and asked for a show of hands of how many companies planned to use the proposed tax cut to invest in their businesses. He got the shock of his life when a very small number of hands went up. Those companies will simply take the tax savings and buy back stock.
You could say that the Republicans are too dumb to understand that they're just pushing on a string when it comes to boosting the economy with this tax plan. The sad truth is that is the voters are the dumb ones. They're dumb enough to believe that the only thing that's good for them is what's good for the rich.
21
Capitalism may have worked once upon a time, pre-Reagan, but now it has become a mutant system, gamed to funnel all profit to the C-suite.
12
But why do you want anyone to pay more taxes? Really, think about it? Are you resentful because you're not making that money? Corporate tax rates globally are around 20% not 35%. Forget all this nonsense about all these companies that don't pay an effective tax rate of 35% and pay no taxes. The state of NY is driving business out with our high tax rates. Who would choose to open a business here? No new business's means less jobs. My son and his wife, FDNY and Nurse make 250k with overtime . You want to tax them more??? You can't afford to buy a house and live in Nassau County, NY for 250K anymore!!!! You really think these guys sit around and say, "Let's create a tax bill to ensure that us and our friends pay less"!!!! I say cut taxes for everyone
Yes, that is exactly what they do: they sit around and say "let's make a tax bill so me and my friends pay less."
1
She should have gone to Michigan,,Pa,,Ohio,,,,and all.... instead of hanging out at Martha's Vineyard,,,and San Fran.
Last night of campaign a big concert in Phila with 1000's of Liberals?
I bet some of them stayed home election day anyway.
All day I hear and read in the press about how stupid he is.
I don't think so.
1
Conservatives never fail to comfort the comfortable.
12
Not only are they persons, they're the most important persons in our country, apparently.
1
I'm at a point where I simply no longer care; nothing I or anyone else can do to stop this train. One lone Republican voice (out of 291) says he will not vote for the bill "As written..." (yesterday's New York Times). Republicans were elected to defeat Roe v Wade and Obamacare. Everything and everyone else is collateral damage.
4
The GOP 2017 Tax Bill... because the blue states haven't heretofore already subsidized the red states enough?
15
Heres and idea. Tax US Corps more, and cut taxpayers more. Tax the Corps to pick up more of the slack, and lets say for the next decade give Taxpayers a serious tax reduction. Let us actually take home, when its earned, more of wjat we earn...and not dangle these tax code, tax return carrots at us like were trained beasts.
Oh wait...many of us are...those who keep believing the GOP actually cares about average Americans.
Show me when in the last 40 odd years when the GOP did one specific and solely one thing that truly showed they cared? Thats wasnt also littered with tricks and loopholes for the Corps and the wealthy? Something that specifically gave the middle/lower classes their own dedicated breaks? Aimed solely at us.
Show me....
7
The next american revolution will occur when the 1% have so much that the rest of us are starving. Will Trump's head be on a pike lining the Lincoln Memorial Reflecting Pool.
12
Make America Decent Again. Support Democratic Candidates.
17
There is nothing good in either the House or Senate bill for the middle class, especially in the blue states the Trumpians want to hurt the most. A republican analyst on MSNBC this morning tried to say that the bill would allow repatriating corporate profits held in foreign banks and that meant that corporations would raise the pay of employees with that money. Do these republicans really think we're stupid enough to believe that or any of the other unsubstantiated conclusions in trickle down economics.
Trickle down doesn't work. It just increases the net worth of the one percenters and corporations and reinforces the them versus us mentality that is taking over this country.
The average republican, just like the average democrat, will not benefit by either of the proposed tax bills, but Congress must feed the rabid dogs of the corporate world. They also must feed the rabid dogs of their big-money contributors, so one of these bills or a compromise of the two will eventually pass into law and be signed by Trump, by himself and through his family, will benefit hugely from it.
Trump signing one of these tax bills into law is a conflict of interest of immense magnitude and should result in impeachment. But, his other conflicts of interest have not resulted in impeachment, so why would this one.
I call on the NYT and WP to investigate whether Trump signing a law that will personally benefit him is a conflict of interest. Let's start that discussion.
4
The last straw will be if this tax bill is signed. Every GOP politician who supports it will be out on his heels in the next election. This is good news because we finally realize who the enemy is, the GOP Congress and the Pretend King Trump whose signature will be the last blow. Let us see if they have the guts to pass it knowing full well that it will be changed. We must help our fellow Americans get through this time of trials until we can change it. Sorry GOP nothing lasts forever.
14
Let's remember that the NYT is published by a large corporation that will benefit from these tax cuts. Take any "analysis" of tax matters with a pound of salt.
1
I thought it was "failing"?
That money is better spent buying up remaindered stock and buttressing CEO pay, than out on the street where it might accidentally benefit humans.
2
Corporations or the mega wealthy?
What greater gift to the wealthiest Americans and their families could be bestowed than ending the Estate Tax?
Serving the wealthy, the Republican Party raison d’être. It’s embedded in their DNA for heaven’s sake.
5
I I would like the New York Times to prepare and publish (and continually update) a list of every provision of the GOP tax reform bill that (i) creates or increases a tax on the middle class, such as taxing the value of college tuition benefits, (ii) creates or increases a necessary expense, such as an increase in health insurance premiums resulting from repealing the individual mandate, or (iii) in some way, otherwise harms the American people, such as a loss of health care insurance from inability to pay the increased insurance premiums.
This would save everyone the trouble of trying to independently collect this information, and would provide, in one convenient place, the information needed to understand why they again see on the news, a group of smiling and laughing Republican Congressman and Senators celebrating and congratulating each other on their latest achievement on behalf of the American people - reducing taxes on struggling billionaires and corporations so they will have the funds needed to increase every ones' wages.
1
We live in a plutocratic oligarchy, not a democracy.
Period.
Full stop.
4
No surprise here - the Republicans serve only the wealthy and the corporations - anyone who believes otherwise is naive.
3
Wait a minute. Did I miss the part where they talk about all the loop holes they are going to get rid of for corporation?
6
"Bill Signals G.O.P. Prioritizes Corporate Tax Cuts"
In other news, scientists predict the sun will rise in the east tomorrow.
2
Why the surprise? GOP have to feed their corporate pigs at the Treasury trough while individuals, and many families, will see their taxes increase or get just minimal decreases. And there is no sunset on the corporate taxes but, again, individuals and families may see them soar if the "trickle down" theory fails again. And, yes, we've been through this before with Reagan's "voodoo economics" and the deficit exploded much like it will under this plan. We consistently fail to learn from just relatively recent history that Republicans have ruined our economy and then a Democrat has to clean up the mess. No credit given, either.
4
The Gilded Age, take two.
2
A government of the rich, by the rich, for the rich. Isn't that what the Founding Fathers wanted?
7
I think the senate R’s are feeling the heat and realize they have to address some of the pitfalls to get enough votes- although I am not sure they can ever solve the deficit problem.
Solution- if they are really serious about the middle class breaks they need to put back breaks that help the upper middle class and especially those in high tax states, and but phase them out above threshold incomes:
Phase out SALT and Mortgage Deductions for incomes above 1.0M or even 500k, keep it for others.
Exempt those making less than 1.0M (or 500k) from the AMT, but keep it for higher incomes.
Adjust brackets so higher brackets do not kick in until 500k.
Put back student interest and medical expense deductions, again with income phase outs.
Keep Estate Tax for estates over 11 (or 22) million.
Change lowest corporate rate to 25%, with an automatic increase in rates at year 4 if economy growth id not attained.
(Brady yesterday argued HIS constituents get a tax break- well duh- you PAY NO INCOME tax AND have cheap houses)- #Tone deaf/clueless)
PS stop lying about the impact- the "median" taxpayer you talk about may get a break, but that means as many as 1/2 of your constituents may not. And stop lying about the red states supporting the blue states. THAT IS NOT TRUE. I am talking about you South Carolina.
5
This is nothing more than outright thievery. Clearly it is time for the blue states that do the bulk of the heavy lifting when it comes to funding our federal government to begin a tax strike.
