Harris tax plan - raising taxes on high earners

[Anonymous]

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Anonymous wrote:Funny thread.. All the eco warriors and LGBTQABCD warriors suddenly want to vote for Trump because their taxes go up a smidge. More than likely she won't have congressional support for most of these proposals and will end up with something rather tame.. much like the pathetic gun control legislation we normally get. So, chill.

If it really ends up being as bad as OP's propaganda, pay up. If you make $400K+, you are afford to. It will still be progressive.

I really hate the "you can afford it" crowd. Makes me even more determined to vote red. And I am pro choice, pro LGBTQ, pro environment. But the biggest impact that politics has on me, personally, is how much of MY money that I use to care for MY loved ones are they going to take. So I hold my nose and vote Republican. I always say, if Republicans would drop their stupid social platforms, they'd be the perfect party. And so would Dems, if they would drop the revolting "you can afford it" + "fair share" BS that disincentivizes hard work and productivity and encourages laziness and hands out.

How much money do you really "need" to care of your family? I'm not saying you should only have enough to see to their needs, but at $400K, you are more than able to care for your family.

You don't get to define what I need. Yes, we have far more than we "need." I suspect you do, too. Our system incentives work and progress by promising a better life to those willing to work hard and increase their earnings over time. By taxing the hell out of high earners, this hard work (and the innovation that comes with it) is disincentivized.

Again, this liberal view of "how much do you need" and "you can afford it" enrages me and gets me to the polls to pull the straight R lever.

You were an R no matter what. This isn’t what changed your mind. Stop being disingenuous.

Yep.

It's such a stupid argument too, because personal income tax is not stopping anyone from "working hard" or "innovating." "I was going to accept the promotion to SVP but only getting a $100,000 raise after taxes instead of a $125,000 raise made it not worth the trouble," said nobody ever.

I’m a doctor. I can earn more by taking more calls and shifts. How much of the extra I will pay in taxes versus keep definitely figures into whether I take those shifts.

And it's not just wage earners who make such a calculation. It can have a chilling effect on entrepreneurship or starting a small business, activities that can generate more jobs for others.

Except it didn’t in the case of Obama’s tax increases. And Trump’s corporate tax cuts were used for stock buy backs.

If corporations don't have good productive uses in which to invest excess funds for growth, they should return them to the owners via either stock buybacks or special dividends/dividend increases.

By the way, stock buybacks aren't different economically from dividend increases. Many companies, especially larger ones with broad access to capital markets, would rather do buybacks than dividend increases because investors really dislike dividend decreases that inevitably follow when companies do have good uses for excess funds. Smaller companies are more wary of stock buybacks because there are often poor market times for them to raise more capital when they need it.

Please, even Trump was not happy with the stock buybacks.

I predicted this would happen. I think I even started a thread about it. I've worked in the corporate world for 20 years, and saw this happen time and again.

https://www.reuters.com/article/business/trump-slams-companies-for-using-us-tax-credit-to-buy-back-stocks-idUSKBN2173HX/

"I never liked stock buybacks from their standpoint. When we did a big tax cut, and when they took the money and did buybacks, that's not building a hangar, that's not buying aircraft, that is not doing the kind of things that I want them to do," he said.

Trump said on Friday that restrictions were not placed on companies at the time because "we thought they would have known better but they didn't know better."
"I am fine with restricting buybacks," Trump added. "In fact, I would demand that there be no stock buybacks. I don't want them taking hundreds of millions of dollars and buying back their stock because that does nothing," he said.

Trump didn't realize this would happen because he has zero experience with corporate America. He wanted the corporate tax cuts because it was self serving.

Some corporates saw no good opportunities for investing the funds. But many others did and did not do stock buybacks, using the funds instead to expand their business, pay higher wages, and invest in productivity.

What we do know about increases in corporate tax rates is that they pass the costs along to their customers, fire employees or pay them less or move operations to a more tax friendly jurisdiction.

