Posted on Apr 8, 2021
Study Finds Trump Tax Cuts Failed to Do Anything But Give Rich People Money
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Funny that final analysis is that all along the plan was to give money to businesses, not American public as promised. And now the right balks at a plan that will help all Americans, right and left.
Study Finds Trump Tax Cuts Failed to Do Anything But Give Rich People Money
Posted from nymag.com
Economy
Taxes
Posted >1 y ago
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We live in a dynastic oligarchy made up of some 47 super rich kings and some 130 billionaire princes who rule for the most part and own the main stream news media.
The richest one tenth of one percent of Americans own 17% of stocks
The richest 1% own 50% of stocks
The bottom 50% own 0.7% of stocks
From 1979 to 2019:
• wages for the top 0.1% grew more than twice as fastThe top 1.0% saw their wages grow by 160.3%; and
• In contrast, those in the bottom 90% had annual wages grow by 26.0% .
If worker compensation had kept up with productivity gains since 1968, the current minimum wage would be more than $24.00 an hour.
The richest one tenth of one percent of Americans own 17% of stocks
The richest 1% own 50% of stocks
The bottom 50% own 0.7% of stocks
From 1979 to 2019:
• wages for the top 0.1% grew more than twice as fastThe top 1.0% saw their wages grow by 160.3%; and
• In contrast, those in the bottom 90% had annual wages grow by 26.0% .
If worker compensation had kept up with productivity gains since 1968, the current minimum wage would be more than $24.00 an hour.
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This is what I know. I know that my disposable income and the money for and from my investment portfolio grew faster than inflation Under President Trump, including during the COVID dilemma. That is not true for any of the time under the Obama administration. And so far, it isn't looking good under the Biden administration.
Same Farm, Same side hustles.
Same Farm, Same side hustles.
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SPC Erich Guenther
That and nobody in business or economics takes the Congressional Research Service as a serious non-biased source in any budget or financial projection. I worked in support of the GM Economics Staff for 3.5 years in the 1990's and they never used any of the Congressional arms to detail impacts of policy or Economics because the track record of them was so bad and largely supported whichever was the dominant political party at the time. You will never see Economists from any Central Bank quote them and you will never see any Major Business quote them.
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A) This article is exceptionally dated and looked at a whopping 1 YEAR of data. It does not look at long term impacts, and says so itself.
B) Unemployment prior to the pandemic was at 3.5% - the lowest since 1969. I would say that a whole LOT of people who were suddenly able to find jobs benefited.
C) Since these tax cuts, I have had 5 different employers (I often work 2 part time jobs at a time for increased flexibility over 1 full time job - I'm retired, I don't need benefits). Every single one has either given me a raise, given EVERYONE a raise, or increased their starting wage. Every single one. 4 small businesses, 1 government.
D) Since these tax cuts, my wife has had 2 different employers. Both have given her a raise. One gave EVERYONE a raise in late 2018. 1 small business (gave everyone a raise) 1 BIG business.
E) Both my bank AND my insurance company gave me (the customer!) a bonus in 2018 and 2019 due to increased profits.
F) 2 of my 3 employers gave me an end-of-year bonus. (2 I was not working for at end-of year. the other was a government job.)
G) Both of my wife's employers gave her an end-of-year bonus
H) NONE of those employers had a habit of giving bonuses.
Yes, C-H are highly anecdotal. But even my highly anecdotal evidence completely destroys the headline. The Trump tax cuts did SOMETHING more than just give rich people money. It helped AT LEAST two working class people. Which is more than NOTHING.
And I do not balk at helping all Americans, right and left. I balk at HOW we are "helping all Americans." The Coronavirus relief bill was MASSIVE pork funneled to pet projects and districts, most of which had nothing to do with ACTUAL cornavirus efforts.
I have not dived FULLY into the current infrastructure bill / plans, but a LOT of it, from what I have seen, is a solution looking for a problem. When we are "building infrastructure" by investing in DESTROYING highways, we have a problem.
I also balk at the price tag for these measures, and the proposals to pay for them. Increasing taxes on the rich works, to a point. But only to a point. It is a law of diminishing returns. I fully support everyone paying a "fair share" of taxes. What you and I consider "fair" may differ, but that is not even what is being debated. What is being debated is not everyone paying a "fair share" it is targeted increases on specific folks.
If you want to make the rich pay their "fair share" and you don't think that their current share is enough, DON'T raise taxes. Close loopholes. A lot of people complain about "effective tax rate." Well... get rid of the loopholes to make the effective rate a lot closer to the actual rate.
And finally, if you want to create a MASSIVE spending package to "help all Americans, right and left," then make ALL Americans pay for it. Even the poor. If it is TRULY to help everyone, and you believe everyone WANTS the help... make everyone put some skin in the game.
B) Unemployment prior to the pandemic was at 3.5% - the lowest since 1969. I would say that a whole LOT of people who were suddenly able to find jobs benefited.
C) Since these tax cuts, I have had 5 different employers (I often work 2 part time jobs at a time for increased flexibility over 1 full time job - I'm retired, I don't need benefits). Every single one has either given me a raise, given EVERYONE a raise, or increased their starting wage. Every single one. 4 small businesses, 1 government.
D) Since these tax cuts, my wife has had 2 different employers. Both have given her a raise. One gave EVERYONE a raise in late 2018. 1 small business (gave everyone a raise) 1 BIG business.
E) Both my bank AND my insurance company gave me (the customer!) a bonus in 2018 and 2019 due to increased profits.
F) 2 of my 3 employers gave me an end-of-year bonus. (2 I was not working for at end-of year. the other was a government job.)
G) Both of my wife's employers gave her an end-of-year bonus
H) NONE of those employers had a habit of giving bonuses.
Yes, C-H are highly anecdotal. But even my highly anecdotal evidence completely destroys the headline. The Trump tax cuts did SOMETHING more than just give rich people money. It helped AT LEAST two working class people. Which is more than NOTHING.
And I do not balk at helping all Americans, right and left. I balk at HOW we are "helping all Americans." The Coronavirus relief bill was MASSIVE pork funneled to pet projects and districts, most of which had nothing to do with ACTUAL cornavirus efforts.
I have not dived FULLY into the current infrastructure bill / plans, but a LOT of it, from what I have seen, is a solution looking for a problem. When we are "building infrastructure" by investing in DESTROYING highways, we have a problem.
I also balk at the price tag for these measures, and the proposals to pay for them. Increasing taxes on the rich works, to a point. But only to a point. It is a law of diminishing returns. I fully support everyone paying a "fair share" of taxes. What you and I consider "fair" may differ, but that is not even what is being debated. What is being debated is not everyone paying a "fair share" it is targeted increases on specific folks.
If you want to make the rich pay their "fair share" and you don't think that their current share is enough, DON'T raise taxes. Close loopholes. A lot of people complain about "effective tax rate." Well... get rid of the loopholes to make the effective rate a lot closer to the actual rate.
And finally, if you want to create a MASSIVE spending package to "help all Americans, right and left," then make ALL Americans pay for it. Even the poor. If it is TRULY to help everyone, and you believe everyone WANTS the help... make everyone put some skin in the game.
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