5
We already knew this. Sure cut taxes for corporations. That is apparently the only reason the GOP exists. But don't do it at the expense of everyone else. Spare us the seminar on trickle down economics because we know that was nothing but a grandiose, self serving lie to begin with. The corporations will KEEP the money they make from this shady backroom maneuver. They will not create jobs or pass the windfall down to their employees. If you want to cut taxes resign yourself to increasing the deficit. If you want to decrease the deficit you will have to increase taxes on the people who have more money than God. If Republicans insist on making 99% of the US population paupers and slaves to the corporations it will be America's swan song. Americans have been cruelly divided by decades of right wing lies and propaganda bought and paid for by oligarchs like Robert Mercer and the Koch Brothers. But now the GOP are revealing their true colors. The gas lighting is not as effective as it once was. We can clearly see the man behind the curtain now. Time for all sleepers and pod people to wake up, join forces and throw off the oppressive yoke of the trickle down American oligarchs. I would happily stand side by side with a (former) Trump supporter to do that. No time like the present to stop living in the past.
6
Sorry Mitt, apparently corporations are not people.
If so, and especially if poor or middle class (most of the USA), they would be looking at a few crumbs for only a few years. And that's nothing to give thanks for on this upcoming National Thanksgiving Day.
No, corporations are more important than people. They get bailouts -- people don't, especially if they are US citizens in Puerto Rico. They pay less in tax dollars than US citizens do. (Mitt generously paid 16%. Loser.) They give non-taxable dollars away to non-US citizens and starve our government. They store money (what a term!!) off-shore (looking at you Apple), something that the aforementioned US citizens have no hope or desire of ever doing.
About the only thing I can conclude is that when a US citizen has enough money to become a "corporation(s)", then they get the preferential treatment that people do not. So Republicans, go for it -- no estate tax, no US tax on "foreign transactions", hidden money, starve IRS (loss of $70 BILLION/year), no funds for peoples' health/safety/security/well-being/education, LLCs and complex pass-through finances equals no taxes, real estate "investors" with preferential treatment (looking at you donnie), and the hundreds of other holiday gifts hidden in your rushed legislation with no hearings or oversight.
The gop must be so proud of themselves. They have set a record for a low bar, so low that they will have to locate it deep in the ditch of trump's great, great wall.
5
Other loosers will be churches and charities. With the significant increase in the standard deduction and elimination of state and local taxes and property taxes as deductions , charitable donations will, for many income tax filers, no longer qualify as an itemized deduction.
1
Dear fair-minded Republicans in congress who claim that corporate tax cuts will put $4,000 into the coffers of working taxpayers,
I'm a working taxpayer. Please cut my corporate employer out of the equation, and send my $4,000 directly to me. Also, please demand that Trump release his last 10 years of tax returns before the senate bill comes up for a vote.
Finally, relay my fond regards to the Mercers, Adelsons and Kochs.
Your pal,
D.
6
Reality check congress will never live with in its own means an support american worker who pays the taxs. Take into account last 20 years of spending beyond its revenue on imports liek computors alone is in trillions debt. All of which was oringinally made in usa by workers who paid taxs an supported the government lost there jobs. Priority of congress should be on making spending on made in usa first an only for government use.
This cut will help the economy and produce jobs. The NYT needs use accurate headlines.
And, for all of the negative commenters--have you looked at what this will do for your tax total. I am middle class and ran the numbers--I will save about 2K under this new tax system.
Do not buy the narrative check what this will do for your taxes.
When Ronald Reagan and his subsequent acolytes took power away from the federal government and workers' unions, the institutions who were next in line to fill the void in power and benefit the most were not the states but rather corporations.
Corporate rights! Yea ...
2
The Tax Bill also prioritizes an automatic 25 Billion dollar cut to Medicare in 2018.
3
"The House bill would raise personal taxes on Californians and New Yorkers by a combined $16 billion in 2027, Mr. Davis found, while cutting personal taxes on Texans and Floridians by more than $30 billion in total". As far as I know, this is unprecedented. A president punishing entire states for their opposition to him and rewarding states that support him. The states being targeted will be forced to fight back. Perhaps boycotting products and services from red states. California already receives about 75.00 cents on every tax dollar we pay. The rest going to subsidize deep red states. This is untenable!!!
3
It's more than that. It's not just helping corporations. It's helping corporations at the cost and burden of middle-class and poor families, and at the cost of the next generation. The old, rich, corporate fat cats are having their feast.
2
And just how many of these "corporate tax cuts" will accrue to the personal accounts of Donald Trump? If only there were a way to know...
3
Where are Trump's tax records? I thought that criminals were not supposed to be able to benefit from their crimes. That includes economic crimes and corruption and fraud and Ponzi schemes.
Disgusting. Robbing the poor to give to the rich. Deliberately harming the states with the largest economies that are the best generators of technology and business and research for the entire country to give money to red states that do not contribute. There are a million things wrong with these tax cuts.
None of this is to help the country, and they will increase the national deficit significantly.
Where are the infrastructure repairs? What is the investment in education and research and technology and science to keep global leadership in the US?
Where are Trump's taxes? It is absolutely nauseating that this man and his family and friends will personally benefit by billions from this corrupt, immoral, and destructive tax giveaway to the wealthiest.
3
Face:
Tax cuts for the middle class - and everyone else too.
Inside:
Permanent tax cuts for corporations.
Eliminate estate tax so the wealthy can stay wealthy.
Temporary tax cuts for individuals (so the small guys will support this rich stay rich agenda).
Raise insurance cost for people who need it the most.
Loopholes in tact for real estate business.
Gainers:
Trump = owns corporations in real estate business who has wealth to pass on.
People like Trump.
Helpers:
Everyone who supports this tax cut yet again to help the rich at the expense of the needy.
Losers:
Morality of our nation.
5
For nearly 40 years, Republicans have relentlessly pimped tax cuts as the solution to every ill.
But jobs keep vanishing, despite glowing encomiums to the magical power of self-financing tax cuts.
Companies will use this money to buy back stock, increase the dividend and spend on capital equipment, spending that is highly likely to reduce the need for headcount.
They will not spend this money to make jobs magically fall from the sky.
At the core of all this are the voters-you, me, all of us. Why do people keep voting for this snake oil and why do so many not vote?
There's not much excuse for not voting. Tell all your friends, their friends, everyone: civic engagement on the issues and voting accordingly is required, not optional.
Or we will lose our country to some very dark and malevolent forces.
2
When will the bulk of the Republican leaning the electorate wake up? This is trickle down 3,4,5.0.... History clearly indicates this does not work. After each republican held congress/ presidency, we have seen national debt balloon and the economy go into recession as a direct result of their policies. It is not rocket science or ancient lost artifact...it is right there plain as day for anyone to see (if they so choose to have their eyes open). Nothing more than a blatant redistribution of wealth to the top at the expense of a stable society. Ready the pitch forks.
1
If this passes, poor people should invest more in their 401k, buy up stock in those companies, and maybe even start a business of their own. Then they will become rich. The American dream.
Tax free inheritances over $10 million; but, tax college student grants and college endowments. Why not tax contributions to 501(c) mystery organizations? Contributions are taxed if given to political parties. Guess the GOP donors dont want to pay taxes; that's for the little guy. Let's cut benefits to seniors or make them pay taxes on their Medicare benefit. This is so sad
3
At what point do human beings come into play in the tax plan. Weighting the bill in such a heavy manner towards corporations, who are not people, the priorities are clear.
Corporations are not people, they don't get cancer, they don't become unemployed, they don't have to care for an elderly family member or child and they don't retire. . People do, and it is people who need relief.
When will people matter to the republicans?
4
Right! And when they eliminate entitlements and force Medicaid recipients to work for their care (best case scenario), my 76 year old, soon-to-be-destitute-from-her-medical-care expenses, Alzheimer's stricken mother will be a lucky beneficiary of all the new jobs that this wonderful "tax reform" will create. Maybe she can get a job in the re-invigorated coal industry or the oil fields?
Fabulous!
3
Clearly, this is about donor maintenance. Without the "support" of some rich guys, Congress couldn't function.
Ay, there's the rub. Press all candidates for public campaign financing so elected representatives will work for the people and not for the money.
