REAL WORLD EVENT DISCUSSIONS

When Lower Tax RATES Produce Higher Tax Revenue

POSTED BY: JEWELSTAITEFAN
UPDATED: Thursday, February 7, 2019 09:12
SHORT URL:
VIEWED: 3717
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Monday, June 25, 2018 9:05 AM

JEWELSTAITEFAN


Quote:

Originally posted by JEWELSTAITEFAN:
Quote:

Originally posted by JEWELSTAITEFAN:
Quote:

Originally posted by JEWELSTAITEFAN:
Not sure if FOXCONN has been mentioned around here. It is a tech company building a huge manufacturing complex in Southeast Wisconsin.

They worked out a contract with Gov Scott Walker, and a reduced Tax Rate was involved. Something like 15,000 jobs will be created just from the facility directly.

Some have claimed it was just a PR scam, it wouldn't really happen. The process to draw 7,000,000 gallons of water per day from Lake Michigan is being worked out.

Not a guarantee, but today was announced that FOXCONN purchased a 7 story building in downtown lakefront Milwaukee for their US HQ.

I just saw the news report that the FOXCONN package included 17% Tax reduction.

Some have said the FOXCONN agreement was just a scam, because other preliminary agreements never resulted in Groundbreaking.

A few days ago FOXCONN broke ground on their Racine campus.
Locals pronounce Racine as RUH-seen.

For those not familiar with the region, Racine and Kenosha Counties are along Lake Michigan, South of Milwaukee to the Illinois border. Both Counties have lots space available, yet the southeast corner of Wisconsin accounts for 60% of the State's population. And across the stateline is considered ChicagoLand.

The President's scheduled visit was pushed back a day to 28 June. It is some ceremonial event in Mount Pleasant. So we might hear some speechifying.
This is about 60 miles south of Harley Davidson HQ, which just decided to move production overseas to avoid the $100 Million Tariffs.

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Monday, June 25, 2018 3:27 PM

REAVERFAN


Goldman Sachs: Trump’s tax cuts could cause recession
https://nypost.com/2018/05/21/goldman-sachs-trumps-tax-cuts-could-caus
e-recession
/

Hardly a liberal talking here.

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Sunday, July 1, 2018 12:46 AM

JEWELSTAITEFAN


Somehow today I managed to barely miss some demonstration while I was downtown.
Apparently folk were whining that Trump was allowing Federal Law Enforcement Officers to Enforce the Law.

I learned that it happened about a block away from a vacant building which was just announced in the past 2 days as being picked up by FOXCONN, who will employ another 200 office workers here. This is about 3 hour drive from the Mount Pleasant site of the FOXCONN manufacturing campus.
I found the timing and placement somewhat ironic.

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Sunday, July 1, 2018 12:55 AM

6IXSTRINGJACK

[/i]


Quote:

Originally posted by reaverfan:
Goldman Sachs: Trump’s tax cuts could cause recession
https://nypost.com/2018/05/21/goldman-sachs-trumps-tax-cuts-could-caus
e-recession
/

Hardly a liberal talking here.



Who are you referring to when you say "Hardly a Liberal talking here"?



Do Right, Be Right. :)

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Sunday, July 8, 2018 7:00 PM

REAVERFAN

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Sunday, July 8, 2018 7:21 PM

JEWELSTAITEFAN


Quote:


Larry Kudlow wrong about deficits falling rapidly under Donald Trump
http://www.politifact.com/truth-o-meter/statements/2018/jul/02/larry-k
udlow/larry-kudlow-wrong-about-deficits-falling-rapidly-/

Having politifact and truth-o-meter in the same address is unfathomably hilarious.

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Monday, August 6, 2018 7:43 PM

JEWELSTAITEFAN


Copied from the thread on Trump's Budget, here is some proof from even the Libtard Deep State Obamabots:

Quote:

Originally posted by JEWELSTAITEFAN:
Copied from a delusional thread:

Quote:

Originally posted by second:
The Republicans’ $1.5 trillion tax cut will increase the federal debt by $1.9 trillion.

This comes from Table B-3 in the Congressional Budget Office report, page 129, so far in the back that no one reads it. The exact figure is $1.854 trillion from 2018 to 2028. That number was promised by Trump to be zero dollars or even a negative number.
www.cbo.gov/publication/53651

In other words, the tax cut doesn’t pay for itself. It doesn’t even partially pay for itself.

www.motherjones.com/kevin-drum/2018/04/cbo-projects-1-5-trillion-tax-c
ut-will-cost-1-6-trillion
/


Another ridiculous post quoted for posterity.

This was from 12 April.
I guess I may have not spelled out how ridiculous it was.

