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It's all very taxing

Wednesday, June 19, 2024 8:02

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You probably already knew this, but I’m going to say it anyway. The Guardian does not understand ~~tax~~ anything

Trump’s 2017 tax cuts reduced the rate of corporate income taxes from 35% to 21%. That has cost America $1.3tn.

Well that’s one way of looking at it. Another, more accurate way to look at it, is that the American Government is not America, the American people are America

As corporate income taxes are paid by actual people, Trumps reduction has not cost America 1.3tn, but saved America 1.3tn

(And I think the 1.3tn figure is probably heavily inflated, but I can’t be bothered checking)

Those tax cuts, along with the tax cuts put in place by George W Bush, are the primary reason that the national debt is rising as a percentage of the economy.

Nope. Spending is the primary reason why the national debt is rising. Confiscating more of peoples incolme is not the solution to the national debt, stopping pissing the money you do get, right up the wall, probably is

What have corporations done with the money they have saved? They haven’t invested it or used it to raise wages. Nothing has trickled down to average workers.

Unfortunately, nobody working at the Gurdian and nobody who reads their toilet paper rag, is going to pull them up on this rather bare faced lie

It was widely publicised at the time of Trumps tax cuts, that many people working on low wages for large companies, got pay rises almost the next day. Though it’s very easy for left wing plant life to forget any facts they don’t agree with, almost as fast

A large portion has gone into stock buybacks. The year after the tax cut went into effect, corporations bought back a record $1tn of their shares. Buybacks do nothing for the economy but raise stock prices – and, not incidentally, CEO compensation, which is largely in shares of stock.

I’m not big on stock and shares, but I do know that a lot of average people invest in them, so an increase in value would be a worthwhile thing to many. If the above figure is true, it would give more value to people investing in shares and certainly would do something positive for the economy

But according to the left, shares are the sole domain of the rich, and therefore bad, unless…

Yet every one of the CEOs that Trump met with last week has been thriving under Biden. Corporate profits are way up. Stocks are at near record levels. Inflation has plummeted.

If stock levels rise (and corporate profits), that’s fine as long as it was on Bidens watch and not Trumps. And hasn’t inflation ‘plumeted’ from an unusually high level, also on Bidens watch?

In my experience, CEOs of large corporations are more practical than ideological. They’re coming around to Trump because they want even more tax cuts and regulatory rollbacks – which means even more money in their own pockets.

And the pockets of their employees and customers. The only way Biden would ever try to increase the earnings of low wage workers, would be to increase minimum wages, causing job losses and higher inflation. God forbid anyone try to actually leave more money in peoples pockets and spend less

If the Business Roundtable’s CEOs were honestly committed to all their stakeholders, they wouldn’t seek massive tax cuts.

That’s exactly what they would seek

If they cared about preserving American democracy, they wouldn’t support Trump or any Republican.

Voting for the person who best represents your interests, is what democracy is all about.

I have one question. If Trumps tax cuts are so bad, has Biden reversed them in the last four years? If not, surely you wouldn’t vote for him either, because of all the above

Source: http://fuelinjectedmoose.blogspot.com/2024/06/its-all-very-taxing.html

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