*not_secure_link*www.infomine.com/ChartsAndData/GraphEngine.ashx?z=f&gf=110537.USD.bbl&dr=5y

When the price per barrel rises, the value of the dollar decreases, and vice versa.

It'll be better once the U.S. is not relying on OPEC.

 

Fact check: Democrats are repeating a misleading talking point about tax cuts


1/26/18

The Republican tax plan was signed into law just last month, and Democrats already have a well-worn — and misleading — talking point about it: 83% of the tax cuts go to the wealthiest 1%. That’s true for 2027 but only because most of the individual income tax changes expire by then.

In 2025 — the last year before those tax changes expire — only a quarter of the tax cuts go to the top 1%.

It’s a classic case of politicians using a technically accurate statistic but without the context or explanation it requires. Without all the facts, the talking point leaves a misleading impression.

Democratic Sen. Sherrod Brown of Ohio used a version of the tax line in a Jan. 23 press availability, saying that “more than 80% of that tax cut went to the — goes to the wealthiest 1%.” But he’s part of a long list of Democrats who favor the phrase.

House Minority Leader Nancy Pelosi repeatedly has said that “83% of the benefits go to the top 1%.” It’s a line included in Senate press releases and emphasized three times in one Democratic press availability in late December, by Senate Minority Leader Chuck Schumer (twice) and Sen. Bernie Sanders, who did note that this was “at the end of 10 years” and that the “middle class” tax breaks “expire at the end of eight years.”

The important missing context is that the final tax legislation, which President Trump signed into law Dec. 22, allows most of its individual income tax provisions to expire by 2027, making the tax benefit distribution more lopsided for the top 1% than in earlier years.

In 2018, according to an analysis by the Tax Policy Center, the top 1% of income earners would glean 20.5% of the tax cut benefits — a sizable chunk, but far less than the figure that’s preferred by Democrats. And in 2025, that percentage would be 25.3%, with the top 1% (those earning above $837,800) getting an average tax cut of $61,090.

Just two years later, in 2027, the percentage of tax benefits to this income group jumps to 82.8%, “because almost all individual income tax provisions would sunset after 2025,” explains TPC. The top 1% still benefits from some of the remaining tax cuts, such as reducing the top corporate tax rate from 35% to 21%. But their average tax cut drops by nearly two-thirds to $20,660 in 2027.

So while a lot more of the benefits go to the top 1 percent that year, there are fewer benefits to go around. Without those individual income tax provisions, all taxpayers see an average $160 tax cut in 2027, while the average tax cut for all taxpayers in 2025 is $1,570.

For Democrats, the point is that Republicans passed a bill with individual tax cuts that expire and corporate tax cuts that do not.

But the party is giving voters a misleading view of the new law’s impact. The proportion of tax benefits going to the top 1% is much lower in earlier years — before the individual tax cuts expire — than this talking point reveals.

 

Now that a lot of manufacturing will be coming back to the U.S. of A., Businesses will reinvest in themselves and will be using more automated systems employing robotics...... So much for manufacturing jobs.

Ain't life grand?

 

But what they are saying will be true if the people elect a democrat who will not extend the tax cuts.
They are just letting people know what they will do if they win the presidency again.
You can expect tax increases with a democrat in office.

 

You can expect them no matter who wins office. Remember someone saying "Read my lips! No New Taxes!!!"? I'm pretty sure that guy wasn't a member of the Democratic party. He sign a tax increase because his predecessor allowed Congress to blow a massive hole in the national budget with tax cuts in years past. The next President, whatever his affiliation may be, will have to do the same thing. This last tax cut was a budget-buster to the tune of 1.7 TRILLION dollars. And we are already massively in the hole. Without a tax increase we wont even have the money to pay the interest on our outstanding loans.

Of course, we could always default on them. Again.

 

The liberal talking points go like this;
1) 83% OF TAX CUTS GO TO THE GREEDY, RICH, 1% (no matter most of Congress is in the 1%).
2) IT WILL INCREASE THE DEBT BY $1.7 TRILLION (over 10 years, and don't pay attention to the almost $1 trillion increase every year of the Obama administration)
3) IT WILL CRIPPLE THE ECONOMY (Do not pay attention to the 3 MILLION Americans getting bonuses as a result, or the almost daily commitments business is making to invest in America, or the raging stock market)

No matter. The revolution continues........

 

The lions share of the tax cuts go to the top 1% BECAUSE most of Congress is in that group. Not in SPITE of them.

1.7 T (or nearly two years worth of debt growth) over 10 years. Bumped there in ONE act. Add that to the rest of 2017s Congressional screwing around and Trump's drunken sailor vacation spending and multiply it by no more than another three years (if we are very, very lucky).