This line of thinking makes it impossible to ever raise taxes. Trump cut the corporate rate from 35% to 21% with negligible or no economic benefit (Harris and Biden pare only proposing to raise the rate to 28%). But once the rate is cut, all those who buy into trickle down economics insist you can’t increase rates without some economic harm. It creates this weird cycle where you claim benefits to rate cuts that don’t actually exist or impact a majority of the population while insisting we cannot possibly raise rates without harming the economy when you policy decisions bear no fruit and plunder tax revenue, placing more of the tax burden on individuals.

Corporate rates in the US were very high, especially after you add state corporate taxes on top of federal taxes.

The average EU corporate rate is 21.13 percent; across OECD countries it is 23.73 percent. When you combine the 21% federal rate with state level corporate taxes, the U.S. rate is 25.77%. The 2017 rate cuts moved the US from having the fourth highest corporate tax rate in the world at around 35% to the middle of the pack.

Increasing the federal tax to 28% would bring the rate to 32.77% when combined with state tax rates, which would place the US around 10th highest in the world.

https://taxfoundation.org/data/all/global/corporate-tax-rates-by-country-2023/#_ftn3

Yes, and? Was the US doing terribly with higher corporate tax rates? Because we didn’t see a tangible benefit to lowering them.

We are one of the largest and wealthiest nations in the world. Acting like we cannot control this situation is beneath us. That includes taking measures to ensure corporations hire US citizens, get taxes on offshore profits and headquarter themselves in the US.

Also, again, the tax foundation is a libertarian organization that support a flat tax.

You may not like the Tax Foundation, but it puts together the data, a nonpartisan activity.

How are you going to force corporations to headquarter themselves in the US?

Using methodologies that support their viewpoint. Of course a libertarian organization is going to use methodologies that result in unfavorable outcomes for progressive tax policies if they support a flat tax. I prefer looking at studies that look at historical outcomes.

[Anonymous]

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Anonymous wrote:

Anonymous wrote:Funny thread.. All the eco warriors and LGBTQABCD warriors suddenly want to vote for Trump because their taxes go up a smidge. More than likely she won't have congressional support for most of these proposals and will end up with something rather tame.. much like the pathetic gun control legislation we normally get. So, chill.

If it really ends up being as bad as OP's propaganda, pay up. If you make $400K+, you are afford to. It will still be progressive.

I really hate the "you can afford it" crowd. Makes me even more determined to vote red. And I am pro choice, pro LGBTQ, pro environment. But the biggest impact that politics has on me, personally, is how much of MY money that I use to care for MY loved ones are they going to take. So I hold my nose and vote Republican. I always say, if Republicans would drop their stupid social platforms, they'd be the perfect party. And so would Dems, if they would drop the revolting "you can afford it" + "fair share" BS that disincentivizes hard work and productivity and encourages laziness and hands out.

How much money do you really "need" to care of your family? I'm not saying you should only have enough to see to their needs, but at $400K, you are more than able to care for your family.

You don't get to define what I need. Yes, we have far more than we "need." I suspect you do, too. Our system incentives work and progress by promising a better life to those willing to work hard and increase their earnings over time. By taxing the hell out of high earners, this hard work (and the innovation that comes with it) is disincentivized.

Again, this liberal view of "how much do you need" and "you can afford it" enrages me and gets me to the polls to pull the straight R lever.

You were an R no matter what. This isn’t what changed your mind. Stop being disingenuous.

Yep.

It's such a stupid argument too, because personal income tax is not stopping anyone from "working hard" or "innovating." "I was going to accept the promotion to SVP but only getting a $100,000 raise after taxes instead of a $125,000 raise made it not worth the trouble," said nobody ever.

I’m a doctor. I can earn more by taking more calls and shifts. How much of the extra I will pay in taxes versus keep definitely figures into whether I take those shifts.

And it's not just wage earners who make such a calculation. It can have a chilling effect on entrepreneurship or starting a small business, activities that can generate more jobs for others.

