someoneyouknow
Literotica Guru
- Joined
- Jun 5, 2006
- Posts
- 28,274
We all heard how great those Republican tax cuts would be. Thousands of dollars would flow in the pockets of ordinary Americans, spurring growth and prosperity.
*record scratch* Things would not turn as planned.
According to the Congressional Research Service, last year, real wages grew at a 2% rate. That's for everyone. When the people on the front line are singled out, production and nonsupervisory employees, wage growth was almost half that amount, 1.2%.
Put another way, $4.4 billion in bonuses went out last year. When divided among the people in the workforce, approximately 157 million, that comes out to $28 per person.
By comparison, companies spent over $1 trillion buying back stock, 246 times the money which went toward bonuses or salary increases.
Most Americans—about 4 in 5—paid less in taxes last year, with a median tax cut of $900. But many didn't realize their taxes went down through lower withholding numbers on their regular paychecks. Instead, they're asking what happened to the $4,000 to $9,000 raise the president promised them a year and a half ago.
That is what the con artist said in October 2017 at a rally in Pennsylvania. As the numbers show, Americans did not get anything remotely close to a $4,000 pay raise. Not even in the same ballpark on the same planet in the same solar system. In fact, many Americans got walloped by a tax bill which meant they owed money to the government. Had these same people adjusted their withholding to avoid the tax bill, their take home pay would have been even less.
So much for trickle down economics. One has to wonder how many times Americans are going to keep getting fooled by the same lies.
P.S. It should also be noted that thanks in large part to the tax cuts, the national debt is now soaring at the rate of $1 trillion per year.
https://abcnews.go.com/Politics/study-finds-tax-cut-rocket-fuel-economy-trump/story?id=63344903
https://www.cbsnews.com/news/tax-cuts-and-jobs-act-bonuses-from-2017-tax-cuts-amounted-to-28-per-worker-congressional-office-says/
https://www.cbsnews.com/news/trump-claims-families-will-see-4000-pay-raise-from-his-tax-plan/
*record scratch* Things would not turn as planned.
According to the Congressional Research Service, last year, real wages grew at a 2% rate. That's for everyone. When the people on the front line are singled out, production and nonsupervisory employees, wage growth was almost half that amount, 1.2%.
Put another way, $4.4 billion in bonuses went out last year. When divided among the people in the workforce, approximately 157 million, that comes out to $28 per person.
By comparison, companies spent over $1 trillion buying back stock, 246 times the money which went toward bonuses or salary increases.
Most Americans—about 4 in 5—paid less in taxes last year, with a median tax cut of $900. But many didn't realize their taxes went down through lower withholding numbers on their regular paychecks. Instead, they're asking what happened to the $4,000 to $9,000 raise the president promised them a year and a half ago.
"We will eliminate the penalty on returning future earnings back to the United States. And we will impose a one-time low tax on money currently parked overseas so it can be brought back home to America - where it belongs," he's expected to say, according to excerpts released by the White House. "My Council of Economic Advisors estimates that this change, along with a lower rate, would likely give the typical American household a $4,000 pay raise."
That is what the con artist said in October 2017 at a rally in Pennsylvania. As the numbers show, Americans did not get anything remotely close to a $4,000 pay raise. Not even in the same ballpark on the same planet in the same solar system. In fact, many Americans got walloped by a tax bill which meant they owed money to the government. Had these same people adjusted their withholding to avoid the tax bill, their take home pay would have been even less.
So much for trickle down economics. One has to wonder how many times Americans are going to keep getting fooled by the same lies.
P.S. It should also be noted that thanks in large part to the tax cuts, the national debt is now soaring at the rate of $1 trillion per year.
https://abcnews.go.com/Politics/study-finds-tax-cut-rocket-fuel-economy-trump/story?id=63344903
https://www.cbsnews.com/news/tax-cuts-and-jobs-act-bonuses-from-2017-tax-cuts-amounted-to-28-per-worker-congressional-office-says/
https://www.cbsnews.com/news/trump-claims-families-will-see-4000-pay-raise-from-his-tax-plan/
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