Corrected title: Now the GOP has accomplished massive tax reform

[Engineer]

Yep, the iinvestor class intends to thank the voters for some nice tax cuts with... robot cornholio! Never goes limp, gets tired or becomes disinterested, calls in sick or goes on vacation. No drug testing or health insurance, no employee handbooks, no nothing. It's a relentless pipe laying machine 24/7/365. No unemployment benefits, either. Just switch it off.

Like I said, automation will help automation companies (if from US) and will get a few more skilled (very skilled) automation techs jobs but it will eliminate the the better paying jobs for those that are in the lower and lower middle classes and trying to move up. Also, one reason that automation techs are becoming harder and harder to find is because there are fewer operators that move up to techs. Same with machinists, tool makers, etc. At one time, many from the factory floor went from operator to training programs in house to learn these trades. Now, with lower pay and fewer jobs, the pool of people for this training has dropped....not just quantity of people but quality of people as companies shift from permanent hires to temporary staffing services (rampant right now with a high amount of turnover).

 

[K1052]

Moron is on twitter this morning attacking Corker, who has already sounded doubts about a tax proposal that adds to the deficit. Corker also chairs senate foreign relations that decides to approve his diplomatic noms or not.

That’s some good thinking.

 

[Jhhnn]

Was reading the 'Framework' for this tax 'reform' at Whitehouse.gov this morning and there is a consistent theme of 'simpler'. They remove individual exemptions to make the taxes simpler yet add other credits (fixed - not indexed for inflation - important to get those with dependents to pay more over time) which brings us right back to where we were in complexity (which, in today's taxes done on a PC, isn't). Also removing the tax brackets from 7 to 3 to make it 'simpler'. Again, why does that matter? It's all on software or tax tables so what difference in simplicity does that make?

Anyone who works through the numbers and looks at what's going to happen over time will realize that this is a slow tax hike on the middle and lower classes and a giant instant cut on those at the top or corporations. I'm at the point I'm not going to spend my time worrying about whether the top gets a cut because they will get it regardless of my opinion. However, I won't sit idly by and let them raise my and other lower and middle class family taxes in order to finance the massive tax cut at the top. To that point, I give Rand Paul some credit (and that's very rare - even though he's my senator).

It's the GOP class warfare version of being fiscally responsible. Somebody has to pay for govt. If it's not people who get the very most & who can most easily pay then it has to be somebody else...

 

[Engineer]

Moron is on twitter this morning attacking Corker, who has already sounded doubts about a tax proposal that adds to the deficit. Corker also chairs senate foreign relations that decides to approve his diplomatic noms or not.

That’s some good thinking.

Trump attacked Corker in a series of tweets Sunday, days after the Tennessee Republican made public comments criticizing him, prompting Corker to respond by tweeting an insult later in the morning calling the White House "an adult day care center."

https://twitter.com/SenBobCorker/status/917045348820049920

Edit: I don't know how to embed tweets....if that's even possible.

 

[Meghan54]

....not just quantity of people but quality of people as companies shift from permanent hires to temporary staffing services (rampant right now with a high amount of turnover).

Couldn't agree more with your post, esp. the part above. Seems most of the manufacturers around here (Anderson/Greenville, SC corridor) like keeping temps around for years. But who can blame them? The manufacturer is essentially free from having to provide those temps any benefits, paid days off, etc., etc.

Know of a few people who work at Electrolux in Anderson, for instance. There are temps who've been working at that plant for over 6 years....still temps.

 

[Engineer]

Couldn't agree more with your post, esp. the part above. Seems most of the manufacturers around here (Anderson/Greenville, SC corridor) like keeping temps around for years. But who can blame them? The manufacturer is essentially free from having to provide those temps any benefits, paid days off, etc., etc.

Know of a few people who work at Electrolux in Anderson, for instance. There are temps who've been working at that plant for over 6 years....still temps.

Some of the larger factories have offices for the temp service to set up shop, do interviewing and hire people. Toyota keeps people on temp service for up to two years before deciding to keep them or not.

 

[Jhhnn]

Couldn't agree more with your post, esp. the part above. Seems most of the manufacturers around here (Anderson/Greenville, SC corridor) like keeping temps around for years. But who can blame them? The manufacturer is essentially free from having to provide those temps any benefits, paid days off, etc., etc.