Except it didn’t in the case of Obama’s tax increases. And Trump’s corporate tax cuts were used for stock buy backs.

If corporations don't have good productive uses in which to invest excess funds for growth, they should return them to the owners via either stock buybacks or special dividends/dividend increases.

By the way, stock buybacks aren't different economically from dividend increases. Many companies, especially larger ones with broad access to capital markets, would rather do buybacks than dividend increases because investors really dislike dividend decreases that inevitably follow when companies do have good uses for excess funds. Smaller companies are more wary of stock buybacks because there are often poor market times for them to raise more capital when they need it.

Please, even Trump was not happy with the stock buybacks.

I predicted this would happen. I think I even started a thread about it. I've worked in the corporate world for 20 years, and saw this happen time and again.

https://www.reuters.com/article/business/trump-slams-companies-for-using-us-tax-credit-to-buy-back-stocks-idUSKBN2173HX/

"I never liked stock buybacks from their standpoint. When we did a big tax cut, and when they took the money and did buybacks, that's not building a hangar, that's not buying aircraft, that is not doing the kind of things that I want them to do," he said.

Trump said on Friday that restrictions were not placed on companies at the time because "we thought they would have known better but they didn't know better."
"I am fine with restricting buybacks," Trump added. "In fact, I would demand that there be no stock buybacks. I don't want them taking hundreds of millions of dollars and buying back their stock because that does nothing," he said.

Trump didn't realize this would happen because he has zero experience with corporate America. He wanted the corporate tax cuts because it was self serving.

Some corporates saw no good opportunities for investing the funds. But many others did and did not do stock buybacks, using the funds instead to expand their business, pay higher wages, and invest in productivity.

What we do know about increases in corporate tax rates is that they pass the costs along to their customers, fire employees or pay them less or move operations to a more tax friendly jurisdiction.

Cites for the first paragraph?

For the second, the proposal isn’t simply to raise the corporate tax rate. It includes proposals to disincentive the behavior to flag as concerning.

No cite necessary unless you have a cite showing every corporation did stock buybacks. There are over 5500 companies listed on the NYSE and Nasdaq. The stock buybacks that did occur were concentrated in financial services and information technology. That leaves a lot of other companies.

Well there is a cite above that debunks your claim that the tax cuts results in increased wages or productivity investment.

Why do you need proof that every single company engaged in a stock buy back. We know the 1200 biggest did, amounting to 1.3T. Policy is made and analyzed based on its aggregate impact.

Messed up response.

Many companies onshored their operations once there was a lower corporate rate. There is a reason why Ireland with a 12.5% rate is booming, increasing employment and wages for all.

Ireland is booming and yet the marginal tax rate on income over €40,000 is 40%. Gee, I thought someone said that sort of tax rate would kill economic growth.

You are confusing individual tax rates with corporate tax rates. It is Ireland's low corporate rate that has attracted companies to set up operations there, resulting in the boom.

No, I’m not. Other posters claim that high personal tax rates discourage people from working and hence economic growth. They seem to be working for Ireland if it’s booming.

It's booming because of its low corporate tax rate that has resulted in greater employment and higher wages. The Biden proposal was to increase both corporate and personal tax rates, a recipe for for lower growth, except perhaps in government employment.

[Anonymous]

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Anonymous wrote:[list]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Funny thread.. All the eco warriors and LGBTQABCD warriors suddenly want to vote for Trump because their taxes go up a smidge. More than likely she won't have congressional support for most of these proposals and will end up with something rather tame.. much like the pathetic gun control legislation we normally get. So, chill.

If it really ends up being as bad as OP's propaganda, pay up. If you make $400K+, you are afford to. It will still be progressive.

