Skip to comments.Opinion: Itís official: The Trump tax cuts were a bust (YUuuge Barf Alert)
Posted on 01/31/2019 4:41:58 PM PST by Beave Meister
Right before Congress passed the Tax Cuts and Jobs Act in December 2017, President Trump proclaimed:
Itll be fantastic for the middle-income people and for jobs, most of all ... I think we could go to 4%, 5% or even 6% [GDP growth], ultimately. We are back. We are really going to start to rock.
A year later, its very clear that the tax cuts boosted gross domestic product and jobs a bit and just for one year. Its effects are fading as U.S. GDP growth appears likely to weaken in 2019. The only thing that rocked were corporate profits and the stock market. And were facing trillion-dollar deficits as far as the eye can see.
The Tax Cuts and Jobs Act made small cuts in rates to most individual taxpayers, while cutting the corporate tax rate from 35% to 21%, expanding deductions for pass-through companies, and taxing only corporate income earned in the U.S., not worldwide. That theoretically removed a major barrier to U.S.-based multinational corporations repatriating the estimated $2.6 trillion in accumulated earnings theyre holding overseas.
(Excerpt) Read more at marketwatch.com ...
What a complete load of bovine excrement. Ever since the tax cuts took effect, I’ve been busier than ever.
I wonder how much money we saved by renegotiating the NAFTA agreement?
That’s a very good question.
Im very happy with the tax cuts.
I found them quite beneficial - looks as though I’ll save several thousand in taxes......
I just got back from my tax accountant. All I can say is I got screwed based on the changes. On the same income as 2017 I went from getting a ~$6,000 refund for both state and federal to owing ~$2,000 total. These tax changes are terrible. If lil ole middle class me got nailed you will to. Good luck! I’m not a shill...just telling you like it is.
Oh, wow... so an increase in employment to record numbers isn't sufficient? Millions more people working isn't enough? It's somehow not worth it if we don't add more jobs than there are workers? Pathetic.
The only thing that rocked were corporate profits and the stock market.
And the stock market is by far the most inclusive and color-blind and fair avenue for wealth accumulation. Anyone can join at any time and in any amounts. Most Americans have a 401k or similar account that is mostly (or entirely) based in the stock market, meaning that about half of the nation just had their retirement accounts boosted, and that nobody was excluded if they did not want to be.
And were facing trillion-dollar deficits as far as the eye can see.
Good point. Let's start cutting spending then, the only justifiable option remaining to us.
Turned out fantastic for me. We went from difficulty finding enough employees to really struggling to find enough employees.
Fed rate hikes & trade wars are the reason. Tax cuts are helping avoid recession now.
We were surprised when we met with our CPA tax guy. We’ve always given a lot to charities, churches, etc., and were able to include those donations on our tax returns. No more; they mean nothing up to $26,000 — or so we were told. I had been under the impression Trump wanted us to help the less fortunate and was pushing faith charities.
So, cut my taxes to Zer0 [like at least 50% of Americans] and watch my spending/inestment grow....
Donning my flame suit for the incoming butthurt from childless tax payers.
The loss of the personal exemptions is what hit us. Sure the larger standard deduction helped but we were still 4 grand under withheld for both my wife and me.(...and our agi was 8 grand under what we made last year and we had to pay an extra 800 last year).
At $1 Million/yr, I’d jump back into the employment pool for 6 mo.
The whole individual tax changes were screwy.
Only the Ditch corporate tax changes made any sense.
Ditch is NOT a proponent of helping the Middle Class Tea Partiers. He’s a GOPeer, likely run by Red China
I live in Pennsylvania and came no where near the maximum you can deduct for property taxes or mortgage interest. It seems so far I will owe 2k more this year. Last year I got back 2k. I gave most of my tax cut back last year by changing my W-4 a few months after it took effect. I am glad I did that or I would be much worse. I use Turbotax and I am hoping I did something wrong. My son turned 19 so I only get a $500 deduction from the taxes I owe. Last year I got much more savings with the individual deduction from my gross income. I got a feeling most people will do real well, but some people expecting a refund will be shocked when they have to pay a large tax bill.
Everyone I know is paying much lower taxes this year
Where do these people come from?
Marxist Watch is a joke. I’m sure the record number of employed are very upset that they now have jobs. Stupid tax cuts!
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