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GOP found a way to deliver middle class tax cuts


Starkiller

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30 minutes ago, OILERMAN said:

It turns out that the $1,000 bonus Disney promised to give its workers as a result of Trump’s tax cut is a sham. Disney is telling its workers that if they don’t accept a contract increasing their pay by just 50 cents an hour, they will not get their $1,000 bonus. No wonder this contract was rejected by some 90 percent of its union workers. Meanwhile, Disney just approved a compensation package worth up to $423 million for its CEO. $423 million for Disney’s CEO; 50 cents an hour for its low-wage workers. That is the definition of corporate greed.

The bonus itself is only 50 cents/hour if an annual bonus on the standard 2000 hour work year. It was likely calculated that way. 

Edited by 9 Nines
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This tax bill is insanely shitty and a perfect microcosm of the values of the current GOP. I really don't understand how anyone continues to support them--like WOW this bill is bad. My favorite hidden

It turns out that the $1,000 bonus Disney promised to give its workers as a result of Trump’s tax cut is a sham. Disney is telling its workers that if they don’t accept a contract increasing their pay

Actually, Obama cut the deficit in half over the course of his presidency.     The most widespread form of income distribution (assuming we don't count federal subsidies to rich donors), is

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It's crazy to me that half of the people in this country are so greedy they want to literally control what poor people eat because they think they are wasting money but will see no end to funneling money to the rich because it will "trickle down." It's the baby boomers fantasy--all of them are one or two circumstances away from being rich elites like their beloved Donald. Pathetic. 

 

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  • 3 months later...

https://www.cbsnews.com/amp/news/worker-wages-drop-while-companies-spend-billions-to-boost-stocks/?__twitter_impression=true

 

Six months after the Tax Cut and Jobs Act became law, there's still little evidence that the average job holder is feeling the benefit. 

 

Worker pay in the second quarter dropped nearly one percent below its first-quarter level, according to the PayScale Index, one measure of worker pay. When accounting for inflation, the drop is even steeper. Year-over-year, rising prices have eaten up still-modest pay gains for many workers, with the result that real wages fell 1.4 percent from the prior year, according to PayScale. The drop was broad, with 80 percent of industries and two-thirds of metro areas affected.

 

"Now, economic confidence has been good, we're in a strong economy, GDP is growing, but the question has been, where's the paycheck?" said Katie Bardaro, vice president of data analytics at PayScale.  

 

The answer is, largely, in the companies' coffers. Businesses are spending nearly $700 billion on repurchasing their own stock so far this year, according to research from TrimTabs. Corporations set a record in Q2, announcing $433 billion worth of buybacks — nearly doubling the previous record, which was set in Q1. 

 

When a company buys back some of its outstanding shares, the effect is usually to boost the value of the rest of its stock, sometimes making the company appear more valuable on paper. Because many senior executives are paid in company shares, buybacks temporarily boost their pay (as well as other shareholders' portfolios), sometimes at the expense of investments in infrastructure or workers.

 

The popularity of stock buybacks in the wake of the corporate tax cuts has drawn lawmakers' attention. A group of senators wrote to the SEC late last month, asking the agency to review the rules around buybacks. "The explosion of stock buybacks has funneled corporate profits to wealthy shareholders and corporate executives instead of workers and long-term investments that spur sustained economic growth," they wrote. 

 

The money that has trickled down to workers this year hasn't been permanent, PayScale found. "One of the things we saw is firms are leaning more toward giving bonuses rather than straight pay increases," said Bardaro. "It's flashy, it makes you feel good, but it then doesn't stick around and compound year over year."

 

Some economists have cautioned against judging the tax cuts too quickly, saying it could take up to four years before their full effects are felt. But for the executives in the top sliver of earners, the windfall has already been record-setting. 

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  • 6 months later...

Big shocker... businesses took their tax cuts and pocketed it...

 

https://www.nbcnews.com/news/amp/ncna963411

 

The Trump administration's $1.5 trillion tax cut package appeared to have no major impact on businesses' capital investment or hiring plans, according to a survey released a year after the biggest overhaul of the tax code in more than 30 years.

 

The National Association of Business Economics' quarterly business conditions poll, published on Monday, found that while some companies reported accelerating investments because of lower corporate taxes, 84 percent of respondents said they had not changed plans. That compares to 81 percent in the previous survey published in October.

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Senate Republicans reintroduce bill to repeal the estate tax
BY NAOMI JAGODA - 01/28/19 04:52 PM EST

 

https://thehill.com/policy/finance/427328-senate-republicans-reintroduce-bill-to-repeal-the-estate-tax

 

Senate Republicans on Monday announced that they are reintroducing legislation to repeal the federal estate tax.

The bill comes after the GOP tax law reduced the number of estates that would be subject to the tax but did not completely eliminate it.

 

The legislation was offered by Sen. John Thune (R-S.D.), the number two Senate Republican, and is co-sponsored by more than two dozen others in the caucus, including Senate Majority Leader Mitch McConnell (R-Ky.) and Senate Finance Committee Chairman Chuck Grassley (R-Iowa). Thune has repeatedly introduced legislation to repeal the estate tax.

 

The bill is unlikely to become law in the next two years, since it would need 60 votes to pass the Senate and would be unable to pass the Democratic-controlled House.

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