Profiles in Corruption: Abuse of Power by America's Progressive Elite

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ksupoke

We don't need no, thot kuntrol
A/V Subscriber
Feb 16, 2011
12,487
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dark sarcasm in the classroom
#41
I though that the giant Tax cut for big corporations and the most wealthy among us would fix things.
OH WELL just same old winger lies.
We get the government we deserve.
Even though I’m 99% confident you and a few others are socks for paid users, I’m going to humor you.
This write-up is about the best I’ve found in discussing the tax cuts.

This month marks the two-year anniversary of the Tax Cuts and Jobs Act, the most sweeping update to the U.S. tax code in more than 30 years.

The reforms simplified the process of paying taxes, lowered rates on individuals and businesses, and updated the business tax code so that American corporations and the people they employ can be globally competitive again.

The tax cuts included a long list of reforms that are worth reviewing.

For individuals, the tax cuts reduced federal income tax rates, increased the standard deduction, doubled the child tax credit, repealed the personal and dependent exemptions, and capped the deductions for state and local taxes, among many other reforms. These expire at the end of 2025.

For businesses, the law permanently lowered the corporate tax rate to 21%, down from a global high of 35%, and temporarily allowed businesses to fully deduct most new U.S. investments.

Lower Taxes
The tax bill cut taxes for the vast majority of Americans—9 out of every 10 people saw a tax cut or no change in what they paid.

Using IRS data, The Heritage Foundation found that average households in every congressional district were projected to benefit from a tax cut in 2018. Most Americans received their tax cut through lower employer withholding and thus bigger paychecks.

The average American was projected to get a $1,400 tax cut in 2018 and $2,900 for a family of four.

We don’t have to guess anymore about the effects of the tax cuts. After actually filing their taxes with the IRS, Americans saw their average effective tax rates decline by 13% (or about 1.5 percentage points). Despite claims to the contrary, every income group benefited from the tax cut.

There were also significant time-savings and simplification. Not every part of the tax code was streamlined, but for most individual taxpayers, taxpaying is now more straightforward.

In 2017, 30% of households itemized their taxes, a more complicated process of documenting and calculating a list of discrete write-offs, such as the mortgage interest and charitable deductions.

In the first year of the tax cut, itemizers dropped from 30% to 10%, showing that millions of Americans opted for the single, simpler standard deduction. Under the new system the number of people who were able to do their own taxes increased by 4.4%.

Higher Wages
American workers and businesses have been doing better almost every year since the Great Recession. But the past several years have been different. Things aren’t just a bit better—we’ve been setting records.

Unemployment is at a 50-year low of 3.5%. Businesses have added jobs for 110 straight months, the longest streak on record, and there are more jobs available than people looking for them.

Wages have also been increasing. Average wage growth over the past year was 3.1% in the most recent government data. Non-supervisory and production worker wages grew even faster, at 3.7%. Before 2018, wage growth hadn’t reached 3% since 2009.

The lowest wage earners in the U.S. have been experiencing some of the largest wage gains. The 10th percentile wage earner (people making about $12 an hour) have benefited from a 7% wage increase from the third quarter of 2018 through the same in 2019, in the most recent quarterly data. That’s more than twice the gain in average wages and roughly equivalent to a $1,500 raise for someone earning less than $25,000 a year.

Minorities are also seeing larger than average gains. Lower-wage black workers have seen wage growth of 8.5%, and similar low-wage black women workers saw gains larger than 10%. Similar trends can be seen for low-wage Asian workers, Hispanic women, and people without a high school degree.

Between the tax cuts and wage gains, The Heritage Foundation calculated that over the decade following the tax cuts, the typical American household will reap an additional $26,000 in take-home pay or $45,000 for a family of four. That’s more than enough to buy a new car or put a down payment on a house.

The American people seem to be internalizing all the good news. Job satisfaction and consumer confidence are high. Thanks to the strong economy, Americans who aren’t happy at their current work are voluntarily leaving their jobs for better opportunities at close to record rates. And Americans are saving more too, using the good economic times to prepare for their future.

What About Investment?
The main way the tax cuts are expected to contribute to furthering the good economic trends is through increased business investment, which leads to more jobs, better technology, and eventually productivity gains. Each of these things helps boost wages.


Historically, reforms that lower business tax rates and allow more investment write-offs lead to increased business activity. Thus, economists expected economy-wide investment to increase following the reforms, and that’s exactly what happened.

It wasn’t until uncertainty regarding trade and tariffs in the following year dragged investment back down below pre-tax reform projections. The trade war seems to be hiding the tremendous successes of the 2017 tax cuts.

Immediately following the reforms, business fixed investment, new business applications, and other indicators, such as business confidence, all surpassed expectations. For example, immediately after the tax cuts were signed into law, business investment increase by 39% among the 130 in the S&P 500.

