Republican tax cut will not trickle down

Discussion in 'Politics' started by rightwinger, Dec 4, 2017.

  1. rightwinger
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    rightwinger Award Winning USMB Paid Messageboard Poster Gold Supporting Member Supporting Member

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    The Republican tax cuts won't trickle down, CEO writes in scathing op-ed

    It's not a surprise to Todd Carmichael, co-founder and CEO of La Colombe Coffee Roasters in Philadelphia.

    "I can tell you what no other CEO wants to tell you," Carmichael writes in an op-ed in The Philadelphia Inquirer: "A half-trillion dollars of corporate tax giveaways proposed by the GOP aren't going to do a thing for the middle class, or create a single job. Because what every CEO knows but won't tell you is this: A tax break for their company simply means a fatter bottom line. Not jobs. Not investment." CEOs have "a powerful fiduciary duty to return all profits to shareholders — not to the employees, or the suppliers, or the community and certainly not to the unemployed or left behind," he explained. "Profit goes to shareholders (and the CEO) and not to the employees."


    Just like when we cut taxes before. Cut taxes on the wealthy........and they just keep it
     
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  2. rightwinger
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    La Colombe founder: What every CEO knows but won't tell you about the proposed tax bill | Opinion

    Congressional Republicans have taken great pains to spin their tax scheme as great for the middle class, but a few marginal changes don’t change the fact that their plan is fundamentally a massive giveaway to the wealthy at the expense of the middle class.” And every CEO knows he’s right.

    Congress is working on a bill with the goal of “tax reform” and “stimulating the economy,” with the half-trillion in corporate tax giveaways, most of which is shouldered on the middle class, whose taxes will go up. The wealthy and corporations that will benefit most from this “reform” neither need nor require it.


    This “stimulus” clearly falls within the sort of cuts one might expect when the economy needs to be goosed — typically when investment cash supply is low, when interest rates are high, or the stock market is slumping or even tumbling.
     
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  3. midcan5
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    midcan5 liberal / progressive

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  4. Valerie
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    Valerie Gold Member

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  5. Winston
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    Let's fast forward to 2027. At that time almost every middle income household will be facing a HIGHER tax bill than they would be facing if we did absolutely nothing. But foreign holders of US stocks will be taking home, which by definition means taking OUT OF THE COUNTRY, an additional 22 BILLION dollars a year.

    Tell me, how do you spin that as putting America first? Tell me, how does that "make America great again"?

    Or this. The top one percent will get a tax cut that is greater than 70% of American's TOTAL YEARLY INCOME. They do nothing extra. They don't work any additional hours. They don't make any additional investments. Nothing. Not a damn thing. But, with the stroke of Trump's pen, they get the same amount of EXTRA MONEY, FREE MONEY, that almost three fourths of Americans get by getting up every damn morning and busting their ass all day.

    It's insulting, seriously insulting. And here is the real deal. CEO's have already told us they will not "invest" that money. Hell, already they are either stock piling cash, buying back their stock, or distributing dividends. That is a clear indication that there are no acceptable capital investments available. Tax cuts are not going to change that dynamic, not one little bit.

    We won't get more investment. We won't get more jobs. What we will get more of is RENT SEEKING. And rent seeking does not expand the economy. It is a drag on the economy. It results in misallocation of resources. This tax reform is the very definition of pissing in the wind when it comes to boosting the economy.
     
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  6. danielpalos
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    danielpalos Gold Member

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    Time for a fifteen dollar an hour minimum wage.
     
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    Blackrook Gold Member

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    Democrats always oppose tax cuts, that's why I don't vote for them.
     
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  8. BluesLegend
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    And the shareholders are...wait for it...the middle class 401k's and pension funds. lmao :laugh:
     
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  9. Norman
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    They are not supposed to trickle down. They directly increase America's prosperity.

    Maybe even Matthew, Rightwinger and Nat will get a job now!
     
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  10. Anathema
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    Anathema Crotchety Olde Man

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    That's fine by me. So long as the Government ends up with less money and a higher percentage of it comes from the poor, I'm fine with that.
     
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