Psaki: ‘Unfair and Absurd’ To Say Companies Would Raise Prices in Response to Tax Increases

[lantern2814]

The wealth of the middle class is declining - biggly. A successful first world economy is dependent on a thriving and healthy middle class. The American middle class was built by unions. Reagan's destruction of the unions was just the first step in Republican dismantling of the New Deal, that had made the US economy the most powerful and richest in the world.

Why the middle class is shrinking

Fewer millennials in 2019 are middle class compared to baby boomers when they were in their 20s.

www.marketwatch.com

The American Middle Class Is No Longer the World’s Richest (Published 2014)

After three decades of slow growth, middle-class incomes in the U.S. appear to trail those of Canada. Poor Americans now make less than the poor in several other countries.

www.nytimes.com

Michael Farr: The problem with the U.S. economy is there are too many poor people

It's easy to hate the rich for all that they have and all that you don't, but the rich aren't the problem.

www.cnbc.com

We Killed the Middle Class. Here’s How We Can Revive It.

By helping one another reach our full potential, we’ll help the whole country get its swagger back.

www.theatlantic.com

Congratulations. Republican policies have returned the US tax code to the Guilded Age. Wages as a percentage of costs are now the lowest they've been since the day of the Robber Barons.

For most U.S. workers, real wages have barely budged in decades

Despite some ups and downs over the past several decades, today's real average wage in the U.S. has about the same purchasing power it did 40 years ago. And most of what wage gains there have been have flowed to the highest-paid tier of workers.

www.pewresearch.org

The Top 1% of Americans Have Taken $50 Trillion From the Bottom 90%—And That's Made the U.S. Less Secure

A report shows that a $50 trillion redistribution of income to benefit the richest has made America less healthy, resilient, and secure

time.com

Real income for the middle class increased under Trump. Since you lie and don’t pay attention to reality, Xiden’s record inflation has a lot to do with how much money needs to be spent on necessary goods. CNBC, the Atlantic, NY Slimes? Find real sources not opinion pieces from the I Hate Trump crowd.

 

[Care4all]

Cut their taxes and the invest the money in their company so they can make more money. Hiring mre workers and generating economic growth. Worked when Kennedy Reagan Bush and Trump did it. That’s a fact no matter what your leftists sources tell you.

But the corporations did NOT DO THAT, LofL!

I've posted a link, we have facts before our eyes....The corps did NONE of the things that the administration and Rs claimed they would!

One of the claims was that their tax cut would trickle down to us citizens and put an extra $4000 to $9000 raise in to the average family yearly income. ZIP of that happened!

They didn't grow their businesses either, with the tax break.... They didn't need to use the tax break for that....MONEY was very very cheap, almost zero percent, to borrow it, and many of the corps were already sitting on tons of cash....to use, to expand, if demand warranted.

Trump’s Corporate Tax Cut Is Not Trickling Down

Business investment is slowing, despite lofty promises, and worker bonuses were a mirage.

www.americanprogress.org

 

[lantern2814]

We brought the corporate tax rate down from a 35% tax rate to a 21% tax rate when corporations were ALREADY doing fantastic and were hot, hot, hot....the stock market was booming.

Not a dime of that yearly tax cut went to consumers, year after year after year since the 2017 tax cut passed.

It's time to stop repeating the Big Corporation bull crud propaganda. Just stop!

You need to just shut up. You’re embarrassing yourself with your stupidity on economics. That tax cut went to consumers in the form of more jobs. Tell them you want to take away their job. The lowering of the corporate tax rate brought us in line with the rest of the world. Why do you want China to get jobs Americans should have? Why do you want to chase companies out of the country?

 

[skye]

what a witch....never gets tired of parroting lies

 

[rightwinger]

No they really didn’t. Why is it you’re too stupid to follow what happened in the last few years. Trump lowered taxes and fees, unemployment drops to as close to zero as possible. Highest employment numbers in history. Yet you think raising the taxes and fees is somehow going to get the same result?

Why we can’t have Republicans lead the country

They have no clue about how economics works

 

[Nostra]

But the corporations did NOT DO THAT, LofL!

I've posted a link, we have facts before our eyes....The corps did NONE of the things that the administration and Rs claimed they would!