Know of a few people who work at Electrolux in Anderson, for instance. There are temps who've been working at that plant for over 6 years....still temps.

Some of the larger factories have offices for the temp service to set up shop, do interviewing and hire people. Toyota keeps people on temp service for up to two years before deciding to keep them or not.

Don't need no steenking Unions...

 

[Engineer]

Are we now doing dynamic scoring on your personal finances also when it comes to giving corporations tax breaks? Seems it's now assumed that the corporations will pass on large raises and better benefits from their generous tax cuts?

https://finance.yahoo.com/news/trump-enlist-truckers-help-sell-tax-plan-101131352.html

Trump’s broader claim is that other elements of his tax plan would create trucker boom times the likes of which we’ve never seen. Cutting corporate taxes would, in theory, generate more demand for goods that would move by — can you guess? Right. Truck. Truckers who file their taxes as so-called pass-through entities would benefit from lower rates for those types of businesses (though only if they made way more than the typical driver). Then there are family-owned trucking companies that would be spared the hardship of having to sell parts of their fleet to pay the dastardly estate tax when a principal owner dies. How many trucking families are worth more than $5.49 million — the value at which the federal estate tax kicks in — the White House doesn’t seem to know.

Kevin Hassett, chairman of the White House’s Council of Economic Advisers, gave a speech recently touting the many ways tax cuts can stimulate economic activity. He claimed tax reform along the lines of what Trump proposes could boost the typical family’s take-home pay by $4,000 a year. Expect this to become a Trump talking point.

So now, even though it's been shown that up to 30% may not even get a cut at all (rather a tax hike), somehow the typical family, is going to get $4,000 more in take home pay from a combination of their personal tax cuts as well as pay hikes, benefits, etc. from their employers because the employer received large cuts? Trickle down to the max.....

 

[fskimospy]

Are we now doing dynamic scoring on your personal finances also when it comes to giving corporations tax breaks? Seems it's now assumed that the corporations will pass on large raises and better benefits from their generous tax cuts?

https://finance.yahoo.com/news/trump-enlist-truckers-help-sell-tax-plan-101131352.html

So now, even though it's been shown that up to 30% may not even get a cut at all (rather a tax hike), somehow the typical family, is going to get $4,000 more in take home pay from a combination of their personal tax cuts as well as pay hikes, benefits, etc. from their employers because the employer received large cuts? Trickle down to the max.....

To give a clear idea of exactly what we are dealing with here the moron who thinks corporate tax cuts are going to workers instead of shareholders also wrote this book in 1999: Dow 36,000: The New Strategy for Profiting From the Coming Rise in the Stock Market

https://en.m.wikipedia.org/wiki/Dow_36,000

That’s Trump’s chairman of the council of economic advisors. He’s basically the Trump of economics in that he’s famous for making grandiose statements that turn out to be scams.

 

[Engineer]

T-Rump is spouting that this tax cut will make stocks jump by leaps and bounds. I suspect that the tax cut is already priced into stocks and the ole 'buy on the rumor, sell on the news' will be in effect here.

 

[K1052]

Coming up on mid-October and the budget resolution isn't even done yet and no actual legislation (that anybody knows of) has been written. All the various interests also haven't weighed in and a towering tsunami of lobbyists the likes of which has never been seen is expected to descend upon the capital. What could go wrong?

 

[Fanatical Meat]

Admittedly the full details are not out & it's being worked on but it's turning out to be what I spoke about earlier.
A 1% or maybe less off my taxes per year which is not a life changing amount but I get major changed in social security or Medicare which will be life changing amounts in 20 years.
Insulting to even have this offered they assume I'm a complete sucker.

 

[soundforbjt]

Dems need to borrow the repubs line of "It's Too Soon". The country has just made it back from the worst recession in decades, It's Too Soon to talk about tax cuts.

 

[Jhhnn]

Admittedly the full details are not out & it's being worked on but it's turning out to be what I spoke about earlier.
A 1% or maybe less off my taxes per year which is not a life changing amount but I get major changed in social security or Medicare which will be life changing amounts in 20 years.
Insulting to even have this offered they assume I'm a complete sucker.

It worked for Reagan & GWB.