3
"Peace of mind to corporate executives planning their long term investments". That's just swell, House Republicans. And what about individual everyday middle income taxpayers who voted you into office in the first place? You told us you would represent us, not wealthy corporations, gilded board chairmen and billionaire donors. By sheer numbers, we the people elected you to Congress, not the wealthy few who couldn't care less about the average Joe who struggles to take care of his family and educate his children. Thanks GOP for taking care of us because in next year's mid-terms, we're going to take care of you too.
7
Of course it benefits corporations, who else would it benefit? It doesn't benefit small businesses much, it doesn't benefit skilled professionals, it basically benefits the same old GOP constituency, the top .5%. Small businesses overwhelmingly create most new jobs, yet Corporations are given the breaks. Corporations create very few new ideas, new industries, those are created by small companies who dream of something, create it, see it to success, then a corporate giant buys the company, pretty much fires everyone who actually built the company, packagize the product, occassionally put new lipstick on a pig with it, then sell it off when it no longer has any value. But corporations benefit the prime benefiiciaries of investment income, the uber rich, and of course benefit high end executives and the like. Boobus Americanus might believe corporations hire people and create jobs, the reality is they are a net job killer.
3
Nice to see the Republicans walking away from their responsibilities to the average US citizen.
Really important to throw the individual under the bus while supporting some theoretical fiscal idea concerning corporations-
Oh, yes- and the wealthy will all be sending their "thank you's" shortly cause now they can buy that 5th car without any real worry.
Voting Republicans out of office in 2018 will be a complete and absolute pleasure.
6
The GOP has come a long way. The party of "government of the people, by the people, and for the people" is now the party of "government of the corporations, by the corporations, and for the corporations."
4
The sole intent of the proposed tax changes is the transfer of wealth to the 0.1 percent. When reporters quote statements endorsing some counterfactual claims that it will improve the economy , knowing the claims to be false, is that journalism. This brand of reporting goes a long way to making claims of "false facts" credible. Democracy depends on a professional and objective fourth estate.
1
GOP is deliberately trying to stop the progress of the progressive states by stealing even more resources for the conservative states based on their voting record. And, we claim to be a first world country.
3
I'm sure the Republican priority of helping corporations has nothing to do with corporate donations and their unlimited spending after the horrible Supreme Court decision in the Citizens United case. The coporations that donate most, it turns out, are those whose activities are most counter to our values, health, well-being, and environment:
https://www.marketwatch.com/story/these-10-companies-could-influence-the...
2
We all need to calm down and remember that corporations are people. They get to vote, or at least they get to buy legislators, the have a voice, they get lonely... So let's get behind one: invite a corporation to Thanksgiving Dinner, and make sure you tell the next one you meet how you appreciate their wisdom and leadership.
We all know whose lobbyists essentially wrote this tax plan, who got taken care of because they funded the GOP and, with a little research, what businesses they own. (For example, businesses owned by Blackstone (Steven Schwartzman), Mercer, Koch, Ricketts, Adelson and the rest of their ilk.) This information should be published prominently by the key groups opposing this tax plan.
Since these "capitalists" only understand and care about money, the only response they will understand is to their wallets. Therefore, the people most affected by this tax plan should participate in a boycott of the companies owned or controlled by the funders of GOP politicians who support this plan. For example:
1. The tens of millions living in "blue states" disproportionately impacted by this plan, which includes all people who can no longer deduct state and local taxes.
2. The estimated 13 million people who will lose health insurance because their subsidies are being eliminated.
3. The tens of millions of people who will have to pay meaningfully higher taxes because of loss of deductions.
This will take a concerted effort to know what you're buying and who you're buying it from. But a boycott that hits their bottom lines is the only thing that will work.
2
It seems to me that the split in America has political landscape is irreconcilable. The difference in philosophy as regards to the role of government is not something where even listening to each other can solve the problem the differences are profound so profound that there is no position where the two sides can meet. I would suggest that what is most needed is either a two state solution multistate solution or a new constitution where the two sides can agree to disagree. There is no happy medium.
5
So this means that all those big corporations will be accepting applications for new jobs, current employees will get big raises in their next paychecks and their health insurance premiums won't go up, right? Oh, and they'll immediately cancel all plans to shift production to Mexico. I also expect that every one of them will strongly oppose cuts to Social Security and Medicare and threaten to withhold campaign cash for any Republicans who votes for that. I also believe in Santa Claus.
3
The idea that these tax cuts for cororations will lead to faster economic growth is absurd. Corporations already have excess cash sitting around. Why aren't they investing it? They don't need to. Give them more cash, is that going to change their mind? Very likely no. The only thing that would is increased demand, but the tax cuts for individuals are too small to drive that. When they initially proposed cutting the corporate rate they were going to pay for it by removing deductions that the corporations use to lower their rate from 35% to 24%. Now they are just ballooning the deficit.
4
So if I make less than $75,000 a year and the wealthy receive their tax breaks, I will expect to get a higher paying job, full time work with benefits and a health insurance program from my employers receiving a lower tax rate and their investing this windfall for my future...have I got this right Sen. Hatch?
6
If corporations pay little or no tax and I don’t see how this is going to decrease their tax payments. The little guy to the extent they pay business taxes it will be is owners income salary or business income. The last time the republicans did this “trickle down” it didn’t work for middle class Americans and it will not work this time.
" ... give peace of mind to corporate executives planning their long-term investments. That comes at the expense of added anxiety for individual taxpayers ... " Why do commercial interests seem to be getting all the attention and the breaks here? Rather than the taxpaying citizens who voted these Congresspeople into office? I picture a large amphitheater waiting room for lobbyists, with a sign at the door reading "Drop Your Envelope In The Slot, Take A Number And Have A Seat. You Will Be Served In The Order Of The Amount In Your Envelope" A counter reads "Now Serving Number 3,213"
2
Goodbye Peter King. Goodbye Representative Issa of California. There won't be a Republican left standing in the House from the Blue states following this fiasco. And this may play well for states like Florida and Arizona, where there are large elderly populations, as they become fearful of Republican cuts to Medicare and Social Security. So goodbye to challengers like Rick Scott, and hello to a democrat taking Jeff Flake's seat in Arizona and Richard Heller's in Nevada. And maybe this might be enough to propel an upset and oust Paul Ryan from Congress. Republicans are overreaching from a loose cliff across a deep abyss politically.
313
You're assuming that: (1) these voters will connect the dots between the representatives they vote for and the harm that befalls them; and (2) that when they see this connection, they will think it is more important than other issues like - hating all things liberal and all things government. Remember, miners voted for Trump and he just appointed a guy for head of mine safety who has one of the worst mine safety records in the business. Farmers voted for Trump, and he is cracking down on illegal immigration in such a way that they can't keep or find the usual cheap illegal immigrants to work their farms. Poor white working class that depend on Medicaid for their health voted for Trump and he supported bills repealing Medicaid. Republicans in Alabama would rather risk voting in a pedophile than allow a Democrat to take a Senate seat. So... you're dreaming. It's Trump 2020 baby.
3
From your lips to God’s ear.
Here’s a special shout out to Rodney Frelinghuysen , NJ, on his upcoming retirement.
The Bible’s right, Rodney, you can’t serve two masters. Your choice is between your constituents and the odious Trump and I believe you’re about to blow it.
5
Well, Paul Ryran is super popular in his home town of Janesville, however this has to be a blow to the independents who support him. I hear last year he had something like an 80% approval in his area and ~75% in his state. Who knows? Many republicans actually believe in Voodoo economics.
I like to imagine that this is a turning point. Wisconsin has been gerrymandered to concentrate conservative areas and to dilute the democratic vote in the state legislature and the US House. Given the very low approval rating of congress already, with no changes it may take an earth quake to change the sentiment. People need to not be afraid to run for office and to lose.
2
This tax cut for the wealthy and corporation because that’s what it is, will cripple the middle class not next year but in 2027 when those that passed it will be comfortably working for the very corporations that they rewarded in 2017. Once the touted individual tax cuts expire the tax man will be calling on the middle class. This idea that corporations will expand business because of these tax cuts is ridiculous. There primary goal is to pay dividends to their investors and raise the salaries of the CEO’s and those few at the top. Very few will receive raises at, and the small tax cuts they will get will be offset by their increased health care costs. Look at Kansas, where the tax cuts didn’t pan out and most of the services like education, road repair work, etc were crippled by the idea that trickledown economics would put Kansas on the path to strength and wealth. Instead it turned out that democratic pundits were correct it doesn’t work.
