The report addresses predictions that the cuts would pay for themselves in economic growth. These forecasts were based on the notion that business investment would surge because the lowered corporate tax rate would increase investment from abroad, including the repatriation of U.S. corporate assets from foreign subsidiaries that had been stowed overseas.
Not so, the Congressional Research Service says. Overall revenue fell in 2018, largely because of a $40-billion decline in corporate tax revenue. Individuals, particularly working- and middle-class individuals, haven’t been so fortunate.
to the tax cuts. The CRS cites an estimate that the bonuses worked out to about $28 per U.S. worker. The analysts also observe that at least to some extent the bonuses reflected a tightening of the overall labor market and were “attributed to the tax cut as a public relations move.”
hiltzikm to sum up: The real economists were all right.
MewllerRawr hiltzikm MASSIVE upward redistribution. Zero impact on wages, GDP, or investment. They were supposed to 'pay for themselves' through growth. They paid for ~1/20th and added MASSIVE DEBT--soon to become a cudgel to cut 'entitlements.' When the music stops guess who gets the comfy chairs?
hiltzikm Can't ignor it anymore—we must contin to press! Trump show us your taxes
hiltzikm 'After the event, even the fool is wise.' - Viscount Symonds
hiltzikm Do we really have to read 'what History has already proven AFTER THE FACT' in the 'news' instead of 'before the Tax Cuts are voted upon?' Seems silly since 'they have never worked' in these ways. Ever.
LeaKThompson hiltzikm Bullshit.
hiltzikm My taxes increased almost $10,000. Why not report on that instead of his insulting tweets
hiltzikm Yet, our economy is strong.
hiltzikm Yes. I wish the DNC would you the white board story board like Robert Reich still does to help voters understand and be better informed.
hiltzikm Plus add in the new tariffs against Mexico and China. Means even if you did get a tiny tax cut. You lost it right back now.
hiltzikm Wow. Shuuuut up! Who could have predicted that?!
hiltzikm I love hiltzikm pieces
hiltzikm cc DapinLautaro
hiltzikm But but but.....Trump said it would......lol---- last 3 of last 4 GOP presidencies have brought us a market crash in 87, a near-collapse in 08, and now this pile of staggering debt
hiltzikm That is plain dumb and a denial of the data. You are selectively playing games to promote a negative message.
nowhitechalk hiltzikm No, only helped corporate shareholders and the wealthy.
hiltzikm The Biggest Tax Fraud in the History of The United States came from the Biggest Tax Cheat and Biggest Looser in a Decade!
gdpr99 hiltzikm That was the plan. Those tax cuts were for trump and the rich.
hiltzikm This isn't what you were promising and selling, is it? Do you think this creates some trust issues? SenatorRounds SenJohnThune RepDustyJohnson govkristinoem
NitramBeaulieu hiltzikm They’ll try to do another.
hiltzikm We knew this !!!!! Did you really think a man who went bankrupt 10 times had any interest in making lives of the people who support his racism and lies any better!? He couldn’t give 2 shits about his poorly educated fan base.
hiltzikm That’s because it only went to the top 1%!
hiltzikm Like everything else this FAKE POTUS has done. No good for anyone but the crooked family and it’s spineless racist supporters.
hiltzikm realDonaldTrump Fascist Brokahontas
hiltzikm Trump paid back his rich doners..The rest of us got the shaft...
hiltzikm LAME DUCK Trump is now the “Economy Killer”. He inherited a recovered, rising economy. He artificially boosted it with tax cuts and Deregulation. 2017 soared, 2018 flat and 2019 sinking. economykiller Time for a change maddow jaketapper billmaher CNBC
hiltzikm Complete and utter bs lies
BarneysNose hiltzikm Wait till you see the tariffs! I already have received emails from 3 suppliers that they will have to raise rates!
hiltzikm Political attempt to prolong Obama recovery into possibly the longest run in history. But like all markets which are normally cyclical, chaotic tariffs & trade wars could hasten the inevitable recession. David Stockman, Reagan Budget Dir link:
AlexT_54 hiltzikm This article cites one source and I guarantee it was written at an outsourcing center in one hour (if that). LA Times is utter crap. Meant for the dog to crap and piss on at night.
AlexT_54 hiltzikm The research in this article is sooo light and high level. It’s also nonsense. Wages grew, unemployment is vastly lower, jobs created are immense, GDP growth is at a level that Obama said was unattainable. Anybody arguing the economy isn’t great nowadays should be embarrassed.
calibizeemom1 hiltzikm Of course not. That was never the plan.
ladiesgun hiltzikm The only think the tax cuts did was prop up the stock market as corporations bought back stock with the dips.
hiltzikm Surprised?
hiltzikm Da-ah? Seriousy, you're surpised? They worked how they were supposed to work - to save money for the uber wealthy. The every day American doesn't matter and got no benefit.
hiltzikm IMPEACH THE BASTARD
hiltzikm
hiltzikm Hmmmm, your opinion doesn’t represent the reality.
hiltzikm You mean the tax cut for the rich did not produce more high paying jobs and wages that trickled down to average workers?