 

[Jhhnn]

Are we now doing dynamic scoring on your personal finances also when it comes to giving corporations tax breaks? Seems it's now assumed that the corporations will pass on large raises and better benefits from their generous tax cuts?

https://finance.yahoo.com/news/trump-enlist-truckers-help-sell-tax-plan-101131352.html



So now, even though it's been shown that up to 30% may not even get a cut at all (rather a tax hike), somehow the typical family, is going to get $4,000 more in take home pay from a combination of their personal tax cuts as well as pay hikes, benefits, etc. from their employers because the employer received large cuts? Trickle down to the max.....

Gotta love it, particularly when we're on the cusp of self driving robot trucks...

 

[senseamp]

Ivanka is campaigning hard for estate tax cut for herself, Beavis, and Butthead once Donnie departs for the moron farm in the sky.

 

[Ajay]

Don't need no steenking Unions...

Excellent post after all the noise about how much better Toyota treated workers without a union. I guess they 'converted' to evil capitalism due to their US managers

 

[Engineer]

T-Rump now said to be rethinking his removal of state and local tax deductions from the 'reform' because it will hurt many in the middle class. No word on personal exemptions and the effect that it has on people with a few or more kids. Before this is all done, it will grow to such a large cut that it won't get through CONgress because of deficit concerns (almost a LOL). Who knew taxes could be so complicated. All cut and no reform?

 

[Fanatical Meat]

T-Rump now said to be rethinking his removal of state and local tax deductions from the 'reform' because it will hurt many in the middle class. No word on personal exemptions and the effect that it has on people with a few or more kids. Before this is all done, it will grow to such a large cut that it won't get through CONgress because of deficit concerns (almost a LOL). Who knew taxes could be so complicated. All cut and no reform?

Yup the 4K in average salary tax savings he touted yesterday would be delivered over a 8 year period. Not 4K per year for 8 years.
Basically $500 off per year.

 

[Engineer]

Yup the 4K in average salary tax savings he touted yesterday would be delivered over a 8 year period. Not 4K per year for 8 years.
Basically $500 off per year.

Heh....what a crock. Kevin Hassett said it was $4,000 per year.

 

[fskimospy]

Yup the 4K in average salary tax savings he touted yesterday would be delivered over a 8 year period. Not 4K per year for 8 years.
Basically $500 off per year.

And again is predicated on the idea that cutting corporate taxes will raise wages. The evidence strongly indicates that cutting corporate taxes increases dividends to shareholders, not wages to employees.

So his misleading statement is also based on bullshit economics.

 

[Fanatical Meat]

Heh....what a crock. Kevin Hassett said it was $4,000 per year.

Exactly
However I believe in the 4K per year formula they are using pay increases will rise because companies will bring foreign profits to the US. This could be true but I doubt it, calculations like that should be left out of the discussion unless it's fact and if it doesn't happen someone is accountable to make it happen.

 

[pad23amg]

T-Rump now said to be rethinking his removal of state and local tax deductions from the 'reform' because it will hurt many in the middle class. No word on personal exemptions and the effect that it has on people with a few or more kids. Before this is all done, it will grow to such a large cut that it won't get through CONgress because of deficit concerns (almost a LOL). Who knew taxes could be so complicated. All cut and no reform?

Tax reform is the most important thing we can do to restore confidence to this country, to get jobs and prosperity," House Speaker Paul Ryan said at a news conference Tuesday morning. There must be a way to claim the tax using the travel expense.
https://www.corenetworkz.com/2017/11/business-travel-expense-tax-claim.html
We can show the expense incurred during the business travel.

Well, giving Tax relaxation for companies as well as middle class individuals will surely affect the spending level in market and will gradually help the overall growth. Tax relaxation will encourage companies to generate more products in less cost thus increasing the job opportunity .

 

[fskimospy]

Well, giving Tax relaxation for companies as well as middle class individuals will surely affect the spending level in market and will gradually help the overall growth. Tax relaxation will encourage companies to generate more products in less cost thus increasing the job opportunity .

Tax cuts for middle class individuals could spur growth, although debt financed tax cuts at a time of near full employment will probably not be very effective long term. It is interesting to see conservatives embrace stimulative fiscal policy after the crisis has largely passed though. (I wonder what changed?)

Cutting taxes on corporate profits is unlikely to have much effect as those benefits accrue mostly to shareholders, who are generally rich people with a lower marginal propensity to consume.

 

[senseamp]

Labor cost is a tax deduction. Lowering the tax rate will make hiring people more expensive at the margin. Fortunately it will also provide companies with extra capital for spending on automation to get around this problem.