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From your FAS (Federation of American Scientist) document link:
"This report describes the federal tax structure and system in effect for 2019. The report also provides selected statistics on the tax system as a whole. Historically, the largest component of the federal tax system, in terms of revenue generated, has been the individual income tax."
Basically what I have been saying and gave the report on above, which if one would read the, "Institute on Taxation and Economic Policy", they would find that:
"The Tax Cuts and Jobs Act (TCJA) established a 21 percent statutory corporate income tax rate. That means corporations must pay 21 percent of their taxable income in federal taxes, but that is not the end of the story. Several breaks and loopholes allow companies to report taxable income that is much smaller than their actual income. Other special breaks allow companies to reduce their tax liability after they apply the rate to their taxable income. The result is that most corporations pay an effective rate that is much lower than the statutory rate of 21 percent."
That is how Jeff Bezos (the wealthiest man in the u.s.) of Amazon (which has wiped out 30% or the retail outlets across the u.s.) gets by with paying zero in taxes and has for the past three years.
If the corporate tax rate is 21%, why is Amazon paying zero. Think about why that is.
Individuals have a minimum federal income tax rate, too, but 45% of all US 1040 filers pay zero federal income tax. Think about why that is.
Because they write off hundreds of millions each year they spend on factories for example.
Amazon may pay zero but they also produce thousands and thousands of......taxpayers.
Yep.
So... reinvesting in the corporation produces more jobs (and yes, more taxpayers!) and economic growth. The Fed Gov has decided to encourage that behavior by incentivizing it with tax deductions.
It's not even that much of a loss in tax revenue. Amazon's profit margin is only 3.05%.
Spoken like a true believer that Trump has done something positive for the low wage workers (or for anyone for that matter) when in reality he hasn't done a darn thing, but blow hot air.
"Donald Trump says Americans are currently living through “the greatest economy in the history of the U.S.” And while anyone familiar with mid-century growth rates will find the president’s assessment a bit hyperbolic, we’re still plausibly enjoying “the greatest economy in the history of the decade.”
America’s unemployment rate is still hovering near half-century lows. Wage growth is still about as high as it’s been since the 2008 financial crisis. Chatter about an imminent recession has faded into murmurs. On Wednesday, third-quarter GDP growth and ADP’s private-sector job-growth estimate both came in higher than expected. There is reason to think that our long, slow post-crisis expansion has already hit its peak. But for now, the “good times” are still rolling.
"Today, the labor market is tight by many measures, and that’s a major policy win—but it’s a victory that President Trump and his allies had next to nothing to do with. Further, even given today’s signs of labor market tightness, wage growth has not durably accelerated out of post–Great Recession doldrums."
Keep posting that. I love coming back and posting the 'real' numbers.
"Spoken like a true believer that Trump has done something positive for the low wage workers (or for anyone for that matter) when in reality he hasn't done a darn thing, but blow hot air"
Typical responses and claims from someone suffering from SEVERE TDS.
Food stamp recipients at all time LOWS. Employment at all time HIGHS.
But, you wouldn't know about any of this because of your "news" sources which NEVER report the good thing Trump has accomplished. Instead they go on and on on how many scoops of ice cream he eats.
" ... failure of wages to get in gear should tell us three things: (1) there remains room for unemployment to fall even further;2 (2) policy and labor market institutions have been turned decisively against most workers’ ability to bargain effectively for wage increases; and (3) if we don’t reorient these policies and institutions to support wage growth, workers will have to rely solely on high-pressure labor markets to see raises in the future—but these high-pressure labor markets have been the exception and not the rule for most of the time in recent decades. Policymakers who don’t address these concerns—like President Trump—are no friend to workers." [my bold]
Don't think you clould picked a MORE BIASED site to get your article:
"The Economic Policy Institute’s mission is to inform and empower individuals to seek solutions that ensure broadly shared prosperity and opportunity. About EPI. The Economic Policy Institute (EPI) is a nonprofit, nonpartisan think tank created in 1986 to include the needs of low- and middle-income workers in economic policy discussions. EPI believes every working person deserves a good job with fair pay, affordable health care, and retirement security."
Dude, New York State and me by extension pay more than our fair share.
You are barking at the wrong tree.
You all don’t want to pay taxes but have no quibble benefitting from the Blue States. Oh the Irony.
Why are people so bitter and divided?
Bitter and divided??? Oh, the irony.
Yes, most are paying more taxes but how much more did you earn last year? Our family made $30k more and so, ok we had to pay additional $4k in taxes. If you didn't make more and paying more taxes...you're doing something wrong!
Me, too! The YOY (year over year) increase in both my 401K and investment accounts were 30+%. I did have to pay an extra $2,000 in federal income tax over last year due to the $10,000 SALT deduction limit, but overall, I gained, significantly.