I really hate the "you can afford it" crowd. Makes me even more determined to vote red. And I am pro choice, pro LGBTQ, pro environment. But the biggest impact that politics has on me, personally, is how much of MY money that I use to care for MY loved ones are they going to take. So I hold my nose and vote Republican. I always say, if Republicans would drop their stupid social platforms, they'd be the perfect party. And so would Dems, if they would drop the revolting "you can afford it" + "fair share" BS that disincentivizes hard work and productivity and encourages laziness and hands out.

How much money do you really "need" to care of your family? I'm not saying you should only have enough to see to their needs, but at $400K, you are more than able to care for your family.

You don't get to define what I need. Yes, we have far more than we "need." I suspect you do, too. Our system incentives work and progress by promising a better life to those willing to work hard and increase their earnings over time. By taxing the hell out of high earners, this hard work (and the innovation that comes with it) is disincentivized.

Again, this liberal view of "how much do you need" and "you can afford it" enrages me and gets me to the polls to pull the straight R lever.

You were an R no matter what. This isn’t what changed your mind. Stop being disingenuous.

Yep.

It's such a stupid argument too, because personal income tax is not stopping anyone from "working hard" or "innovating." "I was going to accept the promotion to SVP but only getting a $100,000 raise after taxes instead of a $125,000 raise made it not worth the trouble," said nobody ever.

I’m a doctor. I can earn more by taking more calls and shifts. How much of the extra I will pay in taxes versus keep definitely figures into whether I take those shifts.

And it's not just wage earners who make such a calculation. It can have a chilling effect on entrepreneurship or starting a small business, activities that can generate more jobs for others.

Except it didn’t in the case of Obama’s tax increases. And Trump’s corporate tax cuts were used for stock buy backs.

If corporations don't have good productive uses in which to invest excess funds for growth, they should return them to the owners via either stock buybacks or special dividends/dividend increases.

By the way, stock buybacks aren't different economically from dividend increases. Many companies, especially larger ones with broad access to capital markets, would rather do buybacks than dividend increases because investors really dislike dividend decreases that inevitably follow when companies do have good uses for excess funds. Smaller companies are more wary of stock buybacks because there are often poor market times for them to raise more capital when they need it.

Please, even Trump was not happy with the stock buybacks.

I predicted this would happen. I think I even started a thread about it. I've worked in the corporate world for 20 years, and saw this happen time and again.

https://www.reuters.com/article/business/trump-slams-companies-for-using-us-tax-credit-to-buy-back-stocks-idUSKBN2173HX/

"I never liked stock buybacks from their standpoint. When we did a big tax cut, and when they took the money and did buybacks, that's not building a hangar, that's not buying aircraft, that is not doing the kind of things that I want them to do," he said.

Trump said on Friday that restrictions were not placed on companies at the time because "we thought they would have known better but they didn't know better."
"I am fine with restricting buybacks," Trump added. "In fact, I would demand that there be no stock buybacks. I don't want them taking hundreds of millions of dollars and buying back their stock because that does nothing," he said.

Trump didn't realize this would happen because he has zero experience with corporate America. He wanted the corporate tax cuts because it was self serving.

Some corporates saw no good opportunities for investing the funds. But many others did and did not do stock buybacks, using the funds instead to expand their business, pay higher wages, and invest in productivity.

What we do know about increases in corporate tax rates is that they pass the costs along to their customers, fire employees or pay them less or move operations to a more tax friendly jurisdiction.

Cites for the first paragraph?

For the second, the proposal isn’t simply to raise the corporate tax rate. It includes proposals to disincentive the behavior to flag as concerning.

No cite necessary unless you have a cite showing every corporation did stock buybacks. There are over 5500 companies listed on the NYSE and Nasdaq. The stock buybacks that did occur were concentrated in financial services and information technology. That leaves a lot of other companies.

Well there is a cite above that debunks your claim that the tax cuts results in increased wages or productivity investment.

Why do you need proof that every single company engaged in a stock buy back. We know the 1200 biggest did, amounting to 1.3T. Policy is made and analyzed based on its aggregate impact.