3
We shouldn't underestimate the GOP's cleverness. I don't believe in the longterm promise of a corporate tax giveaway or trickle down economics, but this tax bill could well deliver a short term stimulus that would further boost our economy (on top of the steady growth since the Obama recovery) in 2018. That could soften or eliminate the hit to the GOP in the midterm elections and put them in a stronger position to push through spending cuts, especially in Medicare and Social Security.
1
Regarding the impact of tax bill on college tuitions for graduate students etc. Isn't there any industry or major company, who is willing to speak up for these future workers? Why does a company need a tax benefit on the back of the grad students and researchers or family members of college employees? As a society we need to speak up immediately against this tax benefit.
Students, companies, colleges and all sane people need to speak up NOW.
4
I will believe a corporation is a person when one comes home in a flag draped coffin. While corporations may directly or indirectly fund GOP campaigns, GOP politicians will still need REAL people to cast votes for them. Being seen as having given away the public finance ranch to "big corporations" in 2018 mid terms, the GOP will lose real people, real votes, real elections.
2
The priority is corporations OVER all others, even when it raises taxes on the rest of us. Even when it includes eliminating services, deductions for medical disasters, everything else.
3
Corporations do a great job generating wealth. No country comes close to matching our GDP. At the same time, corporations have a bad record when it comes to social responsibility. They have under-performed with respect to the environment, fair distribution of income, and respect for individual rights.
Republicans are most concerned with increasing GDP, and are willing to spend more than $1 trillion for that purpose. Democrats are more concerned with corporate responsibility and the many anti-pollution laws, alone, cost untold billions.
If corporations were more productive and more fair, that would be a win-win situation. Split spending costs for growing GDP and fighting climate change, in particular, and you get the best of both worlds. This is not rocket science. But the idea of compromise is clearly a thing of the past.
1
The tax that needs reform is the payroll tax and not the income tax.
47% of Americans pay no fed income tax. But everyone who gets a paycheck pays payroll taxes. These taxes are paid immediately straight out of your paycheck.
Payroll taxes are unfair. The more you make the lower your tax rate. A single mother working a minimum wage job pays the maximum rate. A wealthy CEO pays a rate close to zero.
Payroll taxes make American workers more expensive than foreign workers. A company with a factory in the US pays each worker an extra 15% in taxes before the worker gets a dime. The same factory in Mexico gets an immediate 15% tax break for each worker. The government gives every employer a 15% tax break just for moving jobs abroad.
Simple solution: eliminate the payroll tax cap and lower the rate for everyone. Money straight to every worker to stimulate the economy. No reduction in tax revenue so no increase to debt. It is a fair flat tax paid by everyone. Cuts a huge incentive for moving jobs out of America. That is tax reform that makes sense.
Still under-reported are the impacts of some of the deduction cuts on individuals. Averages do not describe the consequences to an insured cancer patient. The co-pays and limitations can easily consume far more than the financial resources the family can pay. The tax deduction for medical expenses only applies if these expenses are over about 7% of income.
Similarly, those in high tax states with high cost real estate who are relatively new in their homes will very likely lose their homes--if they are lucky. The likely decline in housing prices will cause many to be living in a home they cannot sell for what they owe.
In short, the elimination of deductions without a phase out or grandfathering will utterly destroy many families finances.
Also unmentioned is the result of the existing "pay-for" legislation, which will mandate huge cuts to medicare, medicaid, and social security as the deficit climbs. People will lose insurance coverage--and those with coverage will also lose.
The "hard choices" gently mentioned in the article translates to "innocent citizens will have their lives destroyed, and many will die".
Only the very wealthy with passive income, and large corporations win.
2
Corporations don't need tax cut help. Several decades ago their after-tax profits and taxes were about same % of GNP. Then after-tax profits began a climb and taxes declined so that now the ratio of soaring profits to declining taxes is more than 4 to 1.
Meanwhile, incomes have stagnated or declined for the much of populace while categories of major costs like education and health care have steadily increased. And government funding of programs that primarily benefit the middle and workiong classes and those who need assistance are being cut, and the soaring deficits and debr that the GOP tax plan, if enacted into law, would produce will provide potent fuel for whacking those programs and for continuing to ignore important major needs like infrastructure.
We are, alas, heading full steam, toward a Banana Republic U.S.A., with a government of, by and for the Plutocrats.
3
The majority of Americans pay little to no federal income taxes. 47% pay zero, the next 25% pay close to zero. This means 2 things, there is little to no benefit in cutting income taxes for most Americans; and any cuts will help the wealthy disproportionately.
1
It is borderline negligence to mention the economic theory behind the GOP tax plan without mentioning the results under Reagan and the academics who have disputed its validity. Do better please.
1
It's a GOP Tax "Reform";
No requirement for detailed analysis, it will enhance the extractive power of the 1% at the expense of everyone else.
Harm to the Trump "Base" is collateral damage.
4
Three comments on the proposed tax bills:
1. For the last decade or so, those arguing for a cut in the corporate tax rate have coupled their arguments with promises of eliminating corporate "loopholes." However, what we are seeing now is a 43% reduction in the nominal corporate tax rate, with the bulk of the corporate loopholes remaining intact, and the elimination of deductions and credits for individual taxpayers, plus the promise of current and future tax increases for individual taxpayers, to pay for the 43% windfall to corporations.
2. The proponents of the current tax proposal are the same people who for the past decade (since GWB left office) have been wringing their hands over the deficit and the growing debt, yet this bill would add at least $1.5 trillion in red ink.
3. Most of the growth in the US over the past few years has occurred in the so-called blue states - WA, OR, CA, NY, MA, CT. (Note that the GDP of CA is larger than that of all but four or five other nations in the world.) It is illogical to punish the growth engines of the country in the interest of "rewarding" Republican-voting states which are permanently mired in the economic doldrums and which will continue to reap more in federal aid than they generate in tax revenue for as far out as the eye can see.
2
Every form of government is prone to takeover by the wealthy or prone to enabling great wealth (see Putin, the spy turned multiBillionaire). In America, our system is designed to prevent this, if the voters do choose. Unfortunately, most voters Appear content to be ruled by a wealthy elite, so that's what we have.
2
Now that corporations are global, they may not spend their extra profits in the US. So how does this play out? The GOP needs to assure voters that these profits remain inthe US.
This article fails to address the lack of historical evidence showing that tax cuts to corporations stimulate growth, and wage rises. What about the Kansas experiment and the Bush tax cuts? And the views of most mainstream, academically credentialed economists? And the fact that corporate profits are currently high?
2
I am a Republican and I vote NO. NO tax breaks for the 1%. They have plenty of money already for investment. NO huge tax cut for corporations. Yes, cut them, but not by 10%. Save that 10% for the middle class and small business.
6
taxing graduate students in the physical sciences and engineering is tantamount to telling all of the foreign students enrolled in, or considering enrolling in, US Ph. D. programs in physics, chemistry, materials science, molecular biology, engineering thises and thats to go home, or stay home. Were not 50% of the graduates at the Ph.D. level foreign nationals, it would make little difference - but alas one doesn't carry out basic or applied research in the sciences with investment bankers, or political scientists. What are American corporations going to have to sell if they don't have the capacity to develop new products?
Why does any corporation or 1%er need a tax cut? They have been doing extremely well for years. The stock market is booming along with all of their money.
I would be o.k. with getting rid of corporate taxes and subsidies. But, then we could raise taxes on all of the income to say 50%. No more investment income, stock options, pass throughs or interest deductions.
What would we do with this money. We could give a huge tax cut to all Americans making less than $150k, pay for healthcare for all citizens, improve education, fix our crumbling infrastructure and clean up the environment.
1
It's the big con in action.
70% of US GDP results from consumer spending.
30% of US GDP results from business spending.
Cutting taxes on business does not create demand that will grow the economy.
Cutting corporate taxes will increase the value of some US stocks, but each $1 of cuts will result in only 42% as much impact as cutting $1 of taxes on working households.