In such a turbulent policy environment, assessing the long-term success of tax reform will take time as new investment and increased productivity do not happen instantaneously.

The challenge for lawmakers will be to keep taxes low in the coming years so that the full economic benefits of the 2017 tax cuts can be enjoyed by generations to come.
 

llcoolw

Territorial Marshal
Feb 7, 2005
6,737
3,480
1,743
Sammamish, Washington.Dallas, Texas.Maui, Hawaii
#42
Even though I’m 99% confident you and a few others are socks for paid users, I’m going to humor you.
This write-up is about the best I’ve found in discussing the tax cuts.

This month marks the two-year anniversary of the Tax Cuts and Jobs Act, the most sweeping update to the U.S. tax code in more than 30 years.

The reforms simplified the process of paying taxes, lowered rates on individuals and businesses, and updated the business tax code so that American corporations and the people they employ can be globally competitive again.

The tax cuts included a long list of reforms that are worth reviewing.

For individuals, the tax cuts reduced federal income tax rates, increased the standard deduction, doubled the child tax credit, repealed the personal and dependent exemptions, and capped the deductions for state and local taxes, among many other reforms. These expire at the end of 2025.

For businesses, the law permanently lowered the corporate tax rate to 21%, down from a global high of 35%, and temporarily allowed businesses to fully deduct most new U.S. investments.

Lower Taxes
The tax bill cut taxes for the vast majority of Americans—9 out of every 10 people saw a tax cut or no change in what they paid.

Using IRS data, The Heritage Foundation found that average households in every congressional district were projected to benefit from a tax cut in 2018. Most Americans received their tax cut through lower employer withholding and thus bigger paychecks.

The average American was projected to get a $1,400 tax cut in 2018 and $2,900 for a family of four.

We don’t have to guess anymore about the effects of the tax cuts. After actually filing their taxes with the IRS, Americans saw their average effective tax rates decline by 13% (or about 1.5 percentage points). Despite claims to the contrary, every income group benefited from the tax cut.

There were also significant time-savings and simplification. Not every part of the tax code was streamlined, but for most individual taxpayers, taxpaying is now more straightforward.

In 2017, 30% of households itemized their taxes, a more complicated process of documenting and calculating a list of discrete write-offs, such as the mortgage interest and charitable deductions.

In the first year of the tax cut, itemizers dropped from 30% to 10%, showing that millions of Americans opted for the single, simpler standard deduction. Under the new system the number of people who were able to do their own taxes increased by 4.4%.

Higher Wages
American workers and businesses have been doing better almost every year since the Great Recession. But the past several years have been different. Things aren’t just a bit better—we’ve been setting records.

Unemployment is at a 50-year low of 3.5%. Businesses have added jobs for 110 straight months, the longest streak on record, and there are more jobs available than people looking for them.

Wages have also been increasing. Average wage growth over the past year was 3.1% in the most recent government data. Non-supervisory and production worker wages grew even faster, at 3.7%. Before 2018, wage growth hadn’t reached 3% since 2009.

The lowest wage earners in the U.S. have been experiencing some of the largest wage gains. The 10th percentile wage earner (people making about $12 an hour) have benefited from a 7% wage increase from the third quarter of 2018 through the same in 2019, in the most recent quarterly data. That’s more than twice the gain in average wages and roughly equivalent to a $1,500 raise for someone earning less than $25,000 a year.

Minorities are also seeing larger than average gains. Lower-wage black workers have seen wage growth of 8.5%, and similar low-wage black women workers saw gains larger than 10%. Similar trends can be seen for low-wage Asian workers, Hispanic women, and people without a high school degree.

Between the tax cuts and wage gains, The Heritage Foundation calculated that over the decade following the tax cuts, the typical American household will reap an additional $26,000 in take-home pay or $45,000 for a family of four. That’s more than enough to buy a new car or put a down payment on a house.

The American people seem to be internalizing all the good news. Job satisfaction and consumer confidence are high. Thanks to the strong economy, Americans who aren’t happy at their current work are voluntarily leaving their jobs for better opportunities at close to record rates. And Americans are saving more too, using the good economic times to prepare for their future.

What About Investment?
The main way the tax cuts are expected to contribute to furthering the good economic trends is through increased business investment, which leads to more jobs, better technology, and eventually productivity gains. Each of these things helps boost wages.


Historically, reforms that lower business tax rates and allow more investment write-offs lead to increased business activity. Thus, economists expected economy-wide investment to increase following the reforms, and that’s exactly what happened.

It wasn’t until uncertainty regarding trade and tariffs in the following year dragged investment back down below pre-tax reform projections. The trade war seems to be hiding the tremendous successes of the 2017 tax cuts.

