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As Tax Scam Turns One, Critics Say Law Is 'One of the Biggest Transfers of Wealth to Richest 1% in US History'


#1

As Tax Scam Turns One, Critics Say Law Is 'One of the Biggest Transfers of Wealth to Richest 1% in US History'

Jake Johnson, staff writer

Massive corporations are "flush with leftover cash" and Wall Street banks are raking in enormous profits. CEOs and the wealthiest Americans are getting even richer.


#2

From the article:

“Trump promised his tax cut would give families a $4,000 pay raise.”

The only ones who believed that are Pwesident Twump’s terminally credulous supporters.


#3

Quite frankly the priority should not be rebuilding the middle class . It should be ensuring there no lower class and no poverty first and foremost.


#4

How does a country survive it’s robber barons when the minority can take from the poor to enrich the rich?
When it’s citizenry are rubes, gullible, weak kneed, and gutless doormats, that’s how.


#6

We thought maybe people wouldn’t budge until they were down and out. To get things rolling a not so down and out group has to step forward and lead the mob. Once again, as you say FF, who is THAT going to be?


#7

Richest 1% on target to own two-thirds of all wealth by 2030

http://guardianonline.us/index/richest-1-on-target-to-own-two-thirds-of-all-wealth-by-2030-world-leaders-urged-to-act-as-anger-over-inequality-reaches-a-tipping-point/


#8

Gandolf you nailed it. Fer Chrissakes, I am utterly astonished that that our streets a quiet. You could hear a pin drop, yet everybody BUT the super rich are getting fucked, involuntarily, and taking it. WHY? Why do the people in the country accept a declining lifestyle? I’ll tell you why. It has been burned into every American child’s brain that if they want to be rich like the Waltons, Gates, Bezos, et al all they have do do is work hard enough and they too will be rich. The average fool, accepting this nonsense doesn’t want to revolt against those, like him, have worked hard and made the bigtime, even though he/she aren’t close to making it big and in fact can’t even keep up with their bills no matter how hard they work. These are the exact same people republicans convince that people with disabilities, are terminally unemployed due to having obsolete job skills, are lazy freeloaders trying to take away their hard earned money. The term “middle class” was for working people the worst thing to ever happen to them. Now, regardless of income, everyone who isn’t filthy rich consider themselves to be middle class. Everyone from mid-management to plumbers to construction workers to ditch diggers consider themselves middle class. They are afraid to rebel against the boss man less they lose their middle class status. So Gandolf, I ask a truly sincere question. How do we get these uneducated and uninformed fools to see that they are merely peon workers whose sole function in life is to work as hard as they can possibly work to further enrich the already filth rich parasites. You see, my mother grew up on a farm in Central Texas and picked cotton when she wasn’t in school. They had a wood stove to heat the farmhouse, a windmill to draw water, a bit of livestock plus a garden for both food and commerce. My mother has grown up to believe anyone who has a job is lucky to have a job. I’ve argued that anyone who has a job but goes to bed hungry and has their phone ringing off the hook from bill collectors is merely feeding some rich parasitic host that should be eliminated.


#9

Hey, aussidawg. We all have a story to tell. Often when things get this uncomfortable for the masses a false flag, a modem of fear, followed by a conflict is contrived to shore up the disdain for whatever ails us at the moment. We are led to feel our mutual fear and hate for “the other”, but given no relief for what drove us crazy mad or what screwed us over this time.
I can talk tough because I don;t have to worry over a job or boss as I am retired. But what is enough to put that on the line if you are supporting a family and have a mortgage or rent payment due at the end of the month? It’s really hard to speak for anyone else in that position.


#10

It irks me to no end that this was called a Transfer of Wealth when we all know that it was purely nothing but theft.


#11

Yes, the middle class is fine, thank you.


#12

A mass lawsuit that even the supreme court can’t handle.