Using CBO Deficit figures:
FY April18 May18 difference (savings)
28 $1526B 1087B $439B / $2957B
27 $1316B $965B $351B / $2518B
26 $1320B $893B $427B / $2167B
25 $1352B $895B $457B / $1740B
24 $1244B $859B $385B / $1283B
23 $1273B $971B $302B / $897B
22 $1276B 1039B $237B / $595B
21 $1123B $945B $178B / $358B
20 $1008B $866B $142B / $180B
19 $0981B $955B $026B / $38B
18 $0804B $792B $012B

So, even by using the pessimistic projections of Deep State Libtards at CBO, one month after proclaiming their vaunted $1.854 Trillion Debt increase, they admitted that they were a tad off, by $2.957 Trillion. Meaning that $1.5 Trillion Tax Cut Now reaps $1.1 Trillion Debt savings over the next 10 years. That's fully reaping $1.5 Trillion within 7 years, before the added windfall.

second might want to look at his hair being On Fire.
As hard as he had to look, Hunt, search for that page 129, funny how he has managed to avoid Real World Facts intruding upon his delusions.



Golly, I should probably copy this info over to the thread on Lower Tax RATES Produce Higher Tax Revenue.
Although CBO will never use those words, their data proves the premise.

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Tuesday, February 5, 2019 3:58 PM

JEWELSTAITEFAN


I heard that NY Gov Cuomo has finally admitted the facts of this title. NY has the highest State Tax rate in the nation. Cuomo announced that State Tax Revenues have LOST $2.3 Billion, even though their population grows.

The top 1% of earners had supplied 47% of the State's Revenues.
Top 5% had supplied over 63% of the State's Revenues.
Top 10% had supplied over 74% of the State's Revenues.

So NY Overtaxed the Taxpayers out of the State.

Not too long ago, New York was the most populous State in the Nation.

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Wednesday, February 6, 2019 10:15 AM

REAVERFAN



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Wednesday, February 6, 2019 10:36 AM

REAVERFAN


Whatever You Paid to Watch Netflix Last Month Was More Than It Paid in Income Taxes All Last Year: $0

"Netflix posted its largest-ever U.S. profit in 2018­­—$845 million—on which it didn't pay a dime in federal or state income taxes," writes ITEP senior fellow Matthew Gardner. In fact, the streaming giant received a $22 million return.

https://www.commondreams.org/news/2019/02/05/whatever-you-paid-watch-n
etflix-last-month-was-more-it-paid-income-taxes-all-last





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Wednesday, February 6, 2019 11:00 AM

6IXSTRINGJACK

[/i]


The above post was fake news, brought to you by Marcos.

https://www.fool.com/investing/2018/02/01/netflix-will-lose-an-ungodly
-amount-of-money-next.aspx


Quote:

In business school, you are taught that the value of any company is the present value of all future cash flows. But on Netflix's (NASDAQ:NFLX) recent earnings release, the company reported negative free cash flow of over $2 billion. Not only that, but the company projected negative free cash flow of $3 billion to $4 billion for 2018 -- a cash burn equal to the entire market capitalization of some mid-cap companies.

The current strategy at Netflix seems to be to spend as much as possible, as quickly as possible. Not only is the company spending all the cash it generates, it also plans to tap the high-yield debt markets in order to fund investment even beyond the current cash generation of the business.

Not only will the company increase content spending to between $7.5 billion and $8 billion in 2018 (up from a previous target of $7 billion to $8 billion), a big increase over the roughly $6 billion spent last year, but Netflix also plans to increase its marketing spend by an even greater percentage, from $1.3 billion to about $2 billion.





When you generate less than 1 Billion in income, but you spend 4 Billion to make that 1 Billion, you've still lost 3 Billion.



I know this is some sort of huge move looking to the future for the company, but I for one will find it quite hilarious and satisfying when somebody else comes in with the next brand new thing that makes them obsolete before they can ever realize that dream. And then I will sit back and laugh when a bunch of rich people lose the kind of money that made investors jump out of skyscrapers back in the 80's.

Do Right, Be Right. :)

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Wednesday, February 6, 2019 11:12 AM

REAVERFAN


It's all smoke and mirrors. They're making a bundle, and won't pay a dime.

This is what they buy politicians for.

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Wednesday, February 6, 2019 11:22 AM

6IXSTRINGJACK

[/i]


Dude, it's not smoke and mirrors. Netflix is ridiculously cheap. They have to pay huge bundles of money to get the rights to stream shows and movies they don't own, and then they have to pay even more to put together shows and movies that they make on their own.

Kevin Spacey alone was making $500,000 per episode of House of Cards. At $10 per membership, that's 50,000 Netflix memberships required just to pay for his single episode salary. For a whole season, that is 650,000 memberships.

It just cost Netflix $100 Million to keep Friends on their service, just for 2019.




Honestly, I have no idea what they're thinking. Technology is way too volatile. They should know that more than most, since they were the ones who virtually killed video rental stores. Who knows what could come out next and dethrone them before they could ever hope to even see a profit.

Do Right, Be Right. :)

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Wednesday, February 6, 2019 11:31 AM

6IXSTRINGJACK

[/i]


Huh.....

I'd like to see a breakdown of their profits vs. their expenses, although that's probably not possible.

I wasn't aware until I googled it now that they have 117.6 Million subscribers now, worldwide.

Assuming $10 per month, per customer on average, that amounts to over $14 Billion dollars in monthly subscriptions per year.

Kind of make's Kevin Spacey's salary and $100 Million for the right to air Friends for the year to seem downright paltry.