Immediately following the reforms, business fixed investment, new business applications, and other indicators, such as business confidence, all surpassed expectations. For example, immediately after the tax cuts were signed into law, business investment increase by 39% among the 130 in the S&P 500.

In such a turbulent policy environment, assessing the long-term success of tax reform will take time as new investment and increased productivity do not happen instantaneously.

The challenge for lawmakers will be to keep taxes low in the coming years so that the full economic benefits of the 2017 tax cuts can be enjoyed by generations to come.
BUMP
This needs to stay at the top. Excellent information. Couldn’t decide to give it a heart, surprise or agree. So I’m giving it the ATA emoti.
ALL THE ABOVE
 

CocoCincinnati

Federal Marshal
Feb 7, 2007
17,809
24,645
1,743
Tulsa, OK
#43
Even though I’m 99% confident you and a few others are socks for paid users, I’m going to humor you.
This write-up is about the best I’ve found in discussing the tax cuts.
.............
Excellent information but unfortunately wasted on liberal sheep like oldershool....they don't care about facts, only about their false narrative.
 

ksupoke

We don't need no, thot kuntrol
A/V Subscriber
Feb 16, 2011
12,487
16,662
743
dark sarcasm in the classroom
#44
Excellent information but unfortunately wasted on liberal sheep like oldershool....they don't care about facts, only about their false narrative.
If any time there’s a political discussion that you can address with policy that should always be the approach. Insults beget insults, regardless of how those insults are presented and are a sure sign you don’t understand the issue. If you can move the discussion to policy and outcome, no matter how difficult it appears to be, then you are winning and hopefully reshaping and disarming the discussion for the future.
We can shift the narrative if we are not afraid to have a reasoned discussion on policy and always steer clear of name calling and insults.
I will agree sometimes it’s hard

dumb pics & tweet of the day are exempted from this:whistle:
 
Last edited:

llcoolw

Territorial Marshal
Feb 7, 2005
6,737
3,480
1,743
Sammamish, Washington.Dallas, Texas.Maui, Hawaii
#45
If any time there’s a political discussion that you can address with policy that should always be the approach. Insults beget insults, regardless of how those insults are presented and are a sure sign you don’t understand the issue. If you can move the discussion to policy and outcome, no matter how difficult it appears to be, then you are winning and hopefully reshaping and disarming the discussion for the future.
We can shift the narrative if we are not afraid to have a reasoned discussion on policy and always steer clear of name calling and insults.
I will agree sometimes it’s hard

dumb pics & tweet of the day are exempted from this:whistle:
I’m pretty sure I haven’t played that game here. I’ve insulted West Virginia after our first loss to them there. I apologized to the poster afterward however. I think I said something about losing the game but at least not waking up in WV. They’ve quickly risen to one of my favorite big 12 teams.
Has anyone here been directly insulted by me? Except for UO fans of course.
 

ksupoke

We don't need no, thot kuntrol
A/V Subscriber
Feb 16, 2011
12,487
16,662
743
dark sarcasm in the classroom
#46
I’m pretty sure I haven’t played that game here. I’ve insulted West Virginia after our first loss to them there. I apologized to the poster afterward however. I think I said something about losing the game but at least not waking up in WV. They’ve quickly risen to one of my favorite big 12 teams.
Has anyone here been directly insulted by me? Except for UO fans of course.
I’ll allow it
 

kaboy42

Territorial Marshal
May 2, 2007
8,565
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#49
2019 was very kind to my 401k... Fingers crossed whoever wins this year doesn't screw that up...
View attachment 77026
Yup. I'm seeing almost identical rate of returns. My 401k account doubled in less than three years. DOUBLED!

I have always contributed the max and for the most part always had decent company match. And it really never did much more than just eek out a 3% or a 5% return. It has NEVER even come close to how it has performed the past 3 years.

NOT EVEN REMOTELY CLOSE. For over 20+ years.
 

steross

Bookface/Instagran legend
A/V Subscriber
Mar 31, 2004
29,077
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oklahoma city
#50
2019 was very kind to my 401k... Fingers crossed whoever wins this year doesn't screw that up...
View attachment 77026
Yup. I'm seeing almost identical rate of returns. My 401k account doubled in less than three years. DOUBLED!

I have always contributed the max and for the most part always had decent company match. And it really never did much more than just eek out a 3% or a 5% return. It has NEVER even come close to how it has performed the past 3 years.

NOT EVEN REMOTELY CLOSE. For over 20+ years.

