Trump Thread 2.0

[phillipj]

I'm willing to bet that any politician of any stipe thought it's a bad idea to tax a business at, let's say, net 39 percent in Michigan, when they can go a few miles away to Canada and pay 27 percent. This was not some visionary breakthrough by The Donald, he just happened to occupy the office.

Obama wanted to pass a corporate tax rate cut in 2014 before it was ever a "campaign promise" by Trump; he recognized it was long past due and it needed to be really large to be meaningful. However, his important question to the Council of Economic advisors was not "if", but "how" -- like in How do We pay for that? How can we lower the rate, in any way, but how can we also efficiently bring in revenue too?

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I think the more important question is how is it that the US has so many businesses and such a high corporate tax rate, but actually raises less % in corporate tax revenue than these other countries? How is that even possible?

We have so many damn loopholes that many of these largest corporations pay far less, or in too many cases, nothing at all. And what did President Trump and his Republican Controlled House and Senate do when they had the opportunity to close any of these tax loopholes in this massive Tax 'reform' bill?

Is Congratulations really in order? There's a lot more nuance to all this than just changing the official Number.

[phillipj]

I also believe that lowering the corporate tax rate to make it more in line with the rest of the developed world will help to stop corporations from moving headquarters and operations to foreign countries to save on paying taxes, this spurs investment in corporations that are located and taxed in America, which I think is a good thing.

It's important to note that Trump’s 2017 tax cut law mandated that from now on all American US Multinational Corporations would pay a 10.5% tax on profits booked offshore. Profits booked in the US went down to a rate of 21%. With all the creative accounting practices going on, what do you think this incentivizes? The law encourages firms to move profits to tax havens where they can pay half the onshore rate.

Seriously, the proof is in the pudding. When Trump slashed the corporate tax rate, revenues fell by 31% and 60 of the Fortune 500 paid no tax at all. These con-men told everyone these biggest companies would reinvest the bulk of the money they saved in tax cuts and a massive tax holiday back in the US economy, hiring workers, building new operations here, raising wages. Trickle Down theory. What really happened? They took their extra pools of cash to buy back their own stock shares!

[rhE-30]

Seems like the antifa thread is blocked so Ill post this here.

https://www.thedailybeast.com/andy-ngo-who-became-a-right-wing-star-leaves-quillette-after-incriminating-video-appears?via=rss

Remember Andy Ngo? Who was being a real victim after being punched at a protest. Here he is hanging with patriot prayer whilst activley planning for violence. Who would have thought. *sarcasm. I wonder if he reported this?

[saucers]

[phillipj]

This person is a complete moron

[Massive Lee]

[2mAn]

So glad John Bolton is out!...

[Massive Lee]

[Massive Lee]

I think I now understand the concept of "Make America great again".
Trump is gonna fire everyone he has hired, and when he will be the last one standing, he will most likely fire himself, or get impeached. That's how you "Make Murica great again"... ;-)
Good job Donnie.

[z31maniac]

It's important to note that Trump’s 2017 tax cut law mandated that from now on all American US Multinational Corporations would pay a 10.5% tax on profits booked offshore. Profits booked in the US went down to a rate of 21%. With all the creative accounting practices going on, what do you think this incentivizes? The law encourages firms to move profits to tax havens where they can pay half the onshore rate.

Seriously, the proof is in the pudding. When Trump slashed the corporate tax rate, revenues fell by 31% and 60 of the Fortune 500 paid no tax at all. These con-men told everyone these biggest companies would reinvest the bulk of the money they saved in tax cuts and a massive tax holiday back in the US economy, hiring workers, building new operations here, raising wages. Trickle Down theory. What really happened? They took their extra pools of cash to buy back their own stock shares!

Of course powerful rich people looked out for their own interests. But that ignores that there shouldn't be a tax on corporations to begin with.

Corporations do NOT PAY TAX. They simply increase the cost of their product or service and we, the consumer, pay the tax. I don't understand why so many have such a hard time with this, I'm not saying you do, just in general.

[phillipj]

^ Quite the perfect case vs. Trump's Tariff Debacle. We are net negative under this president's self-imposed policies economy-wise

[Massive Lee]

It smells like impeachment ;-)

[naplesE30]

They just sealed his re-election. People are not as dumb as democrats think/wish they were. I’m sure Warren is happy as this is going to cripple Biden.

[Massive Lee]

They just sealed his re-election. .

Don't worry, he won't reach that far. ;-)

[mrsleeve]

Just like the Russia thing was going to seal his fate right???