JoshMankiewicz hiltzikm Then why do the millions of Trumpcult worshippers swear they have never had it so good and thank God in Heaven for sending them Donald J. Trump to Make America Great Again?!
hiltzikm Looked at 3M down $50 per share.
chilleresa hiltzikm Our exchange insurance rates have increased. Care is worse. Less choice. Owed 5k in taxes (had a refund last year) .... screw trump
hiltzikm If pinhead needs help building a 'wall' he should consult China, they know how to build a wall.
hiltzikm TrumpTaxScam
hiltzikm Fake news! Wages have increased & so has GDP!
hiltzikm TheLastWord I thought I'd won the lottery then I saw the whopping $18 more per pay check I got after the GOP realDonaldTrump TAX SCAM Can't even go to a movie & snacks on that windfall. VoteThemOut
hiltzikm No kidding! Who ever thought anyone of those would occur was drinking some funky Kool Aid!
hiltzikm And McConnell is blaming “entitlements” for increasing the deficit.
hiltzikm Allowed corporations to take the tax cut $ and buybavk stock and offer shareholders a dividend
BarneysNose hiltzikm Gee, who'd have thunk.
hiltzikm Oh no who saw this coming
hiltzikm If you didn't know this BEFORE the tax cuts happened . . . then you're a Trump voter.
hiltzikm Wow. You're not even trying to hide your bias anymore. Why not just print 'we have to buy, beg, borrow, steal and lie to make sure Trump doesn't get re-elected'. It's just more becoming of you to just be honest.
hiltzikm Funny how I see hitzikm blocked me. Does not like any side but their lies.
hiltzikm That’s a bunch of crap. More middle class people got more money in their checks than ever. More businesses including Apple brought their businesses back to us. New jobs lots. More revenue both quarters have been brought into the fed. It’s paid for itself. Lies once again la times
hiltzikm No surprise ...they cut the federal taxes for the very wealthy. That is what they were designed to do.
hiltzikm See this realDonaldTrump ? I’m one of the peeps that got screwed by the GOPTaxScam. Nasty
hiltzikm It was not meant to . It was only meant to help trump and his family
hiltzikm We knew this at the time they were proposed. This is exactly what was expected.
hiltzikm Economic genious, yeah, right! Low IQ, probably flunked out of college, multiple bankruptcies, and is cash poor and debt-heavy. So, yeah, trumpers, I can see why you do,low him blindly.
hiltzikm tax cut = more money for rich republican donors = more donations to republican politicians = more tax cuts for corporations = more corporate donations to republican politicians. and so on. no wonder they were laughing their heads off when trump signed on
hiltzikm This was known before the TaxScam was passed. There wasn’t a loud enough movement to stop 🛑 it. The Country swept it under the rug like they so often do with racial injustice, gender equality and gun violence. GOP laughing all the way to the bailed out banks.
hiltzikm Those poor hardworking corporations FINALLY got a tax break so they can spend some of their hard earned money on some stocks & yachts....
hiltzikm Stock investment funds are stagnant or down, even well diversified ones. Jobs aren’t booming everywhere either.
hiltzikm Hello, SteveScalise, JohnKennedyLA, BillCassidy - supply side economics don't work. You sold out your consituents voting for this crap.
hiltzikm
hiltzikm Lawrence the liberal is SO predictable. Just a liberal mouthpiece without an original thought. All liberal, all the time. This is journalism? Of course not.
hiltzikm Loud mouth did well for the filthy rich.
hiltzikm Wait til next year, when the medical deduction is cut & all hope of itemized deductions are gone...only breaks for the rich. For me that means I also get a MA state tax increase because MA lets you use your Federal Medical deduction which for me will drop $5000 to $0. GOP sucks
hiltzikm NAACP NatUrbanLeague TheRevAl RevDrBarber LatinoVoices votolatino swingleft emilyslist ColorOfChange
hiltzikm That’s a lie😂😂😂😂
hiltzikm Some are convinced the ability to buy another yacht will totally cause a multiplier effect that trickles down to us peasants...I am skeptical.