It is notable that the DOW is climbing at a slower rate as a percentage of growth than it did while Obama was in office. Translation; your IRA isn't growing as fast as it was. And corporate CEO brown nosing Trump and Congress to keep the goodies coming, very little of the current economic expansion is attributable to the Trumpian Tax Cuts. They are market driven and have been in the works for the better part of at least a year.

 

@shootersa, NO business plans its moves or bonuses around any tax plan, particularly one that was only just enacted. They plan their moves months, or if they are smart, years and even decades in advance. Just because they SAY how much they love Trump and that his tax cuts have produced their business moves doesn't mean its true. They lie better and more often that he does. And that's a lot. They just want him to feel good about himself so he will want to give them another 1.7 trillion. and another, and another. They would even call him flashy- er, brilliant, if they think it will make him jump to their bidding.

And it will.

 

The only thing we can be certain of about Trump's tax bill is that the yearly deficits will be higher - probably much higher - than they were under Obama.

When Vice President Dich Cheney said, "Reagan proved that deficits don't matter," he meant that they do not matter politically. What people care about is whether or not their pay checks buy more every year.

If the Dreamers are expelled, this will open up many jobs for American citizens. This will certainly help Trump.

The "better trade deals" which Trump promotes as an economic panacea mean higher tariffs. This will contribute to inflation. This will hurt Trump, even if it increases the number of factory jobs. Because our trading partners will retaliate by raising tariffs on American goods, Factory jobs may not increase at all.

It is conceivable to me that median income adjusted for inflation will increase. If this happens Trump may be reelected.

 

Another factor that will help Trump, although this has nothing to do with his tax bill, will be the decline in the crime rate. The crime rate will decline because the prison population will grow.

Liberals complain about "mass incarceration." Mass incarceration is not a problem. It is the only solution to high crime that has worked.

Liberals compose silly arguments like, "We do not need to put so many people into prison, because the crime rate is going down." They do not wish to understand that the crime rate is going down because the prison population is going up.

Just as conservatives refuse to acknowledge that higher taxes on the rich result in lower deficits, so do liberals refuse to acknowledge that more punishment results in less crime.

 

The plan with the GOP tax plan is running into mathematics. We are at nearly full employment which is why job growth is slowing down. The economy is already showing signs of overheating and inflation is going to out pace any tax savings. And the stock market bubble will burst.

 

Trump either lies about economics, or he is delusional. How could he believe that Mexico would pay for his wall? How could he believe that better trade deals could pay off the national debt in two terms without provoking counter measures by our trading partners that would do serious damage to the U.S. economy?

 

Shooter consulted business for his entire career. Small Restaurants, Fortune 100, multi nationals, manufacturers, high tech. He worked mainly with Human Resources, Finance, and management.
Yes, companies can decide based on new tax law not yet even in force to change direction. Yes, they can decide literally over night to spend a few Million, or Billion on human resource capital. They can decide, based on new tax law, to bring cash and assets back from overseas. And make it happen in weeks, not years or decades.
Business lies?
Not very often. Not about this. Where's the percentage? They already have access to Trump, and Shooter would bet that "business" was able to voice it's preferences to him before the tax bill was publicized. Just like liberals did.
That's when they planned their bonus's and reinvestment and bringing their cash back home.

You can be sure of one thing. Business invested those bonus's and pledged new plants because they see how it will add to the bottom line. Unlike government, that's what business is in business to do. make money.
And that isn't a bad thing.​

 

People have a way of forgetting what and who built this country. For some reason some have decided making a living is not that important. Building our country back is not that important. The only thing that matter is taxing those with jobs and giving the money to those who refuse to work.

 

Unless you include retired people getting Social Security and Medicare checks - most of whom vote Republican - the percentage of Americans on welfare is fairly small. Most of them could probably get minimum wage jobs. Nevertheless, those who spend a lot of time looking down on them have no where else to look but up.

Once I was a manager of a rooming house. Three of the tenants were working age men who received welfare checks. One was psychotic and should have been institutionalized at greater cost to the government. The other two could have probably found minimum wage jobs.

They were not nice people. I did not like them. Nevertheless, I did not envy them. I was earning little more than minimum wage at the time as a security guard. They lived at a subsistence level. I lived much better than they did.

 

Oh yeah it was a tax cut for the middle class alright. Who in their right mind would believe that bullshit.

Over 7,000 Lobbyists Pressured Congress On Taxes In 2017

 

Uh Oh.
The Lobbyists invaded Washington?
Oh dear.
What will we do?
How did this plague of lobbyists get past the beltway?
This has never happened before!
DAMMIT!

 

The appeal Trump made to the poorly educated people he claims to love is that he would clean up this stuff.