One of the claims was that their tax cut would trickle down to us citizens and put an extra $4000 to $9000 raise in to the average family yearly income. ZIP of that happened!

They didn't grow their businesses either, with the tax break.... They didn't need to use the tax break for that....MONEY was very very cheap, almost zero percent, to borrow it, and many of the corps were already sitting on tons of cash....to use, to expand, if demand warranted.

Trump’s Corporate Tax Cut Is Not Trickling Down

Business investment is slowing, despite lofty promises, and worker bonuses were a mirage.

www.americanprogress.org

Americanprogress.org.

 

[lantern2814]

Corporations have been awash in cash since W cut taxes. They had no need for the tax cuts to pay down debt or invest in expansion. American corporations already had more cash than they needed BEFORE Trump cut taxes.

More Than 50 Major U.S. Corporations—Including Nike And FedEx—Paid No Federal Taxes Last Year

26 companies, reporting a combined $77 billion in pretax income over Trump's first three years in office, didn't pay any federal income tax during that time.

www.forbes.com

KEY FACTS: HOW CORPORATIONS ARE SPENDING THEIR TRUMP TAX CUTS - Americans For Tax Fairness

Claims that corporations are sharing a big slice of their huge Trump tax cuts with employees through bonuses and wage hikes are mostly hype, the “Trump Tax Cut Truths” website of Americans for Tax Fairness (ATF) has determined. Following are key facts gleaned from the data.All data are estimates...

americansfortaxfairness.org

Fewer than 2% of American workers got a one-time bonus averaging $1000. Wages rose by 1.6% on average. Barely enough to cover inflation, in 2018. Since then the wage gap between rich and poor has accelerated at its fastest rate in history.

State of Working America Wages 2019: A story of slow, uneven, and unequal wage growth over the last 40 years

Rising wage inequality and slow and uneven hourly wage growth for the vast majority of workers have been defining features of the U.S. labor market for the last four decades, despite steady (if too slow) productivity growth. In only 10 of the last 40 years did most workers see any consistent...

www.epi.org

The tax cut was used primarily for share buy-backs, not increased dividends. And increased dividends do nothing to help the workers at all. Dividends pay the shareholders - 80% of whom are the wealthiest corporations and individuals in the USA. The tax cut allowed these corporations to buy back the shares of smaller minority shareholders in the corporations, further concentrating the wealth of the nation in the top 10% of Americans, and reducing public participation in the markets.

2018 saw the highest level of stock buy-backs in American history. 2019 saw that record shattered. Buy-backs do NOTHING for the workers, but they do increase the value of the remaining shares. Even Warren Buffet, who actively opposes buy-backs as counter-productive, bought back Berkshire Hathaway shares because he had too damn much cash from the tax cuts, and nowhere to realistically invest it.

The whole point of the 2017 tax cuts were to increase job creation and to help the workers, according to President Trump. Everybody was going to get a $4000 raise from the tax cuts. He lied.

Why Stock Buybacks Are Dangerous for the Economy

Even as the United States continues to experience its longest economic expansion since World War II, concern is growing that soaring corporate debt will make the economy susceptible to a contraction that could get out of control. The root cause of this concern is the trillions of dollars that...

hbr.org

Companies Buying Back Their Stock At Pre-Pandemic Levels—A Sign Of Economic Optimism

Companies in the U.S. are sitting on a mountain of cash and eager to buy back shares

www.forbes.com

Company stock buybacks are on track to hit a record $1 trillion amid ongoing economic recovery

Leading the charge in share repurchases is Apple's $90 billion stock buyback program announced earlier this year.

markets.businessinsider.com

Hey dummy, getting a job have that worker a lot more than $4000 that year. The tax savings for individuals on top of that gave them more money to spend in the community.

 

[Care4all]

Real income for the middle class increased under Trump. Since you lie and don’t pay attention to reality, Xiden’s record inflation has a lot to do with how much money needs to be spent on necessary goods. CNBC, the Atlantic, NY Slimes? Find real sources not opinion pieces from the I Hate Trump crowd.

Inflation rise began under president Trump, in 2020, and it looks like there is no way to stop that freight train! At least not for now!