GayLibMan hiltzikm Red-hatted,semi-literate drumpftards keep loving him, though,because their real interest all along has more to do w/bigotry&white male privilege,not w/ economics. Something obtuse conservatives&many Bernbros share is greatly understating the power of hate vs. economic interests.
hiltzikm The con cut.
hiltzikm One more scam from the snake oil salesman
hiltzikm realDonaldTrump Very fair analysis, but imbecile Trump keeps lying about the impact of the tax cut, which has merely been benefiting big corporations,& not the average American. Yet, it has increased the cumulative debt because of a serious loss of revenues. REMOVE MOBSTER DJT😎
hiltzikm Thank you SenBobCorker. Enjoy the corkerkickback
hiltzikm so your solution would be to raise taxes on workers. The economy is doing well. Workers wages are up, regardless of the lie you want to spread. But allowing Americans to keep more of their money is a bad thing...according to you
hiltzikm What i want to know is how much has inflation gone up since this administration took office? We are paying ridiculous prices on things lately And nobody is talking about it
hiltzikm The rich people can hoard so long as the different people can’t have. People who support this cut aren’t stupid, they’re shrewd, mean and spiteful - just like our President.
hiltzikm but the extra cash helped the corporations to try to weather the tariff war we r still waiting on who’s gonna blink first will the corps have the courage to stick with his highness cause I think Xi is ready to go all the way I think he thinks he can break US eco hegemony
hiltzikm
hiltzikm for real?!!! the trickle down experiment that's been failing since it began has failed again?
hiltzikm It’s working very well for the rich 🤭🤔🤫
hiltzikm shocking 😐
hiltzikm Umm, not to interrupt your BS liberal narrative, but tax cuts are immediate, the resultant stimulus created by the tax cuts are not. We are now in 2019 and beginning to see increase in real wages, surging GDP and more jobs than job seekers. The LA Times, great 4 lining birdcages
hiltzikm
hiltzikm Made the rich richer. Isn’t that what they were supposed to do?
hiltzikm We need re-education camps for the MAGAts.
hiltzikm How about publishing a positive article once in a while, oh that’s right California
hiltzikm ButchMoore7 huh who knew
hiltzikm Excellent job clarifying half the results of the con job. Please, detail the other side; I.e. who benefited the most n by how much? Thanks.
hiltzikm Duh!?
laureldavilacpa hiltzikm Gee, who could have predicted that?
hiltzikm I'm not in any way saavy and I knew this already. And even if there HAD been any kind of gain from this, we are losing every bit of it with the TrumpTax.
hiltzikm Welfare for the ultra wealthy CorruptGOP
hiltzikm Well I gotta lie down! I’m stunned by this unexpected news! What a huge fucking surprise!
hiltzikm WE KNOW THIS ALREADY!! America got SCAMMED by the GOP.
MrJonCryer hiltzikm RepubliCONS
hiltzikm Of course not. Everything Trump does is a miserable failure
hiltzikm Wages are up. Investment is up (despite the trade war with China). Health care and other entitlements are the biggest part of our deficit. You're just giddy to take a shot at Trump. Our economy is booming. If your political ally was in the WH, that would be your story. Dishonest.
MrJonCryer hiltzikm Are you sure. That can’t be right. Let’s ask LouDobbs
hiltzikm I think the top 1% would beg to differ...
hiltzikm BernieSanders are you reading this? Please hammer this issue.
hiltzikm Duh!
hiltzikm What! Duped by the rich white men in the Republican Party again! Zip Zam. When y’all gone learn?
hiltzikm charliekirk11 This wasn't supposed to happen! Quick Charlie, call em out and make things right. You were promoting these cuts, you said this wouldn't happen!
MrJonCryer hiltzikm Oh well! You get what you voted for! You vote for a scam artist...be prepared to be scammed!
RachelNotley we're eff'd!
MrJonCryer hiltzikm Anyone that read the bill or followed any real opinion pieces knew the outcome. Only fools believe it was a give away to the rich
hiltzikm GDP up over 3% and they haven't a clue as to why.....Trying selling that BS to someone else without a basic knowledge of economics
MrJonCryer hiltzikm No shit
hiltzikm
hiltzikm More Fake News! 😂🇺🇸
hiltzikm Approximately an extra 1,800 in my check for 2018, Unfortunately it also reduced my tax return by $5,600 due to the loss of deductions I used to be able to take. So in essence, it cost me $3,800. GOPTaxScam at its best. realDonaldTrump & GOP need to own this mistake in 2020
hiltzikm Wha... Wha... What?!
hiltzikm Gee, if only we had known that trickle-down economics doesn't work. If only there had been evidence from past attempts... Oh wait....
hiltzikm The GOP knew the tax cuts wouldn't do anything they tried to say would 'benefit' workers. They also knew they wouldn't 'pay for themselves' & that most corporations would just use the tax cuts for share buy backs. This was all just a big pay back to corporations & donors !
hiltzikm So they performed exactly as expected and designed.
hiltzikm Fake News
hiltzikm The tax cut was good for the Trumps and billionaires only.
hiltzikm Donald is failing on all levels....🤨
hiltzikm so you're telling me that cutting revenue doesn't increase revenue!? 🤔 VooDooEconomics
hiltzikm MAGA
hiltzikm The LA times is a waist of print ink and Paper. Should be out of business soon. Hanging on by a thread.