Messed up response.

Many companies onshored their operations once there was a lower corporate rate. There is a reason why Ireland with a 12.5% rate is booming, increasing employment and wages for all.

Ireland is booming and yet the marginal tax rate on income over €40,000 is 40%. Gee, I thought someone said that sort of tax rate would kill economic growth.

You are confusing individual tax rates with corporate tax rates. It is Ireland's low corporate rate that has attracted companies to set up operations there, resulting in the boom.

No, I’m not. Other posters claim that high personal tax rates discourage people from working and hence economic growth. They seem to be working for Ireland if it’s booming.

It's booming because of its low corporate tax rate that has resulted in greater employment and higher wages. The Biden proposal was to increase both corporate and personal tax rates, a recipe for for lower growth, except perhaps in government employment.

Well not just low corporate tax rate. So low and combined with numerous friendly tax rules, it became a straight up corporate tax haven, similar to places like Bermuda. Having that available in an EU country was too good to pass up for companies, but all it did was shift operations to Ireland from other EU countries.

https://en.m.wikipedia.org/wiki/Ireland_as_a_tax_haven

But that's changing as the other EU countries have put pressure on them to not be such an outlier.

https://www.theverge.com/2021/10/7/22715229/ireland-status-tax-haven-google-facebook-apple

[Anonymous]

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Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Funny thread.. All the eco warriors and LGBTQABCD warriors suddenly want to vote for Trump because their taxes go up a smidge. More than likely she won't have congressional support for most of these proposals and will end up with something rather tame.. much like the pathetic gun control legislation we normally get. So, chill.

If it really ends up being as bad as OP's propaganda, pay up. If you make $400K+, you are afford to. It will still be progressive.

I really hate the "you can afford it" crowd. Makes me even more determined to vote red. And I am pro choice, pro LGBTQ, pro environment. But the biggest impact that politics has on me, personally, is how much of MY money that I use to care for MY loved ones are they going to take. So I hold my nose and vote Republican. I always say, if Republicans would drop their stupid social platforms, they'd be the perfect party. And so would Dems, if they would drop the revolting "you can afford it" + "fair share" BS that disincentivizes hard work and productivity and encourages laziness and hands out.

How much money do you really "need" to care of your family? I'm not saying you should only have enough to see to their needs, but at $400K, you are more than able to care for your family.

You don't get to define what I need. Yes, we have far more than we "need." I suspect you do, too. Our system incentives work and progress by promising a better life to those willing to work hard and increase their earnings over time. By taxing the hell out of high earners, this hard work (and the innovation that comes with it) is disincentivized.

Again, this liberal view of "how much do you need" and "you can afford it" enrages me and gets me to the polls to pull the straight R lever.

You were an R no matter what. This isn’t what changed your mind. Stop being disingenuous.

Yep.

It's such a stupid argument too, because personal income tax is not stopping anyone from "working hard" or "innovating." "I was going to accept the promotion to SVP but only getting a $100,000 raise after taxes instead of a $125,000 raise made it not worth the trouble," said nobody ever.

I’m a doctor. I can earn more by taking more calls and shifts. How much of the extra I will pay in taxes versus keep definitely figures into whether I take those shifts.

And it's not just wage earners who make such a calculation. It can have a chilling effect on entrepreneurship or starting a small business, activities that can generate more jobs for others.

Except it didn’t in the case of Obama’s tax increases. And Trump’s corporate tax cuts were used for stock buy backs.

If corporations don't have good productive uses in which to invest excess funds for growth, they should return them to the owners via either stock buybacks or special dividends/dividend increases.

By the way, stock buybacks aren't different economically from dividend increases. Many companies, especially larger ones with broad access to capital markets, would rather do buybacks than dividend increases because investors really dislike dividend decreases that inevitably follow when companies do have good uses for excess funds. Smaller companies are more wary of stock buybacks because there are often poor market times for them to raise more capital when they need it.

