The end is near? Gosh, I’m still able to post this up so that other thingy that had the Democrats’ panties in a collective wedgie hasn’t come to pass – the Internet is still here.
The new Tax Bill – YAYAYA! The Obamacare “get taxed if you decide to do nothing” is GONE! Every tax bracket is getting tax cuts with middle class getting the highest percentage cuts (will post the chart later). Of course the Left and MSM are only using the amounts that are derived from percentages instead of the percentages themselves (e.g., at 2%, and $10,000 / worker will get a $200 tax refund while a $1,000,000/year worker will get $20,000) – use it in a classic Marxist way to provoke class warfare. At this point, though, they don’t care as they can’t tell us the difference between themselves and Socialists. They WANT a Socialist society – why else behave and report they way they do and why else behave and legislate and pontificate the way they do?
Remember this – the top 10% of income taxpayers pay 70% of the taxes; of COURSE they will keep more of the money in absolute terms but at the same percentage wise. The bottom 50% pay about 3.5% of the income taxes – of COURSE they will get less.
That’s not hatred by Republicans for others that the Dems keep screaming about (“People will DIE!!!”) and the MSM dutifully reports. No, it is just simple math. Math can be hard, even at the 3rd grade level – especially for these folks that fear that facts will despoil their Narrative(s) which all end up aggregating around “Republicans hate you all; Trump is Hitler (when he isn’t dumber than a rock)”.
So they flog “The Rich” and they flog “Big Companies” (because they all hate Capitalism). All we’ve been hearing is that companies will NOT raise wages as the Republicans have been saying (just ignore FedEx whose CFO just said they’d do just that and add more jobs in a conference call; ust ignore AT&T who upon Tax Reform passed said 200,000+ employees were going to get a $1,000 bonus, Remember this: taxes on companies is simply a cost of doing business – they don’t really pay that as they price it into the goods and services they sell so WE pay it in the end.
In competitive marketplaces, I’m betting prices will come down some (some kept as profit or reinvested) as that 14% less tax will be removed.
(H/T: Powerline [yes, two in a row])
UPDATE: More Companies saying what they will be doing (reformatted, emphasis mine):
- Comcast-NBC Universal and Wells Fargo have joined with several other businesses to announce plans to use money saved by the Tax Cuts and Jobs Act for investments and bonuses.
- Comcast will award $1,000 bonuses to over 100 thousand employees and invest $50 billion over the next five years in infrastructure, due not only to the passage of the GOP tax-reform bill but also the repeal of net neutrality.
- Wells-Fargo will match Fifth-Third’s $15 minimum wage hike and intends to reach up to $400 million in philanthropic donations.
- AT&T, Boeing, and Fifth-Third Bancorp announced separate plans to invest in the U.S. and pay workers bonuses with the money saved thanks to the Tax Cuts and Jobs Act.
- Fifth-Third will raise its hourly wage to $15 and pay over 13,000 employees a one-time bonus of $1,000 upon Trump’s signature.
- AT&T’s plan includes a $1,000 bonus awarded to 200,000 U.S. employees and a $1 billion investment in the United States. President Trump reacted positively to the AT&T news, saying, “That’s pretty good, that’s pretty good,” after reading the plan at a White House event.
- According to Boeing CEO Dennis Muilenburg, Boeing will invest $300 million in “employee-related and charitable investment.” Split into three $100 million chunks, the investment will support corporate charitable giving, workforce development, and infrastructure enhancements for Boeing employees.
- FedEx: Executives at the package delivery company say the passage of the bill, which promises massive cuts to the corporate tax rate, would prompt the company to increase spending on hiring, as well as new equipment and technology. The company also projects the changes to amount to a $1.3 billion increase in annual profits, according to calculations by Bloomberg.
Remember, the Democrats are screaming “WE’RE ALL GONNA DIE IF THIS PASSES!!!!!”. I’m betting that more people will have died because of Obamacare than Tax Reform.