Viewed the other direction $1 in working household tax cuts has a 133% higher impact on economic activity than corporate tax cuts.
5
The goals of this bill absolutely contradict all of the sound economic research and studies that have been done over 30+ years. Stimulating jobs and growth is what we all want, of course, and we would like to stimulate and support our middle class. The problem with this bill is, corporate tax cuts do not achieve those objectives on their own (or perhaps even in part). Middle class tax cuts, however, have been shown to stimulate the economy because they directly result in increased spend across a range of economic sectors and yet these are minimal and to be phased out, along with cuts to other reasonable deductions upon which many middle class individuals rely. This doesn't make sense and deserves a better explanation.
I won't sit idly by while the GOP lines the pockets of corporations that will never give it back, such that the economic imbalance in our society is further propagated through permanent tax cuts. For those of us who will rely, at least in part, on social services now and later, we need to make certain our voices are heard to prevent this obvious financial "power grab". Has the GOP no shame?
5
This bill delivers a HUGE cut to American Corporations that has no sundown clause which they have attached to the individual tax cuts. There are no incentives or requirements for corporations to use this gift to raise employee salaries or make investments in their respective companies domestically. This has never been the case in the past and there is no evidence it will happen now. The plan is a giant thank you to the Republican donor base and a giant kick in the stomach to the American public who are concerned with jobs, healthcare, education, infrastructure investment, etc. If the Senate approves this terrible bill 2018 will be a banner year for Democrats, but the cost will be immense.
4
As others have pointed out, most large corporations don't pay anything near the full corporate tax rate. The Paradise Papers have revealed an entire industry devoted to tax avoidance, where prestigious law firms toil at huge hourly rates to exploit existing loopholes or develop new ones.
Also, to misquote Mitt Romney, we can say that "people are corporations, too." There should be something in this tax legislation to benefit ordinary people, if we can but discern what that might be.
122
Just think of all the unemployed CPAs
2
Hey Trump voters:
Who you gonna believe?
The Liar-in-Chief or your lyin' eyes?
He's coming for your healthcare, your Medicare, your Social Security all so he can give his crony 1% a tax cut they don't deserve, or need.
To quote an earlier Trump guy, P. T. Barnum:
"There's a sucker born every minute."
74
To flyover country that voted for Trump because you folks think you have been forgotten.
You are still forgotten.
I hope this give away to the biggest of big business passes. In five years, you will still be living in flyover country and nothing will have changed. Your towns will continue to shrink, no new factories will be built there, and your incomes will not increase. If anything, you will have greater out of pocket costs for healthcare that will far outstrip any paltry savings on your taxes. Medicaid and Medicare will be cut.
But you will all stay committed to the Republicans as you fondle your AR-15s. You would rather die than vote for a Democrat and many of will when the rural hospitals close.
272
grim......but truthful, and really depressing.
3
And the bill is supported by the Senators and reps from Fliovaya.
4
And will be so depressed that they will start to do drugs and alcohol, not be able to get into rehab because they have no insurance and will die.
1
Reducing corporate tax will make companies more competitive and help fuel economic growth. It make sense until you realize they set this up to help big companies. The small businesses that actually create much of the growth are stuck with a higher pass-through rate, that will expire in the Senate bill.
Small business owners have tax rates that can be almost 50% today when all the federal and state and Medicare taxes are factored in. How are they supposed to compete?
227
How are small businesses to compete? They aren't. Big businesses don't want the competition.
3
I'll go you one better: Let's replace the Small Business Administration with a Young Business Administration. Young businesses, not necessarily small ones, are the job generators.
@Tax Payer: I hope you understand the term "competitive." It certainly does not mean doing things smarter or better. It means squeezing profits and plying them back into the shareholder's pocket. "Fueling economic growth" is a wonderful buzz phrase meaning virtually nothing most of the time; Spread across all sectors or just some? When that economic growth never hits your wallet or mine- it is a vacuous statement at best.
3
Not a bad idea since corporations pay the majority of taxes through both salary payments and taxes on income. The Dems, on the other hand, want to spend more than what comes in which, at the end of the day, screw us all.
1
Consumers of the corporate products ultimately pay the taxes. Price equals cost of materials, labor, overhead, and taxes. So if corporate taxes go down, then prices must come down. Right??
1
Corporations do not pay the majority of taxes. They did in the Eisenhower administration when America was great. We have the highest corporate tax rate in the world, but our corporations contribute a less percentage to the Treasury than any industrialized country in the world.
Last year, GE paid no taxes. They lent their income to their European company. Then, when Congress passes their repatriation bill, GE will repatriate the profits its European company made over the last several years, and pay only a tax of five percent on it. For more than a decade, between 1-and-4 and 1-and-5 Fortune 100 Companies pay no taxes.
Bush's tax cuts, and deregulation, led to the Great Recession. We lost over 5 million manufacturing jobs, and many more than that because those higher-paying jobs were lost. His five-percent Tax Holiday in 2004 resulted in the 14 companies benefiting the most cutting 20,000 jobs.
Why bring jobs home, if every 15 to 20 years you can bring the profits back instead, and only pay 5 percent?
3
Fun you say that since the last two Dem presidents have reduced deficits while the last 3 republicans (not including Trump, yet) have increased deficit spending.
3
"Republican Tax Plans Put Corporations Over People"
Thought the Supreme Court said that corporations were people.
Do Corporations need help now? The Fortune 500 is doing amazing. Apple has record revenues, Detroit motor industry is booming again, pharmaceuticals are making a killing, finance seems back in the glory days, and the airline industry is posting record profits. Cash flow is not a problem for any of them.
Why are we giving them tax breaks?
If the argument is job creation, we should tax stock buybacks from companies as they are not investing in creating jobs after their tax cuts.
63
The GOP Mantra = Everything for billionaires nothing for the poor and middle class. The end goal is for the 0.1% to own 99.99999999999% of everything. The poor should go off and die somewhere and the middle class should all be wage slaves.
4
The GOP is not really pro corporations, rather they are pro donors. It's the campaign money, it's always been the money. The honest ones (lol) take it only as campaign contributions. The dishonest ones fill their pockets first and then take it as campaign contributions. You have to first form an organization, get a lobbyist, accumulate a big pot of money, then you may get representation in Congress.
16
"Bill Signals Top Tax Priority of G.O.P.: Help Corporations"
Hasn't this CLEARLY need the "top priority" of the Repubs for some years now? Why the surprise? Why use a vague terms like "signal" for what's OBVIOUS?
And "there are tough choices at the heart of the Republicans tax bills..."?
NO, there are NO "tough choices"--just BAD choices, made with little thinking about consequences or chossing options that don't do massive harm to the middle-class and real people.
Why the editorial spin trying to present this this "plan"as something other than what it is: a MASSIVE tax windfall hand-out to the rich, big corporations, supported by the most spurious economic claims and intended to do real harm to MILLIONS of Americans!
14
Hardly above the estate tax and defunding of Social Security and Medicare, which will occurred as automatic cuts occur to reduce deficitys which will be the results of the huge deficits created by this program. At least the robber barons , of the 19th century before the income tax was created dispersed, the wealth like barons, built libraries, schools, hospitals, medical research and in 'CHRISTIAN' spirit, tried to shepPard the goals of a larger humanity. This TAX BILL IS HOOLIGAN KLEPTOCRACY, Russian style!
19
I would suggest that the biggest winners are those who inherit wealth. Abolishing the inheritance tax and reinstating the free step-up in basis for inherited property means trust-fund bunnies effectively will be exempt from tax.
23
Exempt forever. Generation after generation.
1
Yes, those who inherit millions, e.g. the Koch brothers, definitely need more.
Does anyone really think Tim Cook is going to leap at the chance of paying 20% instead of 35% on the hundreds of billions Apple has buried in the isle of Jersey? And he then is going to repatriate all that sweet iPhone cash and start offering jobs to the American middle class? The only people who believe that are liars and fools, or some combination thereof.
63
"Corporations are people my friend" Unjust, cruel, selfish, uncaring, greedy people. You know, Republican people.
21
What a shock.
2
But . . . . but . . . according to the Supreme Court, Corporations ARE people! Therefore Congress isn’t technically putting Corporations over People!
