It had many bad consequences. Just a few are:
On Aug. 10, 1993, President Bill Clinton signed into law the Omnibus Budget Reconciliation Act, which created four new corporate tax brackets with increased rates for businesses with incomes over $335,000. Vice President Al Gore, in a statement hailing the bill’s passage, said this bill “means jobs, growth, tax fairness… It’s a message of hope to the small business owner and 96% of all small businesses who will get a tax cut under this plan.” The bill was attacked by United States Chamber of Commerce President Richard Lesher, who said that the corporate tax increases would “slow economic growth and fuel inflation” and that “foreign competitors would gain an economic advantage over American goods here and abroad" A group of 300 major corporations and trade associations known as the Tax Reform Action Coalition said it “strongly opposed Mr. Clinton’s move to increase the top rates for… corporate taxes.” From the passage of the bill until the end of Clinton’s term, the US economy gained more than 21.4 million jobs, the unemployment rate fell from 6.8% to 3.9%, industrial production rose by 5.6% per year, and the Dow Jones Industrial average rose 26.7% per year.
corporatetax.procon.org
So some workers never went back to work. That's a problem? How?
He doesn't know, and they don't know. All they can talk about is oil, and we've had MANY spikes in oil prices over the years that didn't ignite or exacerbate inflation. It's a little more fucking complicated than that, but he and they simply can't think more than half an inch deep. All they know is DRILL! CUT TAXES!
Ummmmmmmmmmm, big cities are going bankrupt because workers got so used to working from home they refuse to go back to the office, which has led to doom spirals in several major cities. So, yes, that has been a problem. I see you totally ignored high inflation and education problems with our children.
On Aug. 10, 1993, President Bill Clinton signed into law the Omnibus Budget Reconciliation Act, which created four new corporate tax brackets with increased rates for businesses with incomes over $335,000. Vice President Al Gore, in a statement hailing the bill’s passage, said this bill “means jobs, growth, tax fairness… It’s a message of hope to the small business owner and 96% of all small businesses who will get a tax cut under this plan.” The bill was attacked by United States Chamber of Commerce President Richard Lesher, who said that the corporate tax increases would “slow economic growth and fuel inflation” and that “foreign competitors would gain an economic advantage over American goods here and abroad" A group of 300 major corporations and trade associations known as the Tax Reform Action Coalition said it “strongly opposed Mr. Clinton’s move to increase the top rates for… corporate taxes.” From the passage of the bill until the end of Clinton’s term, the US economy gained more than 21.4 million jobs, the unemployment rate fell from 6.8% to 3.9%, industrial production rose by 5.6% per year, and the Dow Jones Industrial average rose 26.7% per year.
Corporate tax rate | Pros, Cons, Debate, Arguments, Taxes, Corporations, Income, & Wealth | Britannica
Should the federal corporate income tax rate be raised? Learn the pros and cons of the debate.
Gross Private Domestic Investment
Graph and download economic data for Gross Private Domestic Investment (GPDI) from Q1 1947 to Q4 2024 about investment, gross, domestic, private, GDP, and USA.fred.stlouisfed.org
The internet bubble was caused by the Y2K scam. Regarding the G7, Great Britain increased the corporate tax rate from 19% to 25% in April of 2023.
I am beginning to believe all these Trumptards are sucking off the government teat with their damn disability checks. They obviously are not in the real labor market. Inflation, inflation, inflation. Drill baby drill. Flippin morons.
I have given you credit for throwing out a decrease in housing cost if we deport all the illegals. But there has been no one to rebuttal the three policy proposals Trump has on the table that are inflationary. First and foremost, increasing tariffs. Americans pay the vast majority of those tariffs. It will inflate the cost of goods, rather they are produced abroad or they are produced here. Mass deportations. That will cut a huge hole in the labor market, especially in regards to food, which I happen to know a little bit about. Miraculously, wage growth has not resulting in a push on inflation. Got to give Biden credit for that. But mass deportations, well it is going to deliver a knockout blow to the labor market and a huge wage push on inflation, can you say Philip's curve? And finally, more corporate tax cuts. That will increase rent-seeking, there will not be off-setting spending cuts, more money will be printed, the deficit will expand, and that is even more inflation. Stupid is as stupid does.