Please, even Trump was not happy with the stock buybacks.

I predicted this would happen. I think I even started a thread about it. I've worked in the corporate world for 20 years, and saw this happen time and again.

https://www.reuters.com/article/business/trump-slams-companies-for-using-us-tax-credit-to-buy-back-stocks-idUSKBN2173HX/

"I never liked stock buybacks from their standpoint. When we did a big tax cut, and when they took the money and did buybacks, that's not building a hangar, that's not buying aircraft, that is not doing the kind of things that I want them to do," he said.

Trump said on Friday that restrictions were not placed on companies at the time because "we thought they would have known better but they didn't know better."
"I am fine with restricting buybacks," Trump added. "In fact, I would demand that there be no stock buybacks. I don't want them taking hundreds of millions of dollars and buying back their stock because that does nothing," he said.

Trump didn't realize this would happen because he has zero experience with corporate America. He wanted the corporate tax cuts because it was self serving.

Some corporates saw no good opportunities for investing the funds. But many others did and did not do stock buybacks, using the funds instead to expand their business, pay higher wages, and invest in productivity.

What we do know about increases in corporate tax rates is that they pass the costs along to their customers, fire employees or pay them less or move operations to a more tax friendly jurisdiction.

Cites for the first paragraph?

For the second, the proposal isn’t simply to raise the corporate tax rate. It includes proposals to disincentive the behavior to flag as concerning.

No cite necessary unless you have a cite showing every corporation did stock buybacks. There are over 5500 companies listed on the NYSE and Nasdaq. The stock buybacks that did occur were concentrated in financial services and information technology. That leaves a lot of other companies.

Well there is a cite above that debunks your claim that the tax cuts results in increased wages or productivity investment.

Why do you need proof that every single company engaged in a stock buy back. We know the 1200 biggest did, amounting to 1.3T. Policy is made and analyzed based on its aggregate impact.

Messed up response.

Many companies onshored their operations once there was a lower corporate rate. There is a reason why Ireland with a 12.5% rate is booming, increasing employment and wages for all.

Ireland is booming and yet the marginal tax rate on income over €40,000 is 40%. Gee, I thought someone said that sort of tax rate would kill economic growth.

You are confusing individual tax rates with corporate tax rates. It is Ireland's low corporate rate that has attracted companies to set up operations there, resulting in the boom.

No, I’m not. Other posters claim that high personal tax rates discourage people from working and hence economic growth. They seem to be working for Ireland if it’s booming.

It's booming because of its low corporate tax rate that has resulted in greater employment and higher wages. The Biden proposal was to increase both corporate and personal tax rates, a recipe for for lower growth, except perhaps in government employment.

Ireland’s success is based on being a tax haven. It had little going for it before then. This has benefited elites and highly skilled professionals and it has an impressive GDP per capita. But there is a big divergence between GDP and domestic production. It also has one of the lowest hospital beds per capita in Europe, terrible homelessness and an overpriced housing market and is the only country in Western Europe without universal healthcare. It’s also seeing record numbers of under-35s moving to Australia. It’s not a good economic model for other countries.

[Anonymous]

Anonymous wrote:I’m okay with some increase in taxes designed to reduce the deficit, but not to increase spending.

Bingo!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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Anonymous wrote:

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Anonymous wrote:

Anonymous wrote:

Anonymous wrote:[list]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Funny thread.. All the eco warriors and LGBTQABCD warriors suddenly want to vote for Trump because their taxes go up a smidge. More than likely she won't have congressional support for most of these proposals and will end up with something rather tame.. much like the pathetic gun control legislation we normally get. So, chill.

If it really ends up being as bad as OP's propaganda, pay up. If you make $400K+, you are afford to. It will still be progressive.