hiltzikm The tax cuts have really helped me. This is just nonsense.
hiltzikm SenatorCollins annieclark25 GOPTaxScam UnSeatCollins2020
hiltzikm
hiltzikm
hiltzikm GOP GOPLeader GOPChairwoman tedcruz marcorubio lisamurkowski senatemajldr Are you paying attention? You are destroying this country.
hiltzikm Nothing Trump says/promises is true. He’s a criminal.
hiltzikm
hiltzikm Well of course, the iron law of politics is cui bono
hiltzikm Really?
hiltzikm Bxxx Sxxx
hiltzikm Other headline: “Duh.”
it gave me 145.00 dollars and 779.00 owing the tax man!
hiltzikm I'm right in the middle class. They saved me $10,000.
hiltzikm How does a tax cut 'pay for itself'?
hiltzikm Just a windfall to big corporations and the rich...
hiltzikm A phony, biased ‘analysis’ based on nonsense and totally debunked by facts and actual results. But it’s the LA Times so no surprise here.
hiltzikm It done no good for the economy, but we continue to have one of the best economies we have ever had. These people don't have to he slightest clue of what they're talking about.
hiltzikm Typical media: letting Americans keep more of their money is a bad idea? Utter BS!
hiltzikm Yeah but his billionaire friends love them
hiltzikm As a CPA all I can say is that you are either living in a parallel universe or you are an effen liar. I have my guess as to which one. MAGA by walking away from the Times.
mbeavenhausen hiltzikm Color me not surprised...
hiltzikm I'm shocked. Shocked, I tell you.
hiltzikm Lies
hiltzikm I always knew I wasn’t average.
hiltzikm Benefits for the tax cuts were the up crust, multi millionaires, the average tax payer didn’t benefit
erobin467 hiltzikm Yeah but they served there purpose. And that was to help the wealthy that Republicans serve.Of course they also made Trump's bestfriends & fortune 500 companies billions of $.And Trump made $300 mil.Even though he said that he wouldn't make a penny.Of course he never lies, right?
hiltzikm 1/3 of America pays no federal income tax. Perhaps they should start.
hiltzikm California taxes have had an effect on my paycheck!
hiltzikm They did the same thing on a smaller scale in Kansas and it was a complete disaster. Republicans know these policies are horrible, but don’t care.
As everyone with a brain predicted smh
hiltzikm “Nor have they delivered a cut to the average taxpayer.” This is false and is not even stated in the study.
hiltzikm Can't trust the Fake News .... the economy is booming and unemployment is the lowest in years. Are you stupid or something LA Times - no credibility
hiltzikm Fire your analyst as he or she is no expert or know anything about finance and accounting.
That is straight up bowl-hockey. Your journalist ain't worth the powder and led it would take to blow him off earth. Look at the tax forms, what's the standard deduction? What was it a year ago? ...Imbecile
hiltzikm Tax cuts helped many small businesses, families and individuals, the most lower unemployment rate in 50 years achieved. Thanks for tax cuts
hiltzikm No kidding!!! The tax cuts helped those who are worth ten million or more. That is not the majority of Americans! Only an idiot would believe Congress would do anything to help enrich the rest of us!!
hiltzikm Democrats high taxes in California are making people flee the state
hiltzikm Everyone knows that tax cuts only work for Hollywood.
hiltzikm When he ran on the policy of ‘what is the worse that could happen ?’ What did y’all expect 🤔
hiltzikm The tax cuts have factually had significant effect on the .07% , haven’t contributed to a surge in investment, and are coming close to depleting the Treasury. And have they delivered a zero cuts to the average taxpayer
hiltzikm It would better off the Latimes labeled their opinion pieces as opinion pieces
hiltzikm That’s a surprise? Trickle didn’t work back when ... why would anyone expect it to work, now.
hiltzikm So.... you are saying you want to pay more taxes? Wtf is wrong with you!
hiltzikm I did just fine with the tax breaks and was able to invest more into my retirement. these articles are BS and just trying to make people think that the only ones who benefited were the already rich. Give it up LA times. My company has invested more in the last year than in 20
hiltzikm I'm old enough to remember the trump regime asking CEO's if they were going to invest in their companies and employees and they told the truth and said 'nope. Just buying back our own stock and giving ourselves massive fucking bonuses' and then they all laughed. Literally.
hiltzikm Gee. Who could have predicted that ?
This is a Hiltzik article. I needed a good laugh....
hiltzikm I liked my $1100 thank you very much.
hiltzikm Anyone who bought the explanation that “down the line” people would see wage growth..... hahahaha 😂😂
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Forbes - 🏆 394. / 53 Read more »
Source: CNBC - 🏆 12. / 72 Read more »
Source: YahooNews - 🏆 380. / 59 Read more »