Repub Party

JC29856 said:

The Juggler said:

I would love to see Trump attempt to explain this bill in an interview with an actual reporter..........oh wait, he hasn't done one of those since he couldn't handle John Dickerson's questions and walked away from him 7 months ago:

https://www.youtube.com/watch?v=vqt164_Je00

Lindorff does a good job.
https://www.counterpunch.org/2017/12/20/the-big-lie-about-the-tax-bill-why-bosses-will-never-raise-wages/

And yet, I challenge anyone to find a serious discussion of this in the corporate media, where nobody is pointing out the reality that at no time in history have capitalists willingly parted with any of their profits to raise worker compensation unless forced to by worker demands, and nobody is pointing out that the claim that “tax cuts pay for themselves” was already tried and exposed as a fraud during the Reagan administration when it was known as “supply-side theory.”

There is going to be no gain in wages as a result of passage of this outrage of a tax “reform” bill. And that means it’s really all just a big wet-kiss transfer of public funds to the rich and one which, far from “paying for itself through new economic growth” as the Trump claim goes, will just end up adding another $1.5 trillion to the federal deficit, while further widening the nation’s unprecedented income chasm.

RunIntoTheRain said:

CM189191 said:

JC29856 said:

The Juggler said:

I would love to see Trump attempt to explain this bill in an interview with an actual reporter..........oh wait, he hasn't done one of those since he couldn't handle John Dickerson's questions and walked away from him 7 months ago:

https://www.youtube.com/watch?v=vqt164_Je00

Lindorff does a good job.
https://www.counterpunch.org/2017/12/20/the-big-lie-about-the-tax-bill-why-bosses-will-never-raise-wages/

And yet, I challenge anyone to find a serious discussion of this in the corporate media, where nobody is pointing out the reality that at no time in history have capitalists willingly parted with any of their profits to raise worker compensation unless forced to by worker demands, and nobody is pointing out that the claim that “tax cuts pay for themselves” was already tried and exposed as a fraud during the Reagan administration when it was known as “supply-side theory.”

There is going to be no gain in wages as a result of passage of this outrage of a tax “reform” bill. And that means it’s really all just a big wet-kiss transfer of public funds to the rich and one which, far from “paying for itself through new economic growth” as the Trump claim goes, will just end up adding another $1.5 trillion to the federal deficit, while further widening the nation’s unprecedented income chasm.

holy shit!

with the exception of your jab at corporate media, you actually said something sensible and reasonable

I guess even a broken clock is right twice a day

Those aren't @JC29856 's words. That's a quote from the article he linked. 

JC29856 said:

The Juggler said:

Shocking!

http://money.cnn.com/2017/12/19/investing/tax-plan-jobs-trump-ceo-yale-survey/index.html

CEOs may like the idea of a big tax cut for businesses, but that doesn't mean they'll use the savings to create American jobs.

Just 14% of CEOs surveyed by Yale University said their companies plan to make large, immediate capital investments in the United States if the tax overhaul passes. Capital investments, like building plants and upgrading equipment, can lead to hiring.

Only a slim majority of the CEOs, 55%, said the Republican tax package should be signed into law. The Yale CEO Summit surveyed 110 prominent business leaders of Fortune 500 and Fortune 50 companies last week.

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The findings, along with other surveys, suggest that the tax plan may not have the dramatic impact on jobs that President Trump and Republicans in Congress have promised.

Trump tweeted over the weekend that "TAX CUTS" will lead to "higher growth, higher wages, and more JOBS!" The GOP tax overhaul would slash the corporate tax rate from 35% to 21% and offer incentives for companies to bring foreign profits back home.

Jeffrey Sonnenfeld, who leads the Yale CEO Summit, said in an interview that it's "astounding" how few companies plan to reinvest their tax savings.

He called the idea of a jobs boom from the tax plan "a lot of smoke and mirrors," especially because the unemployment rate is just 4.1% and companies already have plenty of cash to make investments.

Sonnenfeld declined to name the CEOs who participated in the poll. He said it included "Trump supporters" and former members of the president's now-defunct advisory councils of business leaders.

Related: Why Wells Fargo could be one of tax plan's big winners

There are other signs that tax cuts may not spark a hiring boom. Just 43% of CEOs polled in November by the Business Roundtable, a powerful business lobby that has spent millions on ads championing tax reform, said they plan to ramp up hiring over the next six months. That was despite rising confidence that the Republican tax plan would be enacted.

And at The Wall Street Journal's CEO Council in November, only a few business leaders raised their hands when they were asked whether the tax plan would lead them to increase investment in the United States. Gary Cohn, Trump's top economic adviser, was surprised.

"Why aren't the other hands up?" he asked from on stage.

Wall Street expects companies will use a big chunk of the tax savings to reward shareholders with fatter dividends and stock buybacks, which makes stocks more attractive. That's one reason stocks have surged all year, putting the Dow in sight of 25,000.

"Markets just love it," Michael Block, chief market strategist at Rhino Trading Partners, wrote in a note on Tuesday.

He said it's "malarkey" to think that cutting corporate taxes will boost spending and wages.

"As we've seen in history, this doesn't raise wages," he wrote. "What it does lead to is richer shareholders."

In 2004, when Congress offered tax breaks for companies to bring foreign profits back home, businesses used much of their cash on share buybacks.

The Center on Budget and Policy Priorities later concluded that the 2004 tax holiday "did not produce the promised economic benefits" because companies mostly bought back stock instead of investing to grow their businesses.

Related: How much you will pay under GOP tax plan depends on a lot

Trump tweeted on Tuesday that "stocks and the economy have a long way to go after the Tax Cut Bill is totally understood and appreciated." Specifically, he said "immediate expensing will have a big impact."

Trump was referring to an element of the legislation that would allow businesses to immediately and fully expense most new capital investments. The provision, which would end after five years, should encourage companies to shell out money on new plants and equipment.

JPMorgan CEO Jamie Dimon, who chairs the Business Roundtable, recently predicted that tax reform will "lead to capital expenditures, productivity and wages," though he cautioned it may take time for workers to benefit.

One concern among the CEOs polled by Yale: the price of the GOP tax overhaul. The Joint Committee on Taxation, a nonpartisan scorekeeper for tax bills, estimates the legislation would add about $1 trillion to deficits even after accounting for projected additional economic growth.

Seventy-two percent of CEOs said it's "wrong" for the tax package to sizably add to America's mountain of debt.

AT&T excluded

Once tax reform is signed into law, AT&T* plans to invest an additional $1 billion in the United States in 2018 and pay a special $1,000 bonus to more than 200,000 AT&T U.S. employees — all union-represented, non-management and front-line managers. If the President signs the bill before Christmas, employees will receive the bonus over the holidays.

“Congress, working closely with the President, took a monumental step to bring taxes paid by U.S. businesses in line with the rest of the industrialized world,” said Randall Stephenson, AT&T chairman and CEO. “This tax reform will drive economic growth and create good-paying jobs. In fact, we will increase our U.S. investment and pay a special bonus to our U.S. employees.”

https://www.businesswire.com/news/home/20171220005943/en/Tax-Reform-ATT-Plans-Increase-U.S.-Capital