Study Finds Trump Tax Cuts Failed to Do Anything But Give Rich People Money

[zipman]

The biggest effect of the Trump tax cuts is obvious: People who own businesses and other sources of concentrated wealth will have a lot more money, and the federal budget will have less. But the advocates of the tax cuts insisted it wasn’t about letting the makers keep their hard-earned money rather than handing it over to the takers. It was about incentivizing business to repatriate funds and ramp up its investments, thereby increasing growth and wages.

The Congressional Research Service, a kind of in-house think tank for Congress, has a new paper analyzing the effects of the Trump tax cuts. It finds that none of those secondary effects have materialized. Growth has not increased above the pre-tax-cut trend. Neither have wages. After a brief and much smaller than expected bump, repatriated corporate cash from abroad has leveled off.

It’s of course possible that the growth in wages would take longer than the year or so that has passed since the tax cut to show up. If the Trump tax cut had encouraged new business investment, it might take years for the new investment to bear fruit. But the study looks directly at business investment and finds … nothing:

http://nymag.com/intelligencer/2019...xdIICBQTHax-o-xuQic7iw4yjBdnDHJt_iomnBwKGAhx0

 

[zipman]

Of course it also increased the deficit by a YUGE amount and it is 5% of the way there to paying for itself which is what they promised.

I know how much right wingers love Trump for keeping his promises. Of course, they don't seem to mind when he doesn't.

 

[trysail]

...and what the fuck do you think rich people did with that money?



Do you think they spent it (thereby enabling retail and manufacturing employees to have incomes?)

Do you think they bought shares in Uber or Lyft (thereby enabling Uber and Lyft drivers to continue to have incomes?)


Do you think they bought new houses (thereby enabling construction employees to have incomes?)

​

 

[von_Bismarck]

Intellectually honest folks decades ago rejected 'Trickle down economics.'

...and what the fuck do you think rich people did with that money?



Do you think they spent it (thereby enabling retail and manufacturing employees to have incomes?)

Do you think they bought shares in Uber or Lyft (thereby enabling Uber and Lyft drivers to continue to have incomes?)


​

The point of the study is that none of those secondary effects materialized in a significant way, you no comprehending fuckwit.

 

[Talk_Radio]

The biggest effect of the Trump tax cuts is obvious: People who own businesses and other sources of concentrated wealth will have a lot more money, and the federal budget will have less. But the advocates of the tax cuts insisted it wasn’t about letting the makers keep their hard-earned money rather than handing it over to the takers. It was about incentivizing business to repatriate funds and ramp up its investments, thereby increasing growth and wages.

"People who own businesses" employ other people.

It's a shame you prefer welfare over work.

 

[RobDownSouth]

...and what the fuck do you think rich people did with that money?

Increased their concentration of their share of public wealth.

Do you think they spent it (thereby enabling retail and manufacturing employees to have incomes?)

They may have embiggened the commission check of Maserati and/or Lamborghini sales reps, but other than that, no. Studies have shown that consumer spending plateaus at 200K per year.

Do you think they bought shares in Uber or Lyft (thereby enabling Uber and Lyft drivers to continue to have incomes?)

Uber and Lyft driver incomes are in a tailspin and have been for the past 3 years. It's an unsustainable business model.

Do you think they bought new houses (thereby enabling construction employees to have incomes?)

No.

 

[trysail]

Yeah, rich people ate the money.

Rich people had a big bonfire and burned it— it just disappeared into thin air.




http://i0.kym-cdn.com/photos/images/original/000/719/509/0ad.png


​

 

[zipman]

Intellectually honest folks decades ago rejected 'Trickle down economics.'



The point of the study is that none of those secondary effects materialized in a significant way, you no comprehending fuckwit.

It's amazing that there are still morons who think "trickle-down economics" work no matter how many times it has been shown that it doesn't.

I'm sure A_J will be along at any moment to tell us that "trickle-down economics" isn't an economic term. Of course he won't say that it does work, thereby avoiding the painful truth that the economic theory embraced by republicans is a failure.

