Why did the corporate tax cuts fail?

[Toddsterpatriot]

Those of us living in reality can now say that the corporate tax cuts were a failure that hurt revenue and did nothing for the economy. So the question is why? I think it likely has to do with the fact so many of our corporations are near monopolies. Curious what others think.

Trump handed big business a massive tax cut, and all he got in return was embarrassment

Two years after his administration passed a massive tax cut for corporations meant to spur economic growth, the verdict is in, and the results are embarrassing. The tax cuts did not "unleash animal spirits" (as the business media is so fond of saying). And it did not usher in a period of 3% GDP growth(as Trump's administration was so fond of echoing).

The plan did not — by any stretch of the imagination — "pay for itself with growth and reduced deductions," as Treasury Secretary Steve Mnuchin said it would back in 2017. In fact, the US budget deficit has grown by 50% since Trump took office.

Corporations didn’t need the cash. Tax cuts work if corporations need capital to pay for equipment or expansion. Corporations have awash with cash since W was in office. Profits from offshoring production.

A capitalist economy exists on supply and demand. There is a lot of pent up demand due to stagnant wages and a shrinking middle class. But not cash amongst workers and middle class to act on it.

That's all factually incorrect.

I spent more than 40 years working in banking, finance, and law. All I've seen you do is to parrot Trump's lies about the American economy.

40% of working American families say that the US economy does is not working for them. All of this wealth and growth is having no impact on the quality of their lives. Only 20% of Americans own stocks. Only 14% of American companies offer 401K's, and few workers are making contributions.

Twice in the last 8 years, American voted for change in Washington. Obama was handcuffed by the near collapse of the economy before he took office, and after the midterms, by a Congress and Senate who were determined that he be a one term President.

The electorate want a President who looks out for THEM, not the corporations, and not the 1%.

Some fool upthread said that the people are just "waiting for the tax cut to trickle down". Hell, they're still waiting for the Reagan tax cut to "trickle down". Trickle down was debunked when Reagan was in office. Even Reagan realized it wasn't working and started raising taxes.

Hell, they're still waiting for the Reagan tax cut to "trickle down".

Yeah, everybody misses Jimmy Carter's malaise with double digit inflation. Moron.

Trickle down was debunked when Reagan was in office.

That was your brain trickling down your leg.

 

[Billiejeens]

[


Real Gross Domestic Product

Doesn't look like GDP went down. You're really bad at this.

These Moon Bats are uneducated and low information so they get confused about things like this. A lot of their trouble understanding things like basic economics comes from their mental illness of TDS.

Yeah, but-
They were low information well before Trump came down the escalator.

 

[Billiejeens]

Those of us living in reality can now say that the corporate tax cuts were a failure that hurt revenue and did nothing for the economy. So the question is why? I think it likely has to do with the fact so many of our corporations are near monopolies. Curious what others think.

Trump handed big business a massive tax cut, and all he got in return was embarrassment

Two years after his administration passed a massive tax cut for corporations meant to spur economic growth, the verdict is in, and the results are embarrassing. The tax cuts did not "unleash animal spirits" (as the business media is so fond of saying). And it did not usher in a period of 3% GDP growth(as Trump's administration was so fond of echoing).

The plan did not — by any stretch of the imagination — "pay for itself with growth and reduced deductions," as Treasury Secretary Steve Mnuchin said it would back in 2017. In fact, the US budget deficit has grown by 50% since Trump took office.

Corporations didn’t need the cash. Tax cuts work if corporations need capital to pay for equipment or expansion. Corporations have awash with cash since W was in office. Profits from offshoring production.

A capitalist economy exists on supply and demand. There is a lot of pent up demand due to stagnant wages and a shrinking middle class. But not cash amongst workers and middle class to act on it.

That's all factually incorrect.

I spent more than 40 years working in banking, finance, and law. All I've seen you do is to parrot Trump's lies about the American economy.

40% of working American families say that the US economy does is not working for them. All of this wealth and growth is having no impact on the quality of their lives. Only 20% of Americans own stocks. Only 14% of American companies offer 401K's, and few workers are making contributions.

Twice in the last 8 years, American voted for change in Washington. Obama was handcuffed by the near collapse of the economy before he took office, and after the midterms, by a Congress and Senate who were determined that he be a one term President.