#13

The national debt increased by just under $1.3 trillion in calendar year 2018. The TCAJ act went into effect Jan. 1, 2018. In 2017 the debt increased by $400 billion (399 to be exact), so this year the rate of increase was 3.3 times greater than the year before. See the U.S. Treasury web page “The Debt to the Penny” – https://treasurydirect.gov/NP/debt/current
And the Institute for Taxation and Economic Policy, ITEP, published “Who Pays Taxes In America” again, they have done so for almost 10 years, and have for over 20 years published similar reports – it shows that the wealthiest 1% pay 30.4% of their average income of $1,828,000 in taxes, and the 4th quintile pays 29.0% in taxes on an average income of $82,700, nearly the same, very little progressivity. I may be reporting post-tax not pre-tax income averages, I’m not sure just this minute. In any case we don’t have a meaningfully progressive tax system. The top rate was over 90% during the decade of the 1950s, the highest rate of 37% applies only to the income over a certain amount, today that’s all income over $600,000 for married couples, $500,000 if filing individually. See ITEP - https://itep.org/who-pays-taxes-in-america-in-2018/ – And the centrist institute Committee for a Responsible Federal Budget predicts the national debt will increase from 74% in 2017 to over 104% in 2027. Workers get 2 cents an hour, times 2000 hours if working full-time year-round, that’s $40 a year more income, and the tax saving is at times significant, but not that great. The ITEP report shows the richest receive the biggest cut in percentage of income. And now the $1 trillion in buybacks. What a plan! Too many are ignorant of the mischief.


#14

I have said this a couple of thousand times and only a few seem to understand the reality of things. We the people have been bamboozled by our elected officials and lost faith in our power as we the people. It’s our fault for continuing to put up with the bull crap and we can stop anytime we desire. The only way to turn things around is to do the opposite of what we are currently doing. working our buts off, getting paid peanuts and giving everything right back to our economic & political oppressors. We must collectively join together in a no-nonsense plan that will effectively reverse economic, wealth and income inequality…if we do this most of our other problems will eventually disappear or exist at a de minimis level.


#15

Here, Here!


#16

I am tired of hearing that lie that if you just work hard, you can become rich. It has been nonsense during the life of this country. The people bought a bill of stupidity believing that.
Capitalism demands that for some to be rich there must be many poor people. You cannot have rich people w/o there being poor. Somebody has to give their wealth to the rich, willingly or unwillingly. And with some people it seems that they are willing to give their wealth to the rich.
That’s why this tax cut nonsense is hurtful. We are the richest nation in the world, but we can’t fix anything because the rich need their money. And we are too poor to spend any money because how dare we tax the rich. So thus we are impotent, in reality a poor nation because we have no access to the wealth that is taken from us.


#17

But if you don’t look close you don’t see all the money. Rich John Doe makes 25 million as CEO of widgets inc. So it doesn’t look bad by him getting 50 million instead he is voted to some company as chairman of the board and financial crackpot of xy and z companies. The 25 million dollar man is now making 97 million but looks like it’s only 25 to us that don’t dig into this stuff. I’m just guessing about this, cause I don’t know nothin.


#18

Is that just federal taxes, because my research shows that in total taxes, it really becomes regressive for the poor. When you add state, country, city, local taxes the rich pay very little.

The graph shows the rich paying about 29%, And the poorest almost 18%. But the rest pay almost as much as the rich do in % of their income. Really not progressive at all.
It’s why when romney said that 47% of the people don’t pay taxes, he was lying. They do, they just escape paying any federal taxes. And that data is from 2018, showing how the rich benefitted. The latest data shows that to still be the same.
So our tax system really becomes unfair when compared to all taxes that people must pay.


#19

That’s the problem, you can’t look closely, so much is hidden. It’s why we don’t know trump’s wealth. So much of their wealth is tied up in stock options and other areas to hide what they are worth.
Back in 1980, the bottom 60% had about 15% of the wealth of the country. It is now less than 5%. That is how much wealth has been stripped from the bottom 60%.


#20

“How do we get these uneducated and uninformed fools to see that they are merely peon workers…”
Wasn’t directed at me, but I would suggest stop calling them uneducated and uninformed fools, peon workers isn’t helping you’re cause either, and lose the condescending attitude towards them.
Most everyone here wants the same thing, acting superior to the working class wont get us where we want to be.


#21

I think you might have missed the point- that is the data is in and it indeed turned out to be a scam on the people. Yes many of us non-gullible citizens knew it all along but now the proof is in and that proof is ammo we can use to fire back.

“A year later, we can safely say that Republicans’ tax overhaul was a huge payoff to donors, and a scam for average Americans.”