You are seemingly intelligent enough to think of a witty Reddit name and even put a little clever flair next to it, yet this escapes you? Sweaty, go to an evening class or something....
I don’t think they would like it. My pictures of Naked Daddies firing rifles with Pro 2A titles were controversial...Too many faggots on that Sub I suppose. Kind of like this one.
Having the highest corporate tax rate in the OECD was ridiculous. All that did was put us on par with our global peer countries and made most of the ridiculous tax avoidance/offshoring schemes pointless.
Obama campaigned on lower the rates/broaden the base. The tax cuts were bad for tax lawyers, good for everyone else.
This isn't even getting into the fact, all you do in this situation by slashing corporate tax rates is create a race to the bottom. The corporations win either way, at the expense of everyone else.
And my primary issue isn't even a corporate tax rate, it's the outright lying about what a corporate tax rate does. It's about pushing the factually incorrect claim that corporations will start paying higher wages if only they get another tax cut, if only they're deregulated a few more times.
Or the idea that tax cuts will somehow pay for themselves. It's completely absurd.
Your first few sentences are a big part of the argument for the reform. The statutory rates were so high that companies with capable legal teams would utilize complex legal structures to keep their money permanently domiciled overseas. The point of reform was to take a hatchet to deductions, close loopholes, and lower rates to encourage repatriation. It also included a new tax on money held overseas. That’s what the buybacks were. Taking the money “permanently” domiciled elsewhere and giving it back to investors.
There are multiple channels through which corporate taxes impact wages. Direct impacts are secondary to the effect of lower capital taxes —> more capital accumulation —> higher productivity —>higher wages.
Your first few sentences are a big part of the argument for the reform.
Except there was no relevant reform, it was just a hand out to corporate America, being sold as something it wasn't.
The statutory rates were so high that companies with capable legal teams would utilize complex legal structures to keep their money permanently domiciled overseas.
So your solution is to drastically cut the corporate tax rate, along with the rate they pay when bringing money back? All you've done is again, hand money to corporations so they can continue to engage in mass stock buybacks.
They aren't even really rushing to bring the money back:
All we've done is give them more money for stock buybacks, reduce government revenue. What exactly have we gained from this?
It also included a new tax on money held overseas. That’s what the buybacks were. Taking the money “permanently” domiciled elsewhere and giving it back to investors.
That's fantastic, I don't give a shit about investors.
What was promised: Tons of new jobs, increased wages.
What we got: Massive stock buybacks, most of the money being left overseas.
There are multiple channels through which corporate taxes impact wages. Direct impacts are secondary to the effect of lower capital taxes —> more capital accumulation —> higher productivity —>higher wages.
31 comments
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1 SnapshillBot 2019-08-26
You are seemingly intelligent enough to think of a witty Reddit name and even put a little clever flair next to it, yet this escapes you? Sweaty, go to an evening class or something....
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1 YaBoyStevieF 2019-08-26
"Rich people are only bad if they disagree with me" this is what rightoids actually believe
1 KaaraRaven 2019-08-26
Pretty sure that applies to le both sides.
1 NormanImmanuel 2019-08-26
Nah, leftoids at least have the additional requirement of having them be trendy celebrities.
1 jimmerz28 2019-08-26
Yep just look at how they worshipped Obama.
1 ardasyenden 2019-08-26
i wish Obama was real
1 professorshillphd 2019-08-26
The difference is the leftoids aren't trying to deregulate them and cut their taxes.
1 jaredschaffer27 2019-08-26
I believe very strongly that only poor people should pay taxes
1 [deleted] 2019-08-26
[deleted]
1 investment2questions 2019-08-26
Imagine being willingly cucked by billionaires and then calling liberals the real cucks.
1 MikeStoklasaBackup 2019-08-26
Arent you a rightoid too?
1 YaBoyStevieF 2019-08-26
No
1 MikeStoklasaBackup 2019-08-26
Based
1 heretobefriends 2019-08-26
Rightoids desire a hierarchical society because otherwise they have no idea where to direct their impotent rage.
1 SnickersRey 2019-08-26
In all fairness though the less taxes the less money for them to push their Frankist Agenda and War for Israel.
1 Cockroach-Lord 2019-08-26
You should preach this hot take to your favorite sub r/gayDaddiesPics
1 SnickersRey 2019-08-26
I don’t think they would like it. My pictures of Naked Daddies firing rifles with Pro 2A titles were controversial...Too many faggots on that Sub I suppose. Kind of like this one.