15%, what the fuck is the point? I gave you an example of an increase in the corporate tax rate resulting in an increase in capital investment. Not once, not twice, but THREE DAMN TIMES. The lowest corporate tax rate in Europe is Hungary, how is that turning out? I mean Jesus dude, either tap out and find someone with a better grip on finance and economics or just STFU.
I will give you my plan. Corporate tax rate goes to 30%. We don't have a VAT, most of Europe does. Stock buybacks are banned, it is clearly market manipulation.,and banning them worked pretty damn well for decades. It was Reagan that eliminated that ban, albeit to screams of protest from me. And yeah, he heard it. The fights I had with his OMB director are legendary.
Wait, the G7 was worried about corporations moving to a low tax jurisdiction?
www.forbes.com
Wait, the G7 was worried about corporations moving to a low tax jurisdiction?
Don't they understand that corporations love higher rates and hate lower rates?
Why hasn't one of them put your idea into place and raised rates to 70%?
All the corporations will flood into their country because their WACC is lower.
Right?
And why have not some countries taken the corporate tax rate to zero? I mean then their coffers would be overflowing with all the money coming in. I mean seriously, what part of a curve do you not understand? Is 70% too high? Would it reduce investment and reduce revenue, probably. But on the other hand, 21% is far too low, Trump's corporate tax cut did not pay for itself and resulted in a decline in revenues as a percentage of GDP. The sweet spot, the inflection point, most economist place it at around 45%. That is why Kennedy's income tax cut generated revenue and Reagan's didn't.
They raised the rate from 19% to 25% in April 2023 and Q2 investment went up 4.1%, Q3 investment went up 1.4% and Q4 investment went up 0.5%?
Is the shrinking growth rate a sign of success or a sign of failure?
If it's a success, will they raise the corporate rate from 25% to 31% this year?
Damn, don't those goalposts get heavy, all that moving around you are doing. Corporate tax rates went up, investment went up, precisely what you asked for.
It will decrease demand for Chinese goods and increase demand for domestic and non-Chinese goods. Is that inflationary? How much?
Come on man. Republicans have been for free trade for generations. And it makes sense. And it has for more than 1500 flippin years, since Xenophon.
Trump’s Tariffs Were Much More Damaging Than Thought
Research on the impact of Donald Trump’s trade policy finds to the extent a president manages the economy, Trump managed it poorly.
While the numbers in that article are absolutely horrifying, this stands out.
The tariffs protect the least efficient firms and reduced their incentives to innovate while hurting the most successful U.S. firms, reducing their ability to innovate.
Wow, I mean just wow. Protecting losers and punishing winners. Absolutely brilliant.
It'll reduce home prices and rents. Less spending on criminal justice, ERs and ESL classes.
I already gave you the first one, reduce home prices and rents. But who does that hurt? Homeowners and those with rental properties. I mean do you guys ever think things through? Besides, I don't think it will result in much of a reduction, maybe for starter homes or rental properties in not the best of neighborhoods. The Feds storm into the trailer park and kick all fifteen illegals that have been renting the single wide. All the interior walls are gone, it is one big shell with cots running down both sides, a nasty ass bathroom, and a kitchen, maybe. I have seen it. Less spending on criminal justice, keep fooling yourself, illegal immigrants break the law less often than natives, and don't even say they are here breaking the law, it is a code violation, like a speeding ticket. Emergency rooms, that one is comical. I will give you an example. I had some neck pain and the doctor sent me to have an x-ray. When I showed up at the imaging center, a little after four in the afternoon, the tech had already went home for the day. They sent me to the hospital. I waltz in, sign some paperwork and then they call me up to pay. List price, over a thousand bucks. But I had insurance with a 20% copay, and they gave me a 25% discount on that for paying up front. I whipped out my card and they swiped it, for THREE BUCKS. The total amount they got, from me and my insurance, $35. If I would have been an illegal immigrant the hospital would be screaming about the thousand bucks they didn't get. It is horseshit. Besides, studies have shown, those illegals, many of them pay, it is an integrity thing with them. The reality of our health care system. Those with insurance don't subsidize those without. Those without subsidize them. And ESL, please. That is an investment. Hell, less than two hundred years ago everyone around here spoke German.