 

[dblack]

And all 43 Biden supporters nod in agreement.

Psaki: 'Unfair and Absurd' To Say Companies Would Raise Prices in Response to Tax Increases

White House press secretary Jen Psaki on Monday defended House Democrats' tax plan in the face of criticism that the legislation would see taxes and consumer prices rise for many Americans. Psaki insisted President Joe Biden is committed to keeping taxes the same for anyone making less than...

freebeacon.com

That's hilarious. It's like she thinks the only reason they'd raise prices is out of spite.

 

[Care4all]

Americanprogress.org.

Just read it, and follow the links, or research it yourself, which is what I would do if the link was iffy to me. Don't be a lazy twerp!

 

[Turtlesoup]

Gee…..did they drop prices when Trump cut their taxes by 40 percent?

No, but under Trump things were affordable--------they aren't now and will only get very much worse thanks to Biden. If you are struggling now financially, you are going to be in a world of hurt here shortly.

 

[Nostra]

Just read it, and follow the links, or research it yourself, which is what I would do if the link was iffy to me. Don't be a lazy twerp!

Board of Directors​

John Podesta, Chair
Stacey Abrams
Julián Castro
Steve Daetz
Sen. Tom Daschle
Patrick Gaspard
Andrew Hauptman
Eric Mindich
Kristin Mugford
Donald Sussman
Hansjörg Wyss

 

[Nostra]

Just read it, and follow the links, or research it yourself, which is what I would do if the link was iffy to me. Don't be a lazy twerp!

Build Back Better Agenda

www.americanprogress.org

 

[g5000]

Heck why not increase tariffs based on that so-called logic and figure importers won't pass along that cost either.

my2¢ wins!​

 

[Care4all]

You need to just shut up. You’re embarrassing yourself with your stupidity on economics. That tax cut went to consumers in the form of more jobs. Tell them you want to take away their job. The lowering of the corporate tax rate brought us in line with the rest of the world. Why do you want China to get jobs Americans should have? Why do you want to chase companies out of the country?

No it didn't.

Where have you gotten that lie from? Only 20% went to some kind of physical improvement for the company, and the other 80% went towards stock buy backs and dividends that went to or benefitted their primarily wealthier investors.

 

[Missouri_Mike]

Why we can’t have Republicans lead the country

They have no clue about how economics works

Maybe you could explain how saving up and starting a business is more successful if you pay massive taxes. Like there’s no Better way to become profitable than sending most of your earnings to the government.

Simple math would do you a world of good. You should spend some time learning that.

 

[basquebromance]

The worst thing about Dems' raising taxes is that then Republicans will waste more campaigns running to cut taxes.

people need to learn the issues that propelled a ridiculous oaf to the White House. (It wasn't tax cuts.) the trump CAMPAIGN was brilliant, finally offering voters a basket of issues we'd never been able to vote on before (IMMIGRATION, trade, and no more wars).

 

[LAUGHatLEFTISTS]

But the corporations did NOT DO THAT, LofL!

I've posted a link, we have facts before our eyes....The corps did NONE of the things that the administration and Rs claimed they would!

One of the claims was that their tax cut would trickle down to us citizens and put an extra $4000 to $9000 raise in to the average family yearly income. ZIP of that happened!

They didn't grow their businesses either, with the tax break.... They didn't need to use the tax break for that....MONEY was very very cheap, almost zero percent, to borrow it, and many of the corps were already sitting on tons of cash....to use, to expand, if demand warranted.

Trump’s Corporate Tax Cut Is Not Trickling Down

Business investment is slowing, despite lofty promises, and worker bonuses were a mirage.

www.americanprogress.org

You post a link from americanprogress.org and claim you have facts. Laughable and sad at the same time.

 

[Blues Man]

Really?
What health insurance did you have that was trashed?

I had a catastrophic injury/illness policy with a 2500 deductible.

Now I have to have a policy that covers all kinds of shit I don't want, don't need and won't use that costs me more than my old one

 

[22lcidw]

Why we can’t have Republicans lead the country

They have no clue about how economics works

Consumers do. And Progs love dem some massive programs and inflation. This is all on dem.