3
Not so much for the corporations as the CEO’s leading them.
2
Interestingly enough, taxes are one of the only issues that I would consider myself 'regressive'. By 'regressive', I mean "Let's go back to the pre-Reagan era where wealthy people were actually taxed like they could afford it."
71
Better start phoning/writing your elected representative because this is what will go a long way toward decimating the middle class.
24
Anyone who wonders what it will be like to live in a world run by robots need go no further than look at how artificial persons run society today: "Corporations Are People, My Friend."
Corporations have captured us, they are the places we work 5 days a week for 40 years and the places we shop our entire lives. While we vote, they lobby and control whoever gets elected. They have captured our government of the people, by the people and for the people, because they are people too: bigger, stronger, richer people.
Corporations can persist for generations and have global reach so even individuals can grow to be larger than millions of human persons in wealth and political power.
The language of corporate persons is money, and the letters are the various denominations it comes in, and when they put it together to form sentences, we hear them speak.
Both Republicans and Democrats - every political person or party - are captured by corporations just like all natural humans, and it is like a virus has entered into society, the body politic. But it seems like the Democrats were somehow partially vaccinated against it, so they appear to have limited immunity to corporate overreach. That's why they don't give completely in to corporations like Republicans do.
Corporations are like Hal, and it will be the day of reckoning when we have both corporate persons employing robots to run society. MAGA is the beginning revolt against immigrants and outsourcing but they'll switch eventually.
10
“Corporations are people, my friend,” Romney said.
---Mitt Romney; Des Moines, Iowa; August 2011
8
400 millionaires wrote a letter to Congress asking them NOT to cut their taxes since inequality is the highest since the 1920's. Yet Republicans plow forward trying to increase the national debt to extreme limits. Where is the morality?
Where are those supposed christian values?
125
Sounds like somebody figured out that if you run the country into the ground it really kills the real estate and with that goes everything else.
1
How can this be?
"Corporations are people, my friend." - Mitt Romney at a campaign rally during the 2012 campaign.
23
This whole thing sounds nefarious...as if the Republicans want to hurt the average citizen. Clearly we don't all make millions or own a company....we just work, make a living...go home to our family...then, go back to work. WHY....is this tax bill put together to help wealthy people and huge corporations...WHY ? This feels like a huge middle finger to all of us average americans....this bill can not, should not be passed. It's just not right.
137
Couldn’t the title of this article have been, ‘GOP shows they understand jobs are important to American prosperity’
Why not say what is really going on?
2
This gets into the question of whether corporate tax cuts actually create jobs. Many say that the "trickle-down" theory has been disproven and that more jobs are not created. I would not be surprised if those at the top of corporations put the added savings from tax cuts into their personal savings accounts. I also assume that corporations - large companies, not small business - already have the cash to create jobs if they see a market niche to fill; especially since there is lots of cash in those great offshore tax havens. There is also the view that if the middle class has more money in their pockets to spend, that this helps boost the economy, and corporate profits and jobs, maybe even better than corporate tax cuts.
1
Ken, send us links to the academic studies that prove that tax cuts to large businesses flow to more employment and/or increased wages to employees.
Cause it seems the stockholders usually benefit, what with companies working hard to reduce the costs of "human resources". Taxes go down, I'm betting money goes to some employment, more automation, and to stockholders (and executives).
But you're so confident, so I'm sure you've got your fingers on the unequivocal studies proving your view.
1
Because there's nothing in the proposed law that requires corporations to spend any tax savings on hiring employees. Presumably they now have all the employees they need to produce the goods and services the market wants. Why would they hire more than that? If their taxes go down and they realize more income, they can spend it in any way they want, e.g. higher dividends for shareholders, pay down debt, increase cash holdings, whatever.
2
The lead for this article reads, "Bill Signals Top Tax Priority of G.O.P.: Help Corporations"
I don't doubt it. What I'm wondering is how this tax bill is perceived by the supporters of Trump. Specifically, how is it perceived by the "white" voters without a college education, who are his base?
Do they believe there is something in it that will benefit them? If so, what? And why?
Answering these questions will help Democrats to find a way to reach them and show them the harm it will do.
258
@J Jencks: "How is this tax bill perceived by Trump supporters?" Perception and Trump Voter-- is an oxymoron. These people do not want to be "reached" by Democrats and Democrats need to stop attempting to do so. They are mutually exclusive concepts.
The Democratic Party has already eroded what it stood for-for over 50 years, trying to become more user-friendly; ending up looking more and more like once-upon-a-time middle of the road Republicans. To draw the Trump voter in, Democrats would have to turn their backs on: Minorities-- children; health care access, disabled, voting rights, equal rights, science, the environment, and about everything else that thinking, reasoning and humane people hold dear. No thanks.
1
I would hope to agree, but alas I think you have too much confidence in the electorate that voted for Trump. The republicans have perfected the art of convincing the "uneducated" (read: deliberately miss-informed) voter to consistently and fervently vote against their own best interest. Attacking science, education and the like, they now control the hollow shell of these citizens through ignorance and fear.
2
I will post this question throughout social media and see what kind of responses I get?
The nomination of Trump should have told Republican politicians that donor dollars were actually becoming less important. The Republican base is in the mood to make the "unworthy" suffer. How easy would it be to make these "unworthies" faceless corporations? Tactically, Republican politicians are missing the boat on this one.
1
Sadly, their tax plan could also be agued as being tilted towards People. Based on a Supreme Court decision years back, "corporations are people." I don't agree with it myself, but we can just have fun making the argument.
2
Answer me this; how does an influx from tax breaks to businesses, large businesses that they'll allegedly and only allegedly invest back into their business not result in anything but transferring market share sideways out of competitors' market share in a zero net growth in the economy? If those funds were targeted to people who are struggling and you can be sure will spend the money into the economy you'd get the single most effective ingredient towards growing the economy, an increased Demand. Businesses don't hire w/o a corresponding increase in Demand preceding that hiring. Who are they trying to kid? Is this bill not money laundering by any other name? Whether its reasonable to call it that is merely a sliding scale in any strict definition. Its what republicans exist for ... the bogus supply side charade. And make no mistake, if any rewards for success manage to trickle down, its not out of promises made by politicians, its by orders to payroll departments from who tells them how to slice and dice. Lets get honest about the whole issue and just throw the covers off. Seems out here in comment sections everywhere the populace knows the Truth.
3
If you crush the middle and lower classes, who will buy all the goods and services these corporations produce?
6
Did you watch any of Trump's speeches this last week? He wants China and Japan and Korea and Vietnam and the Philippines, etc to buy billions of dollars of US made military arms.
3
A better headline, harking back to the days of more colorful journalism, might read: "Republicans to the 99%:. Drop Dead."
13
What else is new? The Republicans have been the party of the wealthy and corporate America since Teddy Roosevelt left the White House. There is no wager about creating jobs or increasing wages since corporate America is about profit and adding to payroll and headcount do not do this. You just have to hope for their sake that Jesus was wrong when He said that a rich man has as much chance of getting into heaven as a camel does of passing through the eye of a needle.
4
Have any Republicans stopped to consider the impacts on the housing market if local taxes and mortgage interest are no longer deductible? Has anyone tried to put a dollar value on the loss of capital that would result from the diminished equity in homes if these deductions are lost? It seems pretty clear that removal of these deductions will make home ownership more expensive and the housing market would adjust by lowering property values. The loss of the deductions would extinguish billions perhaps trillions of dollars of home equity across the country. This would surely lead to less household spending and, perhaps, a recession. Meanwhile, much of those tax savings to corporations would go to foreign investors and wealthy individuals, effectively leaving the U.S. economy. This thing is a train wreck. To all congress people with any sense left, please do not approve this bill.
12
There is a typo in para 4. Should read:
"So does a very large bet - economically and politically - that the level of education of the American voter will allow them to blame all of the subsequent economic damage on the Democrats"
There - fixed it for you.
4
Wait a minute here. I thought Corporations were People - so, no harm no foul.
The power belongs to those who fund the political campaigns -- hence so do the favors of government. It is quite that simple.
6
But I thought corporations were people?