 

[zipman]

Yeah, rich people ate the money.

Rich people had a big bonfire and burned it— it just disappeared into thin air.

http://i0.kym-cdn.com/photos/images/original/000/719/509/0ad.png

​

Oh Tryfail, you silly little man.

You should try reading the article. Just sayin'

 

[zipman]

So Trump inherited a good economy with low unemployment, gave a huge tax cut to the ultra-rich, increased the deficit and is bragging about the overall economy despite the fact that his accomplishments are marginal gains at best, in a few areas.

Where are all our fiscal conservatives now?

 

[Adre]

Factory gauge lowest in 2.5 years. Winning! Had enough yet?

Farmer bankruptcies on the rise. Winning! Good times.

 

[Adre]

So Trump inherited a good economy with low unemployment, gave a huge tax cut to the ultra-rich, increased the deficit and is bragging about the overall economy despite the fact that his accomplishments are marginal gains at best, in a few areas.

Where are all our fiscal conservatives now?

They’re too busy figuring out ways to lock Hilary up to pay attention.

 

[zipman]

Factory gauge lowest in 2.5 years. Winning! Had enough yet?

Farmer bankruptcies on the rise. Winning! Good times.

They’re too busy figuring out ways to lock Hilary up to pay attention.

Yup. And it's only going to get worse for the average Joe once tariffs go into effect for Mexico.

 

[Adre]

Yup. And it's only going to get worse for the average Joe once tariffs go into effect for Mexico.

And we know who Average Joe voted for.

 

[Talk_Radio]

Yup. And it's only going to get worse for the average Joe once tariffs go into effect for Mexico.

And we know who Average Joe voted for.

For your reading pleasure...

Who calls Joe Biden ‘middle-class Joe’? Joe Biden does, that’s who

 

[InsightRiot]

Top down and bottom up squeeze out the middle.

 

[von_Bismarck]

For your reading pleasure...

Who calls Joe Biden ‘middle-class Joe’? Joe Biden does, that’s who

I suppose it's asking too much that you at least try to be relevant.

 

[zipman]

I suppose it's asking too much that you at least try to be relevant.

I used the term average "Joe" so he thought any article about someone named "Joe" was okay.

Honestly, that might be the most relevant he's ever been.

 

[RobDownSouth]

Oh Tryfail, you silly little man.

You should try reading the article. Just sayin'

Trysail is a woman.

 

[zipman]

Trysail is a woman.

My bad. She posts so many Cut and Pastes I just assumed it was a guy.

Not that it makes her any more relevant or worth reading.

 

[IrezumiKiss]

Trysail is a woman.

When did this happen? His posts scream of aging, fragile masculinity.

 

[pointless]

dolf has been saying it for years. i don't see why it matters. women can be soulless monsters with narcissistic personality disorder just like men can.

 

[IrezumiKiss]

dolf has been saying it for years. i don't see why it matters. women can be soulless monsters with narcissistic personality disorder just like men can.

https://media2.giphy.com/media/l0MYy7QpDDVGVfAAw/giphy.gif

Yeah, true.

I guess the whole climate change conspiracy schtick combined with the classic "mongoloid" and "useless women get out of my way when I'm running" posts of yore sold me on that disgruntled Archie Bunker tip, but...yeah. A shit pile's a shit pile.

*changes gender index cards*

 

[Sean]

Did I read somewhere the other day that Drumpf is going to give Laffer the Presidential Medal of Freedom?

 

[RobDownSouth]

Did I read somewhere the other day that Drumpf is going to give Laffer the Presidential Medal of Freedom?

He is going to do just that.
This was announced a week after Trump announced a presidential pardon to the Navy Seal who used an eight year old Iraqi girl for target practice, a war crime so abhorrent that six of his own Seal Team 6 members turned him in for.

But the Seal was a buddy with the host of Fox 'n Friends, so the Fox anchor secured a pardon for him.