Study Finds Trump Tax Cuts Failed to Do Anything But Give Rich People Money

[Chevy1]

To date, the increase in wages / business spending didn't come anywhere close to the reduction in tax revenue.....Below are two articles - one from NY Mag and the other from CNBC.....there's plenty of others available.

http://nymag.com/intelligencer/2019...r9u9O1HxhNvsZAVliqNhp7eMsD__jq7SSobNfrZ5WtNk8
So far, the growth feedback from the tax cuts has made up about 5 percent of the plan’s revenue loss, a mere 95 percent shy of the predictions.

The passage of the plan was met with a coordinated wave of corporate public-relations announcements of worker bonuses. But the paper finds no widespread increase in bonuses or worker compensation.


CNBC: Trump tax cuts did little to boost economic growth in 2018, study says

• The U.S. economy gained 2.9% in 2018, but only a fraction of that came from President Trump’s tax cuts, the Congressional Research Service said this week.
• The nonpartisan group said the economy’s strong performance came largely from factors already in place.
• Workers received only marginal benefits, with bonuses from companies amounting to just $28 per employee.

https://www.cnbc.com/2019/05/29/tru...boost-economic-growth-in-2018-study-says.html

 

[raleighherdfan]

So do you think raising taxes on companies earnings and workers income will result in poor people making more money?

 

[i am herdman]

Hey my family member got their earned income credit and got a myrtle beach vacation. That helps the economy.

 

[Chevy1]

The study isn't about your reduction in income taxes (btw, those in red states received a more robust tax break than those in blue states). It's about business investment and increased wages.

Now, that's not saying it will take longer for the plan to work and wages to rise, but, so far, they haven't.

 

[dherd]

Hey my family member got their earned income credit and got a myrtle beach vacation. That helps the economy.

The earned income tax credit (EITC),when first enacted on a temporary basis in 1975,was a modest tax credit that provided financial assistance to low-income, workingfamilies with children.

The origins of the EITC can be found in the debate in the late 1960s and 1970s over how to reform welfare—known at the time as Aid to Families with Dependent Children (AFDC). During this time, there was increasing concern over growing welfare rolls.Senator Russell Long proposed a “work bonus” plan that would supplement the wages of poor workers.

Richard Brevard Russell Jr. (November 2, 1897 – January 21, 1971) was an American politician. A member of the Democratic Party

https://fas.org/sgp/crs/misc/R44825.pdf

SO I GUESS YOU WILL BE VOTING DEMOCRATIC IN THE FUTURE.

 

[i am herdman]

The earned income tax credit (EITC),when first enacted on a temporary basis in 1975,was a modest tax credit that provided financial assistance to low-income, workingfamilies with children.

The origins of the EITC can be found in the debate in the late 1960s and 1970s over how to reform welfare—known at the time as Aid to Families with Dependent Children (AFDC). During this time, there was increasing concern over growing welfare rolls.Senator Russell Long proposed a “work bonus” plan that would supplement the wages of poor workers.

Richard Brevard Russell Jr. (November 2, 1897 – January 21, 1971) was an American politician. A member of the Democratic Party

https://fas.org/sgp/crs/misc/R44825.pdf

SO I GUESS YOU WILL BE VOTING DEMOCRATIC IN THE FUTURE.

Like I stated it helps them with the necessary myrtle beach vacation.

 

[dherd]

HERDMAN YOU'VE BEEN HANGING AROUND CROOKED TOO LONG.

YOU KNOW DAMNED WELL YOU WERE ATTEMPTING TO MAKE A POINT THAT
THEY BENEFITED FROM THE TAX CUT & TO QUOTE YOU - "THAT HELPS THE ECONOMY".

BUT, THAT PROBABLY ISNT FAIR TO CROOKED - REPUBLICANS BEEN USING THAT PLAY
FOR DECADES, CROOKED IS MERELY COPYING IT.

MISSTATE A FACT, CLAIM CREDIT, WHEN POINTED OUT WRONG, DENY YOU EVER SAID IT. WELL DONE HERDMAN, WELL DONE. OH, AND I ALMOST LEFT OUT THE
MOST IMPORTANT PART OF THE CON, TELL ANOTHER LIE TO DISTRACT FROM THE
FIRST LIE. THEN REPEAT

 

[Chevy1]

Not much analysis required for a focus group of one.

 

[i am herdman]

Yehh, we know all those EIC people who sit there with anticipation on W2 handout day are going to wisely invest the money they get back. I am sure it goes to diapers, food, automotive repair, children's clothing, etc. They would never ever do something like go to Myrtle Beach, buy fireworks, go to King's Island, buy cigarettes, or beer with it. That is our damn money they are getting.

 

[Chevy1]

Don't know what this has to do with the research discussed, but ecstatic to hear it's working out for you.

 

[extragreen]

Yehh, we know all those EIC people who sit there with anticipation on W2 handout day are going to wisely invest the money they get back. I am sure it goes to diapers, food, automotive repair, children's clothing, etc. They would never ever do something like go to Myrtle Beach, buy fireworks, go to King's Island, buy cigarettes, or beer with it. That is our damn money they are getting.