I really hate the "you can afford it" crowd. Makes me even more determined to vote red. And I am pro choice, pro LGBTQ, pro environment. But the biggest impact that politics has on me, personally, is how much of MY money that I use to care for MY loved ones are they going to take. So I hold my nose and vote Republican. I always say, if Republicans would drop their stupid social platforms, they'd be the perfect party. And so would Dems, if they would drop the revolting "you can afford it" + "fair share" BS that disincentivizes hard work and productivity and encourages laziness and hands out.

How much money do you really "need" to care of your family? I'm not saying you should only have enough to see to their needs, but at $400K, you are more than able to care for your family.

You don't get to define what I need. Yes, we have far more than we "need." I suspect you do, too. Our system incentives work and progress by promising a better life to those willing to work hard and increase their earnings over time. By taxing the hell out of high earners, this hard work (and the innovation that comes with it) is disincentivized.

Again, this liberal view of "how much do you need" and "you can afford it" enrages me and gets me to the polls to pull the straight R lever.

You were an R no matter what. This isn’t what changed your mind. Stop being disingenuous.

Yep.

It's such a stupid argument too, because personal income tax is not stopping anyone from "working hard" or "innovating." "I was going to accept the promotion to SVP but only getting a $100,000 raise after taxes instead of a $125,000 raise made it not worth the trouble," said nobody ever.

I’m a doctor. I can earn more by taking more calls and shifts. How much of the extra I will pay in taxes versus keep definitely figures into whether I take those shifts.

And it's not just wage earners who make such a calculation. It can have a chilling effect on entrepreneurship or starting a small business, activities that can generate more jobs for others.

Except it didn’t in the case of Obama’s tax increases. And Trump’s corporate tax cuts were used for stock buy backs.

If corporations don't have good productive uses in which to invest excess funds for growth, they should return them to the owners via either stock buybacks or special dividends/dividend increases.

By the way, stock buybacks aren't different economically from dividend increases. Many companies, especially larger ones with broad access to capital markets, would rather do buybacks than dividend increases because investors really dislike dividend decreases that inevitably follow when companies do have good uses for excess funds. Smaller companies are more wary of stock buybacks because there are often poor market times for them to raise more capital when they need it.

Please, even Trump was not happy with the stock buybacks.

I predicted this would happen. I think I even started a thread about it. I've worked in the corporate world for 20 years, and saw this happen time and again.

https://www.reuters.com/article/business/trump-slams-companies-for-using-us-tax-credit-to-buy-back-stocks-idUSKBN2173HX/

"I never liked stock buybacks from their standpoint. When we did a big tax cut, and when they took the money and did buybacks, that's not building a hangar, that's not buying aircraft, that is not doing the kind of things that I want them to do," he said.

Trump said on Friday that restrictions were not placed on companies at the time because "we thought they would have known better but they didn't know better."
"I am fine with restricting buybacks," Trump added. "In fact, I would demand that there be no stock buybacks. I don't want them taking hundreds of millions of dollars and buying back their stock because that does nothing," he said.

Trump didn't realize this would happen because he has zero experience with corporate America. He wanted the corporate tax cuts because it was self serving.

Some corporates saw no good opportunities for investing the funds. But many others did and did not do stock buybacks, using the funds instead to expand their business, pay higher wages, and invest in productivity.

What we do know about increases in corporate tax rates is that they pass the costs along to their customers, fire employees or pay them less or move operations to a more tax friendly jurisdiction.

Well, "some" corporations didn't even hire more people with the tax cuts. The only thing those tax cuts did was enrich the shareholders, not increase wages or create more jobs which Trump promised it would do.

Corporations already fire Americans and move the jobs offshore because the wages are cheaper. That's call capitalism. MAGA /s

[Anonymous]

Anonymous wrote:This is what is wrong, IMO. DH and I are taxed out of half of our paychecks, while billionaires pay nothing! This is how, no matter the party, they screw us in the middle. Half of my paycheck is going to taxes, and no, it is not ok when the millionaires and billionaires pay nothing.
And then, I had to pay full in-state tuition for my kids, who did not even qualify for any aid from BCS. We don't earn that little, but we sure could not afford full rides, either. If my kids were allowed to take student loans, they would have been forgiven now. But they were not allowed to have that option.
No, it is not better for me under republicans because it is all the same for me, no relief ever. I don't qualify for any housing aid, meal programs, or student financial aid, but I sure can't afford an SFH that is the median price for the DMV.

what school is BCS?