1 Cockroach-Lord 2019-08-26
Why are you subbed to so many fag subs then? Don’t you wanna be with your own kind?
1 SnickersRey 2019-08-26
One I am with my own kind here on Drama. I have evidence that several frequent posters are homos. I’m waiting for the proper time to out them
1 SmogiPierogi 2019-08-26
Why do it, when r/Drama is basically the same
1 Godsdj 2019-08-26
"Tha rich ppl wanna make incum equawity but they rich so they hippocwits! D:"
1 GuillotinesNOW 2019-08-26
If we just give people with literal gold toilets 6 or 7 more tax cuts, they'll finally have enough money to raise wages for the dirty poors.
It's a foolproof plan and if you disagree, you're a fucking cuck soiboi liberal.
1 professorshillphd 2019-08-26
I'm actually amazed the GOP isn't getting more backlash over the corporate tax cut.
Nearly all of it went to stock buybacks.
https://www.axios.com/companies-buybacks-2017-tax-cuts-19d6cac4-4912-47da-bbff-038fd0d87b30.html
1 DeliciousPaste 2019-08-26
Having the highest corporate tax rate in the OECD was ridiculous. All that did was put us on par with our global peer countries and made most of the ridiculous tax avoidance/offshoring schemes pointless.
Obama campaigned on lower the rates/broaden the base. The tax cuts were bad for tax lawyers, good for everyone else.
1 professorshillphd 2019-08-26
The US didn't actually have the highest tax rate in the OECD. On paper maybe, but not in reality.
Once you factor in loopholes, deductions, and a bunch of other stuff the rate they paid ended up not being that high.
https://www.npr.org/2017/08/07/541797699/fact-check-does-the-u-s-have-the-highest-corporate-tax-rate-in-the-world
This isn't even getting into the fact, all you do in this situation by slashing corporate tax rates is create a race to the bottom. The corporations win either way, at the expense of everyone else.
And my primary issue isn't even a corporate tax rate, it's the outright lying about what a corporate tax rate does. It's about pushing the factually incorrect claim that corporations will start paying higher wages if only they get another tax cut, if only they're deregulated a few more times.
Or the idea that tax cuts will somehow pay for themselves. It's completely absurd.
1 DeliciousPaste 2019-08-26
Your first few sentences are a big part of the argument for the reform. The statutory rates were so high that companies with capable legal teams would utilize complex legal structures to keep their money permanently domiciled overseas. The point of reform was to take a hatchet to deductions, close loopholes, and lower rates to encourage repatriation. It also included a new tax on money held overseas. That’s what the buybacks were. Taking the money “permanently” domiciled elsewhere and giving it back to investors.
There are multiple channels through which corporate taxes impact wages. Direct impacts are secondary to the effect of lower capital taxes —> more capital accumulation —> higher productivity —>higher wages.
1 professorshillphd 2019-08-26
Except there was no relevant reform, it was just a hand out to corporate America, being sold as something it wasn't.
So your solution is to drastically cut the corporate tax rate, along with the rate they pay when bringing money back? All you've done is again, hand money to corporations so they can continue to engage in mass stock buybacks.
They aren't even really rushing to bring the money back:
All we've done is give them more money for stock buybacks, reduce government revenue. What exactly have we gained from this?
That's fantastic, I don't give a shit about investors.
What was promised: Tons of new jobs, increased wages.
What we got: Massive stock buybacks, most of the money being left overseas.
You're spewing some serious bullshit here. See:
https://www.wsj.com/articles/tax-cuts-provide-limited-boost-to-workers-wages-1538472600
https://www.cbsnews.com/news/corporate-tax-cuts-were-supposed-to-boost-worker-pay-they-arent/
https://www.bloomberg.com/opinion/articles/2018-07-18/trump-s-tax-cut-hasn-t-done-anything-for-workers
https://www.forbes.com/sites/teresaghilarducci/2018/09/28/who-benefits-from-the-tax-cut-10-months-later/#27f3eeda26bb
What you're doing here is basically trying to piss on people and tell them it's raining.
1 LongPostBot 2019-08-26
Wow, you must be a JP fan
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1 frankiebowman 2019-08-26
Taxation is theft