Corporations will produce more here; workers will keep more of their paychecks.
Both should offset a portion of higher import prices.
Corporations may produce more here, but at a higher cost. And employees get to keep more of their paycheck, but until there are spending cuts to offset those taxcuts, and they never are, it is more dollars chasing fewer goods, the very definition of inflation.
The fact that government spends more than it collects in taxes is inflationary
Wait, the G7 was worried about corporations moving to a low tax jurisdiction?
Don't they understand that corporations love higher rates and hate lower rates?
Why hasn't one of them put your idea into place and raised rates to 70%?
All the corporations will flood into their country because their WACC is lower.
Right?
And why have not some countries taken the corporate tax rate to zero? I mean then their coffers would be overflowing with all the money coming in. I mean seriously, what part of a curve do you not understand? Is 70% too high? Would it reduce investment and reduce revenue, probably. But on the other hand, 21% is far too low, Trump's corporate tax cut did not pay for itself and resulted in a decline in revenues as a percentage of GDP. The sweet spot, the inflection point, most economist place it at around 45%. That is why Kennedy's income tax cut generated revenue and Reagan's didn't.
They raised the rate from 19% to 25% in April 2023 and Q2 investment went up 4.1%, Q3 investment went up 1.4% and Q4 investment went up 0.5%?
Is the shrinking growth rate a sign of success or a sign of failure?
If it's a success, will they raise the corporate rate from 25% to 31% this year?
Damn, don't those goalposts get heavy, all that moving around you are doing. Corporate tax rates went up, investment went up, precisely what you asked for.
It will decrease demand for Chinese goods and increase demand for domestic and non-Chinese goods. Is that inflationary? How much?
Come on man. Republicans have been for free trade for generations. And it makes sense. And it has for more than 1500 flippin years, since Xenophon.
Trump’s Tariffs Were Much More Damaging Than Thought
Research on the impact of Donald Trump’s trade policy finds to the extent a president manages the economy, Trump managed it poorly.
While the numbers in that article are absolutely horrifying, this stands out.
The tariffs protect the least efficient firms and reduced their incentives to innovate while hurting the most successful U.S. firms, reducing their ability to innovate.
Wow, I mean just wow. Protecting losers and punishing winners. Absolutely brilliant.
It'll reduce home prices and rents. Less spending on criminal justice, ERs and ESL classes.
I already gave you the first one, reduce home prices and rents. But who does that hurt? Homeowners and those with rental properties. I mean do you guys ever think things through? Besides, I don't think it will result in much of a reduction, maybe for starter homes or rental properties in not the best of neighborhoods. The Feds storm into the trailer park and kick all fifteen illegals that have been renting the single wide. All the interior walls are gone, it is one big shell with cots running down both sides, a nasty ass bathroom, and a kitchen, maybe. I have seen it. Less spending on criminal justice, keep fooling yourself, illegal immigrants break the law less often than natives, and don't even say they are here breaking the law, it is a code violation, like a speeding ticket. Emergency rooms, that one is comical. I will give you an example. I had some neck pain and the doctor sent me to have an x-ray. When I showed up at the imaging center, a little after four in the afternoon, the tech had already went home for the day. They sent me to the hospital. I waltz in, sign some paperwork and then they call me up to pay. List price, over a thousand bucks. But I had insurance with a 20% copay, and they gave me a 25% discount on that for paying up front. I whipped out my card and they swiped it, for THREE BUCKS. The total amount they got, from me and my insurance, $35. If I would have been an illegal immigrant the hospital would be screaming about the thousand bucks they didn't get. It is horseshit. Besides, studies have shown, those illegals, many of them pay, it is an integrity thing with them. The reality of our health care system. Those with insurance don't subsidize those without. Those without subsidize them. And ESL, please. That is an investment. Hell, less than two hundred years ago everyone around here spoke German.
Corporations will produce more here; workers will keep more of their paychecks.
Both should offset a portion of higher import prices.
Corporations may produce more here, but at a higher cost. And employees get to keep more of their paycheck, but until there are spending cuts to offset those taxcuts, and they never are, it is more dollars chasing fewer goods, the very definition of inflation.