I think this is the only thing that is going to determine the next president. If Trump is able to continue spending like a crazy and having the fed keep interest rates low and pump money into the system to continue to short term prop up the economy, he will win. If people start to figure out what is actually going on here and the parents show up and stop the wild debt-ridden party, he will lose.
 

oks10

Territorial Marshal
A/V Subscriber
Sep 9, 2007
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#51
I think this is the only thing that is going to determine the next president. If Trump is able to continue spending like a crazy and having the fed keep interest rates low and pump money into the system to continue to short term prop up the economy, he will win. If people start to figure out what is actually going on here and the parents show up and stop the wild debt-ridden party, he will lose.
If people are worried about spending, I've got some news for them about the other candidates...
 

steross

Bookface/Instagran legend
A/V Subscriber
Mar 31, 2004
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oklahoma city
#52
If people are worried about spending, I've got some news for them about the other candidates...
Campaigning and reality are two different things. The fact is that candidates in the past have campaigned on being tight on the budget and spent or campaigned on a bunch of spending promises and didn't spend that much. But, never in our fiat money history has a candidate increased deficits in a good economy as is currently happening.
 

kaboy42

Territorial Marshal
May 2, 2007
8,565
8,715
1,743
#53
I think this is the only thing that is going to determine the next president. If Trump is able to continue spending like a crazy and having the fed keep interest rates low and pump money into the system to continue to short term prop up the economy, he will win. If people start to figure out what is actually going on here and the parents show up and stop the wild debt-ridden party, he will lose.
Oh it's a bubble. And it's going to burst. Hellifino when though. I just "feel" that we get a longer ride and maybe more bang for our buck with Trump than with Warren or Sanders.


*I actually think the economy "could" just keep ticking right along with a Biden Presidency... But the other two? *Pffft* No smurfing way.
 

oks10

Territorial Marshal
A/V Subscriber
Sep 9, 2007
8,956
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Piedmont, OK
#54
Campaigning and reality are two different things. The fact is that candidates in the past have campaigned on being tight on the budget and spent or campaigned on a bunch of spending promises and didn't spend that much. But, never in our fiat money history has a candidate increased deficits in a good economy as is currently happening.
Telling me something "has never happened before but it happening now" isn't the most comforting way to tell me not to worry about something that hasn't happened as much...
 

llcoolw

Territorial Marshal
Feb 7, 2005
6,737
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Sammamish, Washington.Dallas, Texas.Maui, Hawaii
#55
The thing about our stock market is it’s no longer ours. It’s the best investment vehicle for anyone interested worldwide that has an internet connection. The volume now is off the charts. Sure, the Trump effect is kicking it into full gear, but what’s goes up must come down. That said, there’ll be another buyin from all those who think it too high to play now. I play dividends myself so volume doesn’t mean much to me.
 

CocoCincinnati

Federal Marshal
Feb 7, 2007
17,809
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Tulsa, OK
#57
But, never in our fiat money history has a candidate increased deficits in a good economy as is currently happening.
And astonishingly, he's still the lesser of two evils on the topic.

People who are concerned with the debt and deficits need to start electing libertarians to the House. Barring that, a good rule of thumb is to never vote for anybody who is running on DOUBLING our current level of spending (or more). Whether you believe they really mean it or not...just the promise is enough for me to look elsewhere.
 

steross

Bookface/Instagran legend
A/V Subscriber
Mar 31, 2004
29,077
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oklahoma city
#59
And astonishingly, he's still the lesser of two evils on the topic.

People who are concerned with the debt and deficits need to start electing libertarians to the House. Barring that, a good rule of thumb is to never vote for anybody who is running on DOUBLING our current level of spending (or more). Whether you believe they really mean it or not...just the promise is enough for me to look elsewhere.
Your rule of thumb has been a complete failure. Our last surplus was under a democrat. Trump has our deficit at the worse it has ever been other than when Obama was dealing with the GFC. There was no liberal congress to blame. There is absolutely no correlation between our federal deficit and the party of the candidate. IF there is any correlation at all, it appears to get better under democrats. I despise Hillary Clinton but I truly believe our budget would look better than this travesty if she was president.

fredgraph-3.png
 

CocoCincinnati

Federal Marshal
Feb 7, 2007
17,809
24,645
1,743
Tulsa, OK
#60
Your rule of thumb has been a complete failure. Our last surplus was under a democrat. Trump has our deficit at the worse it has ever been other than when Obama was dealing with the GFC. There was no liberal congress to blame. There is absolutely no correlation between our federal deficit and the party of the candidate. IF there is any correlation at all, it appears to get better under democrats. I despise Hillary Clinton but I truly believe our budget would look better than this travesty if she was president.
Well first of all, spending originates in Congress, all any president really has the power to do is sign or veto the spending measures put on their desk, which is why I said people need to focus on electing libertarians to the House.

I don't trust either party on the issue nor should anybody else at this point. But I'm still never going to vote for a candidate who looks straight at the camera and tells me they want to increase spending by 100%....and neither should anybody else who claims they care about the debt.