I bet most people don't even do the math to calculate exactly how much they've gained in the Trump policies economy. They just grumble because MSDNC, etc., tells them to do so.
"About 11 percent of households in the bottom income quintile will pay federal income tax in 2018. In contrast, 62 percent of households in the lowest income quintile will owe payroll taxes. Combined, 64 percent of households in the lowest income quintile will owe federal income or payroll taxes."
"Traditional retail is thriving in the nation’s fastest-growing large counties, many of them in Florida and Texas. Meanwhile, local economies tied to legacy industries and those incurring population losses continue to be vulnerable. DuPage County, Ill., and Orange County, Calif., both older suburban jurisdictions, sustained sizable employment declines in the traditional retail industries most affected by e-commerce. Each lost approximately 12,000 such jobs over the decade, behind only Los Angeles, the nation’s largest county."
Where did they find a job?, Oh wait ... maybe they moved to Texas and Florida.
"And while Amazon announced earlier this year that it would hire 100,000 new employees in 2017 and the first half of 2018, is the growth in e-commerce enough to make up for the destruction of traditional retail jobs?
Some argue it’s not. “The number of jobs we are losing in retail outpaces the number being created in the sectors that are taking their place,” Andrew Challenger, the vice president of a job placement firm, told the New York Times back in January."
"How could a company with record U.S. profits for the year avoid paying up while most Americans can’t?
The answer is a combination of existing tax rules that have enabled Amazon, and companies like it, to avoid paying well below the standard corporate tax rate for years. And the company is also getting a little help from new provisions in Trump administration’s tax reform bill, which became law in 2017."
So low wage income earners (not the 50 year old hospital housekeeper, or the temp, gig or contract worker) reap some benefits in increased wages, while paying more in taxes than Amazon? Only in America ... You can't make this stuff up. Oh and Trump is the winner in all this tom foolery ... that's wow at any stage of this game.
Spoken like a true believer that Trump has done something positive for the low wage workers (or for anyone for that matter) when in reality he hasn't done a darn thing, but blow hot air.
"Donald Trump says Americans are currently living through “the greatest economy in the history of the U.S.” And while anyone familiar with mid-century growth rates will find the president’s assessment a bit hyperbolic, we’re still plausibly enjoying “the greatest economy in the history of the decade.”
America’s unemployment rate is still hovering near half-century lows. Wage growth is still about as high as it’s been since the 2008 financial crisis. Chatter about an imminent recession has faded into murmurs. On Wednesday, third-quarter GDP growth and ADP’s private-sector job-growth estimate both came in higher than expected. There is reason to think that our long, slow post-crisis expansion has already hit its peak. But for now, the “good times” are still rolling.
"Today, the labor market is tight by many measures, and that’s a major policy win—but it’s a victory that President Trump and his allies had next to nothing to do with. Further, even given today’s signs of labor market tightness, wage growth has not durably accelerated out of post–Great Recession doldrums."
Keep posting that. I love coming back and posting the 'real' numbers.
Quote:
Originally Posted by Quick Enough
"Spoken like a true believer that Trump has done something positive for the low wage workers (or for anyone for that matter) when in reality he hasn't done a darn thing, but blow hot air"
Typical responses and claims from someone suffering from SEVERE TDS.
Food stamp recipients at all time LOWS. Employment at all time HIGHS.
But, you wouldn't know about any of this because of your "news" sources which NEVER report the good thing Trump has accomplished. Instead they go on and on on how many scoops of ice cream he eats.
When I see TDS I think of trump supports, funny you think the opposite, when in reality this --- job market hasn't anything to do with trump, even though people like trump will try to lead people to believe that it does. Not Just a Job: New Evidence on the Quality of Work in the United States
Quote:
Originally Posted by Quick Enough
Don't think you clould picked a MORE BIASED site to get your article:
"The Economic Policy Institute’s mission is to inform and empower individuals to seek solutions that ensure broadly shared prosperity and opportunity. About EPI. The Economic Policy Institute (EPI) is a nonprofit, nonpartisan think tank created in 1986 to include the needs of low- and middle-income workers in economic policy discussions. EPI believes every working person deserves a good job with fair pay, affordable health care, and retirement security."
When I see TDS I think of trump supports, funny you think the opposite, when in reality this --- job market hasn't anything to do with trump, even though people like trump will try to lead people to believe that it does. Not Just a Job: New Evidence on the Quality of Work in the United States
And you have a problem with that?
All that is is socialism without using the actual word, so yeah, I do have a problem with it.
Great jobs, great insurance, and great retirement doesn't nor shouldn't just be handed to everyone.
It's called working and earning--- not mooching.
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