The bill is too pro-corporation, and you have hundreds of CEO's saying this. They also agreed it will not result in them hiring or raising wages, but would go to the shareholders. (it's called supply and demand). This bill is too pro-wealthy, the very people who don't need a tax cut. The bill is a sad excuse of a tax cut for many grad students (that we seriously need) who will have their stipends taxed. This bill is a sad excuse for the millions who will lose health care or no longer be able to afford it by the GOP sticking in the clause about the ACA. This bill is a sad excuse for the millions of lower and middle income who will actually see their taxes increase....on top of their increasing health care plans due to the GOP. This bill is a sad excuse for individuals who actually see a tax cut, when in 10 years it is null and void, as sequestration will set in. Then what happens??? Then, we get to see Social Security, Medicare and Medicaid destroyed. If the republicans think this will get them the votes, they are sorely mistaken.
7
Corporations do not need financial assistance. They already make obscene profits, they do not pay their workers enough money, they hide money overseas to avoid and often evade paying taxes; with rare exception, they are neither socially or environmentally responsible; and they shirk responsibility when called to task.
We need to hold them accountable for their egregious behavior and be sure they pay their fair share of taxes.
Right now, we pay an unfair share of taxes to support the wealthy...and this bill will make that even worse. Vote NO
8
Is America not called the United States?
So why favor states over others?
I get it. It is payback time to Red states and punishment for Blue states.
I would call it a very mixed up nation with bozos running the show.
18
Most people will not see the relationship between corporate taxes, their income, and economic growth. But in an era of overall prosperity, as we now have, what demand is business not meeting b/c of high taxes? I think very little, which means tax cuts will flow to executive pay, dividends, and stock repurchases and far less to the investment the repubs often cite. What I hear little of, though, is how this tax bill will close corporate tax loopholes...that was the tradeoff originally--lower rates while eliminating loopholes. No mention of that, that I've seen.
On the individual front, eliminating the estate tax and not fixing the hedge fund manager tax give-away is a true breach of faith with the middle class and shows that the swamp still thrives.
8
This is the same tax plan that keeps failing to deliver tax breaks for the average middle class working Americans. Once again trickle down does not do anything but hand treasury money to corporations and wealthy people that will be sent to tax havens and not reinvested in America. I hope some Republicans are decent enough to step forward and demand makeing changes based on working Americans needs with the understanding they are the backbone of our nation.
4
Anyone surprised by the Republican's preference of corporate donors over their actual voting populace simply doesn't understand Republican voters.
As long as Mitch, Paul and Dorito Mussolini keep coming out and stating this will help middle class families, they get to do whatever they want because their base is either 1) too ignorant to understand the actual logistics of corporate tax cuts and the current scheme of deductions, or 2) too complacent to actually look into it.
R's will get fat campaign checks, and all it will take to ensure they're re-elected will be to simply stand up and state, "My opponent is a Democrat/Liberal who wants to take your guns and kill your unborn babies!" Everything that has actually happened in the space of them being in Congress will be rendered utterly inconsequential.
Corporations are currently sitting on record cash reserves (literally values that have never been seen before, on the accounts as cash, just sitting in their balance-book, Scrooge McDuckian vaults), and wages have been stagnant. You're truly gullible if you expect that giving them even more money will result in them spreading the wealth.
10
Well, I guess there IS some kind of wall between "news" at the Times and "editorial."
Unfortunately, in this case, the reporting here is deserving of commendation by the predators who are, of course, the GOverning Party.
I think NYT reporting of dullish but big-dealish details has been very SUPERFICIAL - never worse than HERE!.
Everybody knows that whether it's GE or Apple or Google or Merck - and all the rest, of course - "THIRTY FIVE PERCENT" has a laugh line for their CFO's, accountants, legal teams, etc.
That is, we've almost gotten to "pay as you wish" both for very rich individuals AND corporations. Yes, maybe, the occasional politician worries that it will "look bad" if/when it's revealed that his/her effective tax rate is 8%.
Apple, among many others, seems to suffer no such "image" worries. They obviously buy - and on occasion trot out - the "our duty is to our shareholders" line, as if "corporate citizen" was akin to "Santa Claus."
SO ... it's not at all clear to me just how BIG a tax cut corporations will actually be getting. WHAT IS crystal clear is that the abolition of the estate tax and the likely transmutation of personal income into "business income," newly extra-advantaged, will make rich individuals and their families far, far more wealthy over the 5-10 years time frame that everybody talks about.
IN SHORT, while the tax bill is awful in terms of the raids on everything good the government does, CORPORATE coddling is NOT what's worst about it.
2
I hate everything about these proposals. I hate taking health care away from 13 million people. I hate the health care insurance premium hikes that will affect the rest. I hate the transfer of wealth from the poor and middle class to the rich. I don't buy the notion that reducing corporate taxes will spur growth because it never has despite repeated examples. Having said all that, I hope the Republicans pass this bill because doing so will enrage the vast majority of voters, probably in 3 to 5 years once the Republican chickens come home to roost. Then we can finally and completely purge our nation of the lies and anti-people fallacies of the radical right.
6
I would support a corporate tax rate of zero in exchange for corporations losing "person hood" status and being prohibited from participating in the political process in any way.
The GOP proposal will ensure corporations have more money to corrupt and destroy our representative government.
Another option is to give corporations a few house members and 2 senators in exchange for that same prohibition.
The US will not survive corporate termites chewing away at the social infrastructure of the country.
5
After all corporations are people in republican land. This is a yuuuge gift to their donors and a big con job to the rest of us believe me.
Our children and grandchildren are going to be dramatically, irrevocably harmed by this generation of republicans. Started with the iraq war, republican tax cuts for the wealthy first time in our history while at war, deregulation of financial industry leading to the Great Recession, republican denial of climate change, republican ludicrous handling of health care, republican intransigence in Congress with record filibusters, McConnell scam of scotus, the rise of a con man like trump that is destroying discourse, freedom of the press, foreign policy, our international reputation, our ability to lead the world etc...etc..
The latest scam is this tax reform that relies upon a strategy that has not worked on state or national levels ever. This will lead to massive deficits, harm our ability to fight the next recession, undermine our military, infrastructure, social security, Medicare, education.
Trump has divided this country more than at any time since the Vietnam war. Ironically, the same war he dodged multiple times same as Bush.
Make America great again? I think not.
How about make America think again
20
If the aim of the tax reforms is to help people, it's far simpler, more straightforward and direct just to lower their taxes, rather than lowering corporation taxes and hoping this will eventually trickle down. But even direct lowering might be unwise if the ensuing deficit directly curtails education, research, healthcare and infrastructure. The proposed changes only directly benefit the already extremely wealthy, and the trickle-down effects are mostly a fantasy.
20
Drain the swamp? Looks like we need to pour more water into the swamp as there are more and more creatures coming in, thanks to this administration.
8
The irony
The hypocrisy
WHERE ARE TRUMPS TAX RETURNS ?
No other POTUS in modern times has refused to come clean on this.
WHAT IS HE HIDING ? WHY DOES CONGRESS NOT DEMAND THIS INFO ?????
What happened to infrastructure, schools, healthcare ? .
Just the elimination of the estate tax alone guarantees his family can bathe, without ever lifting a manicured finger, in unimaginable, unearned and untaxed wealth, akin to conditions that preceded the French Revolution.
The rest of us can eat cake.
Who exactly is "winning "?
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Well, per Warren Buffett, his class is. This tax break for suffering billionaires is what they demand (well, not Mr. Buffett, outlier).
And, just in case you missed it, Congress is run by a group who has been paid to get them a tax break. Just because trump has played his base for fools, how is that any reason for the tradition of revealing his taxes to be applicable to him?
And, maybe especially, since the document starts with "We the people", it obviously doesn't apply to the dotard. The Founding Fools thought the outline for the government would be applied to honorable men. But Trump is not one.
Stealing a phrase-"Emoluments clause? We don't need no stinking clauses."
1
Praying that Trump’s blood pressure and unhealthy lifestyle don’t catch up with him before the Democratic party can return to power and restore a sensible level of estate tax to the country.
Not complete. It is to help the US economy and to create jobs and opportunities for US citizens. Helping corporations or small business is only the method to get the result. You might thing some other method is better or that we don't need more jobs or opportunity, but don't lie about the motive.
