Large companies get to write their own tax rules under the 2017 “reform” law.

https://www.pilotonline.com/nation-world/ct-nw-trump-tax-cuts-20191230-7ksl7b5j4vdyxmgxeplmnlkbpi-story.html

Too bad the little guys can’t afford big money lobbyists to write the tax rules. Just more proof that the only beneficiary of the law are big companies and the top 1%.

17 thoughts on “Large companies get to write their own tax rules under the 2017 “reform” law.

  1. Because none of the rest of us benefited at all from full employment, resurgent manufacturing, rising wages and more secure retirements.

    The tax cut was never about whose taxes got cut, it was about creating a labor shortage.

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    1. It was sold to us as good for all. But when deficits are soaring the way they are and tax revenues are down even further than projected, it’s good for the short-term. The long term, not so much. Your retirement may be secure, but what about your children. And their children? They’ll be just fine when the bills come due after you are dead and gone.

      Liked by 1 person

      1. The solution to that, with full employment reducing the need for a safety net, is to drastically cut back on means tested aid.

        We collected more taxes last quarter than ever before, for the third time in a year, we don’t have a revenue problem, we have a spending problem.

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        1. You really should read the article. While I agree we have a spending problem as well, the deficit growing at a trillion dollars per year, with no relief in sight (until a Democratic Congress fixes, again, the problems caused by the GOP), the time to attack the deficit is when the economy is on an upswing. It is not the time to cut taxes PERMANENTLY for corporations and the top 1% and temporarily for the rest of us.

          Also, the revenues that were expected were lowered drastically by the large corporations lobbying the Treasury Dept and the GOP Senate leadership to write the rules to maximize the loopholes instead of closing them. If the bill hadn’t been ramrodded through (like Obamacare), then maybe thee law would have been written with so little ambiguity that allowed the Department to have to write the rules wrt to corporations, and allowing the lobbyists from the corporations to have all of the input into how the rules should be written. At least the ACA was a plan beneficial to most, whereas the 2017 tax law was to benefit the most rich.

          And my paycheck hasn’t gone up in over 18 months. If it weren’t for the loyalty to the owner of the small business I work for, I’d be outta here.

          Liked by 1 person

    2. Resurgent manufacturing?

      Repeating falsehoods does not make them true. Manufacturing sector is limping along.

      The appearance of a strong economy is an illusion caused by massive and unnecessary deficit spending – the direct result of those billionaire tax cuts. The sort of “Keynesian economics” that conservatives decry but always practice when they take control. Fiscal and economic malfeasance writ large. Just like Reagan and GW Bush.

      Liked by 2 people

    3. The last couple of years of Obama’s terms had higher monthly hiring rates than Trump. There was no reason for it not to continue.

      Wages were starting to climb, but as hiring continued, they would go up a bit more.

      Stock buybacks were the big investments.

      Trump is benefitting from an economy that was growing nicely. Better than now, for sure.

      But we are paying heavily in deficits and debt. We have spending issues, but the GOP was, and still is with McConnell and Trump in charge, and they have no interest in cutting spending. They are increasing it.

      Trump will get the credit for now, as all presidents do. But we are heading into dangerous territory. And infrastructure hasn’t even made the front burner.

      Finally, nothing has been done on healthcare. Nothing. And the GOP has had about 7 or 8 years to come up with a better plan. Trump promised a great one every two weeks. And healthcare issues won the House in 2018.

      Liked by 3 people

        1. Seeing as those on the right continue to perpetuate the myth that the Democratic controlled House is doing nothing because McConnell has put the majority of House passed legislation in his desk drawer and not acted on it, it is just as easily said that McConnell put the plan you mentioned in his desk leading those on the left to say the GOP has done nothing on health care.

          If it was such a great plan, why has nothing been done with it? Like I said in the original thread enough for both sides to dislike and maybe they should debate it and vote on it in the Senate. They ARE allowed to do that.

          Liked by 2 people

        2. RE: “If it was such a great plan, why has nothing been done with it?”

          Both McConnel and Trump have said action would be taken after the election in 2020. Given the intense dysfunction of the House this past year, the delay may be smart.

          In any case, the Democratic talking point that the GOP and administration have done nothing on health care is factually incorrect.

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          1. If it is damned important to “improve” access to health care, then why sit on it until after the election? That is just plain stupid. – IMHO. Get it out there so the people can decide. If you wrote a plan and do nothing with it, then you have done NEXT to nothing. Which is just as bad as nothing on something that was deemed as a “first 100 days” kind of thing.

            Plus, if by some chance (and it is always a chance) that McConnell loses (26% approval by Kentuckians) or the GOP loses its majority, then they really have done nothing. They ran on HC in 2018 and lost the House. Pass it out of the Senate, let the House have a crack at it, debate it in conference committee and if it is workable, pass the damned thing.

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          2. RE: “Get it out there so the people can decide.”

            You can read the proposal. I provided a link in the thread last October. Demanding that others comply with your timetable is what children do. You can, instead, educate yourself now so you’ll be ready when the discussion goes public.

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          3. I read it in October. I also commented then that there is plenty for both sides to like or dislike. As far as timetable, I am only calling out Trump for “promises made, promises kept” ideals he and his supporters tout. It is not my timetable, but one that, IMHO, they should follow. The only real promise kept was the tax cut law that this thread is all about. And the promise was absolutely kept to the top 1% and large corporations .If you don’t like my calling for them to do something, so what? It is not childish to want politicians to keep their promises. It is what engaged voters and citizens do. I think it is childish for the VCDL to demand localities adopt “2A sanctuary status” for laws not even passed yet.

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          4. RE: “As far as timetable, I am only calling out Trump for ‘promises made, promises kept’ ideals he and his supporters tout.”

            My comment, however, is about the factual inaccuracy of the Democratic talking point. Why you insist on talking about something else, compounding your original error, is beyond me.

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          5. Counterfactual nonsense and semantics. Too bad you don’t take a look at your own inaccuracies.

            The only “error” was not actually mine. In fact, if you read what I posted you would have seen that I corrected it to “next to nothing”. Again, it was a campaign promise that has NOT been kept, but being held in abeyance because, perhaps, the plan is not as good as touted. I say again, that if it were a good plan, then why not bring it forward.

            As discovered after 2018,elections have consequences when the GOP loses as well. The consequence of the 2020 election could be a loss of the Senate by the GOP. Then it could be back to the drawing board again on health care reforms.

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