The electorate want a President who looks out for THEM, not the corporations, and not the 1%.

Some fool upthread said that the people are just "waiting for the tax cut to trickle down". Hell, they're still waiting for the Reagan tax cut to "trickle down". Trickle down was debunked when Reagan was in office. Even Reagan realized it wasn't working and started raising taxes.

All you've proven is that you are old and that you apparently don't know that a lot of us were political and knowledgeable about things long before Candidate Trump came down the escalator.

Before the Democrats in Congress helped crash the economy during the last 2 years of the last Bush Presidency approx. 62% of American owned stock.
Since 2010 it has been roughly 55%

The Tax cuts helped everyone who pays taxes directly and everyone else indirectly by turning money loose into the system.

"trickle Down" is not a thing.
It is a slur used by people who don't know that it is simply how the economy works.

We currently have the most potent economy ever established at any time, in any country on the planet.

Workers at the lower end of pay scale getting most benefit from rising wages, in fact about twice as much.

I get that you will deny all of these things, which will simply confirm your lack of knowledge.

 

[protectionist]

I spent more than 40 years working in banking, finance, and law. All I've seen you do is to parrot Trump's lies about the American economy.

40% of working American families say that the US economy does is not working for them. All of this wealth and growth is having no impact on the quality of their lives. Only 20% of Americans own stocks. Only 14% of American companies offer 401K's, and few workers are making contributions.

Twice in the last 8 years, American voted for change in Washington. Obama was handcuffed by the near collapse of the economy before he took office, and after the midterms, by a Congress and Senate who were determined that he be a one term President.

The electorate want a President who looks out for THEM, not the corporations, and not the 1%.

Some fool upthread said that the people are just "waiting for the tax cut to trickle down". Hell, they're still waiting for the Reagan tax cut to "trickle down". Trickle down was debunked when Reagan was in office. Even Reagan realized it wasn't working and started raising taxes.

You are so far off from reality it is mind boggling. Either you are lying or you are repeating lies you've heard from leftist sources.

1. No impact on their lives, you say ? How about the impact of going from unemployed to employed ? An amazing 304,000 jobs were created in January, according to Labor Department data, up from an average monthly gain of 223,000 in 2018, and 182,000 in 2017. A steady upward march. Too bad President Donald Trump couldn't invite all the new hires to attend his speech to show off the impact of Trumponomics on real people who have to put food on the table and make mortgage payments.

2. Americans are taking home more pay, and that means they can spend more. It's consumer spending that drives two-thirds of the economy. Wages rose 3.2 percent over the last 12 months, the best yearly increase in a decade. And the median wage (this includes millions of "working American families") is the highest ($61,400/yr), in US history.

3. The overall unemployment rate is the lowest its ever been, as is unemployment, for blacks, Hispanics, and the disabled. Unemployment for women is lowest in over 70 years.

4. All of this wealth and growth WOULD have no impact on the quality of lives for those who sit on their ass, sleep till noon, and don't go out to get a job, because they don't WANT one. They'd rather sit back and collect welfare.
What's the remedy? Welfare reform, plus skills training. Food stamps should be for people willing to work who need help making ends meet. But three-quarters of able-bodied working-age food stamp recipients without children to care for, still don't work, even part time. A work requirement would incentivize the slackers to get off the couch. Yet Democrats adamantly oppose it. They'd rather guarantee everyone a paycheck. What an insult to hard workers.

5. Who cares how many people own stocks ? When the stock market is booming as it is, that's good for everyone affiliated with those companies, particularly their workers, not just stockholders.

6. 20% own stock ? Nonsense. You might want to replace your information sources. 55% of Americans owned stock in 2019, and stock ownership has never been lower than 52% since the 1980s.

What Percentage of Americans Owns Stock?

7. Oh so only the top 1% are getting help from the Trumpeconomy boom ? Wrong again. It's low wage industries that are showing the biggest jumps in wages >>

What a joke to see CNN, MSNBC, New York Times, Washington Post, and other Trump haters spouting obvious BS, and incredibly, millions of gullible people fall for it.

 

[Billiejeens]

I spent more than 40 years working in banking, finance, and law. All I've seen you do is to parrot Trump's lies about the American economy.