I run a very large corporation. if my dreams come true and Congress guarantees lower corporate tax rates and also lower income tax rates for my mega salary and stock options, what is my motivation to hire more employees or raise wages when it is my fiduciary responsibility to shareholders like me to reduce costs, of which labor is always the most odious?
if I have more after tax money to work with, why would I want to waste it on workers when instead I could use it to speed automation and buy up my competitors, thus increasing shareholder value and hence earning more mega salary and stock options?
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@Pottree
You also know that if taxes were cut on consumers they would spend the money on products and services and that would result in increased consumer demand.
Even without a penny of corporate tax cuts you would identify market opportunities and build new products or capacity to meet that increased consumer demand. Maybe you'd hire more people or maybe you would use technology. But you'd find a way to beat your competitors.
But in the long run, your company would increase revenue as a result of meeting demand, you'd generate more profits, your stock would increase value, and you'd become wealthier, albeit a bit slower than with a big tax-cut windfall.
I prefer the consumer tax cut because it creates a bigger pie for more people, not just bigger slices for a few.
1
Especially when labor costs are tied to health insurance. A huge competitive advantage for companies in other countries is that health insurance costs are not tied to new jobs.
1
I've been a senior executive at publicly traded companies for 22 years. You are exactly correct, Pottree. Which is why this "trickle down" nonsense is nothing but a gift to the GOP's wealthy donors. Any of them who claim they are going to use this money to hire more people or increase the compensation of the people they have are liars. It will be used either to automate, pay down debt, buy back stock, pay special dividends to shareholders or for acquisitions of other companies (which usually result in reduction of employees to achieve cost-saving "synergies").
6
Every day I wake up and ask myself, "How is the GOP planning to screw me today?" It is remarkable how little they care about the pains and worries of ordinary people. No wonder everybody is stressed out.
118
And every day I wish the GOP would just pass all those improvements that I want, voted for, and will benefit me. I also thing they will benefit most of our citizens, I could be incorrect.
Stressed out is correct ....
My only relief now a days is when I fall asleep... only to wake up each day to this GOP Trumpian Nitemare....
1
The Congressional tax cuts are not going to raise tax receipts or increase workers wages and the like. At least that is what the Republican sponsors of this bill would have you believe. The national debt will head up and the Republicans will trot out the need to privatize Social Security and Medicare. Medicaid will be turned over to the states in what the Republicans hope will be a rerun of Welfare reform. This so Trump and Republican big donors can get their goodies.
53
The tax cuts are restrained to the amount that the budget cuts, so it won't increase the debt. And of course it will increase jobs and thus receipts.
Problems with reading comprehension Vulcanex? Every news headline and article about this obscene tax cut states that the GOP is struggling mightily to keep the deficit from this UNDER $1.5 trillion over 10 years to meet Senate rules.
Who do you think will need to pay down that debt when it comes due - corporations or the average American family?
6
Sambam. Remind everyone how concerned you were during the Obama administration about the increasing debt obligation falling on the young.
1
Welcome to the United States of America, Inc., where corporations are people my friend, and corporate money is human speech....and regular human speech doesn't matter.
No real humans need apply for government representation....except in utero where your zygote rights supersede the rights of humans who have been born.
Zygotes, Billionaires, Large Corporations: GOP 2017
316
Nothing was more telling than Gary Cohn's discomfiture when a roomful of CEOs was asked whether they would reinvest their tax cuts in the U.S. economy. Only five raised their hands. So much for that trickle-down argument.
9
The good thing about zygotes is they can't vote.
1
There are a lot more Democratic billionaires than Republicans.
It would be my suggestion that anybody supporting this needs to look back at the right-wing yelling about robbing Peter to pay Paul, to look back at the fact that this Congress has never gone back and fixed anything it got by saying, "Oh, nobody would let that happen...we'll go back and fix that later," and then look forward to losing their SALT deduction, their education deductions, their...
Oh, and if you have a kid in grad school who's getting a fee waiver or a stipend to live on? Guess what...that also gets taxed as income.
As will, before too long, the health benefits you get from your employer.
146
Who uses those deductions when the standard deduction is raised? And your college student is not going to be paying since his standard deduction will be large enough to offset that. Now if he is wealthy and has investments too bad.
If the GOP is so pro-corporation, why does it favor Trump's withdrawal from the TPP. That trade agrement would have slashed some 18,000 tariffs on American exports to Asian and Pacific nations. One example. Japan only imposes a 25% tariff on imports of Australian beef because Australia is a member of the TPP and that tariff will be phased out over time. Since we're not in the TPP, American beef imports are taxed wiuth a 50% tariff in Japan. Simply put, American exports are worth more than $2.3 trillion and support 11.7 million jobs. If we're frozen out of TPP trade by higher tariffs what those figures fall.
33
Trump is opposed to just about any treaty or trade agreement that involves a large number of countries because they dilute his ability to pressure and manipulate them. Given his strong autocratic orientation, he saw the TPP as a threat to his authority and his great deal making ability (which has yet to yield a great deal). Nothing about Trump’s opposition to the TPP runs contrary to his consistent support for large corporations being able to escape paying taxes or abiding regulations meant to protect the health and safety of citizens and workers in America.
8
Keep TPP away from us. TPP is NAFTA on a bigger scale.
Because being a customer we will get even better terms than the TPP. Hillary was opposed to it as well. It as with most such deals work for others much better than for US citizens. This president at least says he won't be standing for that.
This comes as no surprise to me. The Republican establishment have brazenly supported proposals that mainly benefit the 1%. It's time for a revolution, to take back the reins of power from these plutocrats, and redistribute the power among the common citizens of the United States.
90
Voters, no need for pitchforks and flares to demonstrate support for
a revolution. Vote Democratic. That means those Democrats who haven't bothered to vote, those who waste their vote on any candidate other than Democrat, and those Republicans of the 99% who see the light and realize
that the Republican candidates are not your friends.
4
Chris Seattle,
Don't hold your breath New York Times neoliberals and followers, you know, all the Democrats who are doing well and could care less about the rest of us. They will continue supporting the wing of the party that has lost across the board on almost every issue. While they self righteously mouth politically correct platitudes. You know, the Sanders haters, the people who insulted his supporters right here on these pages.
1
sounds like the Republicans priority is - giving to the rich, stealing from the poor
229
Completely opposite. Dems take the money and keep it for themselves and Freddy Freeloader.
The Congressman’s Pledge of Allegiance
I pledge allegiance to big corporations and wealthy taxpayers because it is their financial contributions which helped me get elected. God protect me from the wrath of middle-class taxpayers who will have to pay bigger tax bills since big corporations come first, and wealthy taxpayers come second.
116
As long as you change that to Republican Pledge of Allegiance.
2
I don't think the problem is giving businesses more money to work with. On the surface it seems like a great idea but there is no interest more influential than self interest and no oversight as to how those businesses use those tax breaks. When you've got CEOs making tens of millions of dollars a year, it's clear that company priorities are not to pay workers higher wages. After all, if companies were going to truly put that money back into the pockets of their workers than it wouldn't matter who the giver of the money was. The government could do it for them with a middle class tax break. Most of these companies dodge their full tax responsibility anyway.
76
I agree that it is unlikely that anybody is going to just give employees a raise. Now if more jobs creates competition for employees that might increase wages. And no they don't dodge that would be illegal, and they as most don't pay more than they legally have to do. That is why getting rid of deductions and credits is a good idea. It reduces their opportunities and reduces audit costs as well.
1
@chmo78: Why should businesses be "given" more money- period? Aren't they supposed to earn money from profits on their business endeavors?
2
When you have companies "legally" paying very little in taxes compared to profits, I call it dodging. Maybe the system is set up that way for them to take advantage of but any rationale person would be very surprised to find out how little many profitable companies pay. Legally or not...
"There are 27 companies in the Standard & Poor's 500, including telecom firm Level 3 Communications (LVLT), airline United Continental (UAL) and automaker General Motors (GM), that reported paying no income tax expense in 2015 despite reporting pre-tax profits, according to a USA TODAY analysis of data from S&P Global Market Intelligence."
2