On the other hand, they do offer a LOT of content. I'm sure, for instance, it's not cheap to be able to stream Breaking Bad and The Walking Dead either, not to mention the ton of shows and movies they make in house. Granted, the in house stuff will end up being much cheaper to offer in the future than securing rights to stuff they don't own.

Maybe that's their end game goal? Eventually they won't stream anything they don't have exclusive rights to once they've built their own catalog up sufficiently?

Do Right, Be Right. :)

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Wednesday, February 6, 2019 12:16 PM

REAVERFAN


Fox News Hosts Are Horrified to Learn Their Own Polls Show People Want to Tax the Rich
https://www.yahoo.com/lifestyle/fox-news-hosts-horrified-learn-1722220
93.html


They blame the obsession with teaching kids about “fairness.”

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Wednesday, February 6, 2019 5:18 PM

JEWELSTAITEFAN


Troll trying to derail another on-topic thread with off-topic Fake News nonsense, unable to comprehend the subject matter.

Further proof RF has second's hand up his butt. A Sockpuppet fest.

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Wednesday, February 6, 2019 5:20 PM

REAVERFAN


Quote:

Originally posted by JEWELSTAITEFAN:
Troll trying to derail another on-topic thread with off-topic Fake News nonsense, unable to comprehend the subject matter.

Further proof RF has second's hand up his butt. A Sockpuppet fest.

Wasn't fake, Russian troll. Go eat some beets. Drink yourself blind with Russian vodka.

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Wednesday, February 6, 2019 5:22 PM

REAVERFAN


Why millions of people are getting hit with a surprise tax bill this year
An effort to make the tax bill look better ended up making it look worse.

https://www.vox.com/policy-and-politics/2019/2/6/18214039/irs-tax-refu
nd-withholding-trump


It’s actually the case that in the long run TCJA will raise many working- and middle-class people’s taxes. To conform to budget reconciliation rules, Republicans made it so the nonregressive tax cuts largely expire after 10 years while the revenue-raisers and the business tax cuts are permanent. But while this is an important (and telling) part of the tax policy debate, it doesn’t represent anything that’s happening this winter. People hit with a surprise request to pay extra to the IRS may feel like Trump surprisingly raised their taxes, but in most cases that’s not what’s happening.

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Wednesday, February 6, 2019 6:54 PM

6IXSTRINGJACK

[/i]


I do admit that I was surprised to see just how small my return is going to be this year. I thought it was because I made more money than I've made in the last 9 or 10 years. That's probably true, but it's probably because of what's talked about in this story as well.

But that's the thing... I still took my two allowances upfront, and they still owe me. Even with a very small double digit EIC payment, it comes out to a little over $100 return. If anything, that's the smallest loan I've ever given the federal government in a year where I actually made enough to be taxed by them.


Personally, I'm extremely happy with that. I can see how other people who don't use more than 10% of their brains will be outraged though. Those 26 larger than average checks they got all year sure were nice, but they're not going to get that huge rebate of a tax free loan they gave to the government every year before.



In short, people on average paid less taxes in 2018. They also had a more reasonable amount of taxes deducted from their paychecks. They paid less taxes overall, but they didn't overpay as much as before, so they won't get a huge check back.



As for the 10 years to expiration stuff, the Democrats will have a chance to make that permanent when they inevitably run the show again. We'll just have to see if that happens.

My guess is that they will conveniently forget about doing that just like they always conveniently forget to even dare talk about an Electoral College overhaul every time they win.




Do Right, Be Right. :)

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Thursday, February 7, 2019 9:12 AM

REAVERFAN


Billionaires Flooded Republicans’ Coffers Just Before the Tax Cuts Passed
We’re shocked! Shocked!
https://www.motherjones.com/politics/2019/02/billionaires-flooded-repu
blicans-coffers-just-before-the-tax-cuts-passed
/

In late June 2017, Texas political mega-donor Doug Deason had a stern message for Republicans seeking campaign donations: The “Dallas piggy bank” was closed until they repealed Obamacare and passed major tax cuts. Deason said he had urged about two dozen of his wealthy Texas friends to do the same. The billionaire Koch brothers Charles and David also hinted at withholding money.

Just weeks later, the GOP effort to repeal Obamacare collapsed. Tax reform, which one Republican senator said would make repealing Obamacare look like a piece of cake, ominously loomed as the next item on the GOP agenda, and time was running out. Panic set in. By November, as Congress struggled to push a massive tax cut bill forward, Rep. Chris Collins from New York summed up the stakes: “My donors are basically saying: ‘Get it done or don’t ever call me again.'”

Lawmakers got it done. Just days before the holiday break, relieved Republicans delivered those wealthy donors what they wanted: one of the biggest tax cuts in history, one that would almost exclusively benefit the wealthy.

From the looks of it, GOP politicians got what they wanted, too. From the time the tax bill was first introduced on Nov. 2, 2017, until the end of the year, a 60-day period, dozens of billionaires and millionaires dramatically boosted their political contributions unlike they had in past years, giving a total of $31.1 million in that two months, a Center for Public Integrity analysis of data from the Center for Responsive Politics found.

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