[Anonymous]

We all already pay a lot in taxes. I don’t think throwing more money at the problem is going to solve anything. It’s less of “I don’t want to pay it” and more of “prove to me that you’ll do any good with it.”

Because I don’t think they will or they can.

[Anonymous]

Anonymous wrote:We all already pay a lot in taxes. I don’t think throwing more money at the problem is going to solve anything. It’s less of “I don’t want to pay it” and more of “prove to me that you’ll do any good with it.”

Because I don’t think they will or they can.

Truth is everybody can probably cut 10-20% of the federal budget but it would be a different 10-20%— DOD vs Ag subsidies vs healthcare vs veterans etc.

[Anonymous]

Anonymous wrote:We all already pay a lot in taxes. I don’t think throwing more money at the problem is going to solve anything. It’s less of “I don’t want to pay it” and more of “prove to me that you’ll do any good with it.”

Because I don’t think they will or they can.

Do you make more or less than $400K?

Do you understand that the tax increases on those over 400K are meant to offset Trump’s expiring tax cuts in the middle class? Because if you don’t understand that, then you really have no right posting that last sentence.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We all already pay a lot in taxes. I don’t think throwing more money at the problem is going to solve anything. It’s less of “I don’t want to pay it” and more of “prove to me that you’ll do any good with it.”

Because I don’t think they will or they can.

Do you make more or less than $400K?

Do you understand that the tax increases on those over 400K are meant to offset Trump’s expiring tax cuts in the middle class? Because if you don’t understand that, then you really have no right posting that last sentence.

The bolded makes zero sense.

If the tax cuts are expiring, taxes there are going up which means there is nothing to offset.

That means that if you don't understand that, you have no right posting anything.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We all already pay a lot in taxes. I don’t think throwing more money at the problem is going to solve anything. It’s less of “I don’t want to pay it” and more of “prove to me that you’ll do any good with it.”

Because I don’t think they will or they can.

Do you make more or less than $400K?

Do you understand that the tax increases on those over 400K are meant to offset Trump’s expiring tax cuts in the middle class? Because if you don’t understand that, then you really have no right posting that last sentence.

I’ve read the documents. I disagree with the statement that the increases are meant to offset anything. That simply is untrue.

It doesn’t matter how much money I make. Poor tax policy is poor tax policy.

[Anonymous]

Why do millionaires get taxed the same as billionaires, when the difference between a million and a billion dollars is A BILLION DOLLARS

[Anonymous]

Anonymous wrote:Why do millionaires get taxed the same as billionaires, when the difference between a million and a billion dollars is A BILLION DOLLARS

Because there are a lot more millionaires

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We all already pay a lot in taxes. I don’t think throwing more money at the problem is going to solve anything. It’s less of “I don’t want to pay it” and more of “prove to me that you’ll do any good with it.”

Because I don’t think they will or they can.

Do you make more or less than $400K?

Do you understand that the tax increases on those over 400K are meant to offset Trump’s expiring tax cuts in the middle class? Because if you don’t understand that, then you really have no right posting that last sentence.

The bolded makes zero sense.

If the tax cuts are expiring, taxes there are going up which means there is nothing to offset.

That means that if you don't understand that, you have no right posting anything.

The tax increases on high earners are meant to offset revenue to make the cuts on the middle class permanent, rather than allow them to expire.

Haven’t you read the proposal? The basis in this discussion is that you have read the proposal.

The alternative is to either (1) let the tax cuts on the middle class expire, (2) increase the deficit or (3) cut spending by trillions (which means cutting a lot more than “free handouts”).