Yes, Republican tax reform package that was supposed to raise wages and spur hiring has instead funded a record stock buyback and dividend spree, benefiting investors and company executives over workers.
https://www.nbcnews.com/business/economy/what-did-corporate-america-do-tax-break-buy-record-amounts-n886621
When I was referring to double taxation, I meant federal government taxes on investment income - dividends, interest, rent on real estate, etc. - but also realized capital gains. Investors can't escape by investing indirectly through mutual funds, exchange-traded funds, REITs or limited partnerships. You can however pay 0% tax of the 15% possible (Bush tax cut from 28%) if you're retiring and not taking any form of income.
https://twitter.com/realDonaldTrump/status/1024236805477097472
https://twitter.com/realDonaldTrump/status/1024239166429769729
This one is amusing because it was the unintended side-effect of said tax cut because it benefited him, it benefited others who are also rich that aren't in his pocket or sucking his dick sort of speak.
When I see people saying economy is doing great and then link the DOW JONES or S&P, I have to laugh since they only track large corporations or rich folks getting richer while everyone else below that, not so much if not getting poorer. 43% of U.S. households still can’t afford the basics such as food, child care, health care, transportation, and a cell phone.
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eYeDEF (5050)
7 years ago
"Republican tax reform package that was supposed to raise wages and spur hiring has instead funded a record stock buyback and dividend spree, benefiting investors and company executives over workers."
The sad part about this is that EVERYONE was screaming to the GOP congress that this is exactly what would happen as they prepared to pass the cuts. The shit doesn't trickle down. Not only do we have 30 years of proof and economic consensus on the issue, but this is exactly why we have a CBO in the first place, to whittle down the guesswork out of this bullshit and provide hard projections.
The CBO is required to be non-partisan and the director was picked by congressional leaders, in this case a former BLS commish under Bush was selected by GOP leaders back in '15.
But in their zeal to pass this crap and line their pockets congress accused the CBO as partisan and used it as excuse to dismiss their projections even though they handpicked the director themselves. Now they're finding in midterms they can't runaway from the tax cuts fast enough as they're learning it's a highly unpopular issue even in primaries among their base.
I wonder what they thought would happen. That they'd be able to run on the success of this tax cut while their constituents saw no benefits?
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