Slate "Tax Cuts Are For Winners" (good read, depressing of course)
https://slate.com/business/2017/12/the-republican-tax-bill-is-for-winners.htmlBy Jordan Weissmann
Donald Trump, as we all know, loves winners and hates losers. So it’s only fitting that the tax plan he now seems likely to sign by Christmas will mostly help the same people and companies who have been winning the U.S. economy for decades.
It’s not just that the Republican bill that the Senate passed early Saturday morning disproportionately benefits the rich—though it does. The issue is more specific. The tale of America’s increasingly polarized economy is complicated. But you can trace its most recent chapter with a very simple line. Since the turn of the century, the share of our national output going to workers in the form of wages has been falling while the share benefitting investors and business owners as profit has risen. Economists are still trying to understand the forces behind this trend, which is happening worldwide. But one thing is clear: Labor is the loser, and capital is the winner.
Now consider the giant corporate tax cut that anchors the entire Republican plan. Both the House and Senate bills would lower the corporate rate from 35 percent to 20 percent. (Though Trump himself now says that number could change slightly once the two chambers merge their legislation before a final vote.) This is supposedly meant to encourage investment in the United States by making it more profitable to do business here, eventually leading to more growth and higher wages for workers as companies plunk more money into their operations. If that were to happen, some economists believe it could help labor reclaim more of the economic pie, as talented employees would be in higher demand. But it’s hard to put much faith that story given that we’ve been stuck in an investment drought, even though corporate profits have been going gangbusters for years.
What have companies done with their money rather than invest? They’ve lavished it on their shareholders via dividends and share buybacks.
(snip - further down, one key sentence)
New York University law professor Daniel Shaviro has argued that it “might end up being the single worst structural change in the history of the U.S. federal income tax.”
snip - this long read is worthwhile. And very angering.
= new reply since forum marked as read
Last edited Mon Dec 4, 2017, 06:36 PM - Edit history (1)
I was part of the Not One Penny nationwide phone call today and you are doing what Ben said we all need to do. The bill is not a win, it is a disaster and we can stop it. There are still a few weeks left and the three things we must do...
1. Attend protests, town halls, etc and make sure the media is there, no matter how big or small it is. The media has been absent due to the non stop distractions. There are many important issues but this is our BIGGEST PRIORITY for the next few weeks.
2. Keep up the CALLS. They started late but eventually their staffers were busy ...call, tell your family and friends in other states to call too. (202)224-3131
https://www.trumptaxscam.org/
3. Social media is crucial. Retweet and share whatever you can. Send it to the media. Events, town halls, protests are occurring and over 100 are planned for this week alone. Bernie, Cory Booker, Indivisible, MoveOn have been going to Kentucky, Ohio and PA all weekend.
New info is already coming out. One new fact since the Fri vote is that there will be 1/2 trillion more dollars added to the deficit. 28% of Americans approve of the Tax Scam. This week Ryan will appoint Repub to his closed door "conference committee" and then we can target those reps. The house and senate have to "negotiate a compromise". What they voted on is different in each chamber. For now we know of 28 Rep congressmen who voted against one of the two bills/plans. We need to flip 23 of them. The Senate will need to be PRESSURED NON STOP...this means calling the 9 senators that were wavering. If we get Alabama we only need two more senators with Corker. This would be great. Also there is the threat of a govt shutdown by Fri., Dec. 8th.
We have been the catalysts of the grass roots efforts for a year and have stopped major legislation. We have a few more weeks until the holidays. After that we have to spread the word about what the GOP has done to the stability and future of our country with this tax cut for the rich and they are taking money from the sick and poor which will bankrupt millions and take over 13 million off of health care. Meanwhile tax cuts for multi million dollar corporations will not be trickling down at all and never will. The bill ensures that the country will be taxed more over the next 10 year (but not the corporations...you and me are paying).
Call (202)224-3121
We must HAMMER them on this bill. Put the pressure on these greedy, cruel bastards and DO NOT STOP! 