That's your choice. You'd rather they get your tax money than for businesses to pay higher wages so people wouldn't be eligible for EITC.

 

[raleighherdfan]

Don't know what this has to do with the research discussed, but ecstatic to hear it's working out for you.

It’s worked out for most people who actually pay taxes.

 

[i am herdman]

That's your choice. You'd rather they get your tax money than for businesses to pay higher wages so people wouldn't be eligible for EITC.

Better than buying them trips and cigs and booze

 

[extragreen]

Better than buying them trips and cigs and booze

Then don't whine about people getting EITC when you support tax breaks for the wealthy.

 

[Chevy1]

It’s worked out for most people who actually pay taxes.

The study is about wages and business investment....not income taxes. Don't understand why it's so difficult to stay on topic.

 

[dherd]

I HEARD THE TRUTH FROM THE GOVERNOR OF MICHIGAN THE OTHER DAY.

REPUBLICANS GLORIFY GREED AND CRIMINALIZE POVERTY.

 

[WV-FAN]

The earned income tax credit (EITC),when first enacted on a temporary basis in 1975,was a modest tax credit that provided financial assistance to low-income, workingfamilies with children.

The origins of the EITC can be found in the debate in the late 1960s and 1970s over how to reform welfare—known at the time as Aid to Families with Dependent Children (AFDC). During this time, there was increasing concern over growing welfare rolls.Senator Russell Long proposed a “work bonus” plan that would supplement the wages of poor workers.

Richard Brevard Russell Jr. (November 2, 1897 – January 21, 1971) was an American politician. A member of the Democratic Party

https://fas.org/sgp/crs/misc/R44825.pdf

SO I GUESS YOU WILL BE VOTING DEMOCRATIC IN THE FUTURE.

if yore pandering for votes because of the earned income credit or some work bonus program to reward people for not working, yore barking up the wrong tree. the majority of those that receive EIC play the system. they know how much they can earn in order to maximize the amount of free money they can receive. hell, i know a deadbeat who was all pissed off they only received like $2K in EIC when she only had a couple thousand in earned income. she receives child support for her two kids from two different fathers and lives with her boyfriend, whom she recently birthed another child with, who makes decent money and pays all the bills. when that relationship falls apart and she leaves him, she'll probably be receiving $1200/month child support. and, after realizing she has to earn around $14K/annually to maximize EIC, she'll pull down another $6K in EIC. $35K total for working a part time job. nice.

fvck that system. it simply gives deadbeats the initiative to not attempt to find gainful employment and play the system.

i understand there are people that actually try and need it. i've no issue with them. it's the majority that play the system and lay around meth'd up that give me the shits.

 

[raleighherdfan]

The study is about wages and business investment....not income taxes. Don't understand why it's so difficult to stay on topic.

Then title your thread so it "stays on topic".

 

[big_country90]

“Reduction in tax revenue” - OP.

Well...

https://finance.yahoo.com/news/amer...ore-to-irs-under-trump-tax-law-194900782.html

 

[extragreen]

“Reduction in tax revenue” - OP.

Well...

https://finance.yahoo.com/news/amer...ore-to-irs-under-trump-tax-law-194900782.html

The least federal tax revenue gain since 2009.

 

[big_country90]

The least federal tax revenue gain since 2009.

You calling Chevy1 a liar?

 

[extragreen]

You calling Chevy1 a liar?

Nope. There was indeed a reduction in the growth of federal tax revenue. But I suspect you already knew this and wanted to paint the tax cut thing in a better light for your master cheetos. If you didn't already know this, then that's even worse.

 

[MarshallManiac]

I'm pretty average...not the least bit "rich" and it worked out great for me.

 

[dherd]

TRUCKERS TAXES SKYROCKET $8000 THANKS TO TRUMP "TAX CUT" FOR THE RICH.

Trump-voting truckers turn on the president after their taxes skyrocket $8,000 while Wall Street gets lavished: ‘They’re not listening!’

 

[sistersville]

Truckers need tax breaks dtard1
Everything in this country is hauled on trucks somewhere

 

[Raoul Duke MU]

when she only had a couple thousand in earned income. she receives child support for her two kids from two different fathers and lives with her boyfriend, whom she recently birthed another child with,

Gaming the system, or just a whore?

 

[WV-FAN]

Gaming the system, or just a whore?

bofe of 'em

 

[dherd]

Truckers need tax breaks dtard1
Everything in this country is hauled on trucks somewhere

SISTER - TAKE THE TIME TO WATCH THE INTERVIEWS WITH TRUCKERS,
THEN, TELL ME WHAT YOU THINK.

LET ME HELP YOU OUT - TRUMP TOOK THE OVERNIGHT PER DIEM AWAY FROM
TRUCKERS WHEN HE CUT TAXES FOR FILTHY RICH REPUBLICAN CONTRIBUTORS
AND CON MEN LIKE HIMSELF. THAT COST TRUCKERS AROUND $10,000 EACH IN
TAXES.

JUST SO YOU KNOW PER DIEM IS AN AMOUNT OF MONEY TRUCKERS CAN DEDUCT
FROM THEIR TAXES FOR EACH NIGHT SPENT ON THE ROAD - IT IS A LOT OF MONEY!!