40% of working American families say that the US economy does is not working for them. All of this wealth and growth is having no impact on the quality of their lives. Only 20% of Americans own stocks. Only 14% of American companies offer 401K's, and few workers are making contributions.

Twice in the last 8 years, American voted for change in Washington. Obama was handcuffed by the near collapse of the economy before he took office, and after the midterms, by a Congress and Senate who were determined that he be a one term President.

The electorate want a President who looks out for THEM, not the corporations, and not the 1%.

Some fool upthread said that the people are just "waiting for the tax cut to trickle down". Hell, they're still waiting for the Reagan tax cut to "trickle down". Trickle down was debunked when Reagan was in office. Even Reagan realized it wasn't working and started raising taxes.

You are so far off from reality it is mind boggling. Either you are lying or you are repeating lies you've heard from leftist sources.

1. No impact on their lives, you say ? How about the impact of going from unemployed to employed ? An amazing 304,000 jobs were created in January, according to Labor Department data, up from an average monthly gain of 223,000 in 2018, and 182,000 in 2017. A steady upward march. Too bad President Donald Trump couldn't invite all the new hires to attend his speech to show off the impact of Trumponomics on real people who have to put food on the table and make mortgage payments.

2. Americans are taking home more pay, and that means they can spend more. It's consumer spending that drives two-thirds of the economy. Wages rose 3.2 percent over the last 12 months, the best yearly increase in a decade. And the median wage (this includes millions of "working American families") is the highest ($61,400/yr), in US history.

3. The overall unemployment rate is the lowest its ever been, as is unemployment, for blacks, Hispanics, and the disabled. Unemployment for women is lowest in over 70 years.

4. All of this wealth and growth WOULD have no impact on the quality of lives for those who sit on their ass, sleep till noon, and don't go out to get a job, because they don't WANT one. They'd rather sit back and collect welfare.
What's the remedy? Welfare reform, plus skills training. Food stamps should be for people willing to work who need help making ends meet. But three-quarters of able-bodied working-age food stamp recipients without children to care for, still don't work, even part time. A work requirement would incentivize the slackers to get off the couch. Yet Democrats adamantly oppose it. They'd rather guarantee everyone a paycheck. What an insult to hard workers.

5. Who cares how many people own stocks ? When the stock market is booming as it is, that's good for everyone affiliated with those companies, particularly their workers, not just stockholders.

6. 20% own stock ? Nonsense. You might want to replace your information sources. 55% of Americans owned stock in 2019, and stock ownership has never been lower than 52% since the 1980s.

What Percentage of Americans Owns Stock?

7. Oh so only the top 1% are getting help from the Trumpeconomy boom ? Wrong again. It's low wage industries that are showing the biggest jumps in wages >>

What a joke to see CNN, MSNBC, New York Times, Washington Post, and other Trump haters spouting obvious BS, and incredibly, millions of gullible people fall for it.

"What a joke to see CNN, MSNBC, New York Times, Washington Post, and other Trump haters spouting obvious BS, and incredibly, millions of gullible people fall for it."

They simply want it to be true.
Facts be damned.

 

[colfax_m]

We currently have the most potent economy ever established at any time, in any country on the planet.

2.4% GDP growth doesn’t feel very potent...

 

[protectionist]

2.4% GDP growth doesn’t feel very potent...

My guess is GDP growth is about TWICE that.

 

[healthmyths]

We currently have the most potent economy ever established at any time, in any country on the planet.

2.4% GDP growth doesn’t feel very potent...

Excuse me but which is a larger number?
2.4% of $21.4 trillion or 3.16% of $2.857 Trillion?

 

[colfax_m]

2.4% GDP growth doesn’t feel very potent...

My guess is GDP growth is about TWICE that.

Yeah, I think I’ll go with the people who aren’t guessing.

 

[colfax_m]

We currently have the most potent economy ever established at any time, in any country on the planet.

2.4% GDP growth doesn’t feel very potent...

Excuse me but which is a larger number?
2.4% of $21.4 trillion or 3.16% of $2.857 Trillion?

The first but what is your point here?

 

[protectionist]

Yeah, I think I’ll go with the people who aren’t guessing.

Who ? The ones LYING ?