Majority of Americans don’t see Trump tax cuts in paychecks

[Luxman]

And most never will.

https://www.washingtonpost.com/blog...ericans-dont-see-trump-tax-cuts-in-paychecks/

http://thehill.com/policy/finance/3...ot-seeing-change-in-paychecks-due-to-tax-cuts

 

[Johan]

Trump doesn't give a shit about how much the average américains pay on taxes as long as the top 1% and the big corporations pay as little as possible.
Remember, we're talking about a billionaire who thinks paying $0 in federal taxes...

 

[Straight Shooter]

Not surprised. I work in the financial sector and i can tell you that easily a quarter(or more) of Americans don't even know their tax bracket or even how much they pay in taxes

They need to figure out how they're going to sell this because early results say it's not resonating with Main Street

Republicans abandon tax cut message in Pa. special election
https://www.politico.com/story/2018...ecial-election-preview-tax-republicans-458276

 

[sean miguel]

what about you, Luxman? have you noticed more money in your paycheck as of February when the tax cuts took effect? You work, right?

 

[Luxman]

I'm self employed.

 

[Jack Davenport]

What a crock of shit. 45.3 percent of Americans pay no income tax to start with.

 

[Straight Shooter]

Question: Does anyone remember getting any benefit from the Obama tax cuts in 2009-10 that were part of the stimulus? Did you even know there was an Obama tax cut? I was in college then and not in the workforce so I can't speak to that

Why Nobody Noticed Obama’s Tax Cuts

Michael Cooper over at The New York Times stopped off at the Pig Pickin and Politickin rally in North Carolina the other day to ask folks about the Obama tax cuts. Their response, not surprisingly, was “What Obama tax cuts?”

This despite the fact that about one-third of the much-reviled 2009 stimulus—or almost $300 billion--came in the form of tax reductions. According to Tax Policy Center estimates, 96.9 percent of households enjoyed a tax cut that averaged almost $1,200. Just one measure—Obama’s Making Work Pay tax credit—put more than $116 billion into people’s pockets in 2009 and 2010.

Yet, a Times poll found that fewer than 10 percent of those surveyed had any clue. Remarkably, fully one-third thought their taxes went up—even though the actual number was about zero.
How could so many people have missed it? After all, $1,200 ain’t nothing. In large part, it was due to the design of Obama’s tax plan. Earlier stimulus tax cuts often came in the form of ostentatious checks from the Treasury. In 2008, for example, President Bush proposed a tax reduction only half the size of Obama’s (about $145 billion). But it was delivered to households in the form of rebate checks—generally $600 per adult and $300 per child.

However, conventional economic wisdom argues that increased withholding over time is more effective stimulus than a single big check. The theory is that people will bank a one-time rebate but spend the extra bucks they get in their weekly pay.

Obama listened to the economists. His signature Making Work Pay credit was built into the withholding tables. Other stimulus tax cuts, such as his expansion of the Earned Income Credit, didn’t show up for most recipients until they filed their tax returns last spring.

Did the Obama strategy succeed economically? Did nearly $300 billion in tax cuts boost demand at a time when the economy desperately needed a jump start?
The Administration thinks it did. But University of Michigan tax professor Joel Slemrod, who has studied the economic response to tax stimulus, isn’t so sure. About a quarter of those who responded to a Michigan survey in 2008 predicted they’d spend the Bush rebate, but Joel found that only about 13 percent said they’d boost spending in response to the Obama stimulus. Of course, what people say they are going to do and what they really do are sometimes not the same. The truth is, we’ll never really know what they did with the money.

We do know that most Americans never noticed the extra bucks. One reason: About one-quarter of the stimulus tax cut was devoted to extending the Alternative Minimum Tax patch. This protected about 25 million middle-class households from that hidden tax, but you can’t expect people to respond to a law that exempts them from a tax they never knew they owed.

There are some other interesting theories about why the tax cut went unnoticed: Perhaps it was due to state and local tax increases that occurred at the same time. Or because rising health insurance premiums ate up that extra after-tax pay. Of course, it may also have been the result of unrelenting GOP criticism of Obama’s phantom tax hikes. If you are told every day that your taxes went up, I suppose you might believe it, reality to the contrary.

Finally, I wonder how many people even know what their take-home pay is anymore. At least two-thirds of workers are paid through direct deposit and even if we get a pay stub, there is a good chance it will gather dust, unopened, in a pile on our desk. In that environment, do Americans notice if their after-tax income has changed, and why?

Congressional Democrats may be about to pay a fearsome price for Obama’s decision to follow economic conventional wisdom. I’ll leave it to future historians to tell us whether the great unseen tax cut was an exercise in economic courage, dumb politics, or both.

http://www.taxpolicycenter.org/taxvox/why-nobody-noticed-obamas-tax-cuts

 

[mikexmoran]

I saw it.

 

[Luxman]

Every rich person and corporation saw it.

 

[Luxman]

The richest Americans get a $33,000 tax break under the GOP tax law. The poorest get $40.

https://www.washingtonpost.com/news...eak-under-the-gop-tax-law-the-poorest-get-40/

 

[sean miguel]

The richest Americans get a $33,000 tax break under the GOP tax law. The poorest get $40.

https://www.washingtonpost.com/news...eak-under-the-gop-tax-law-the-poorest-get-40/

How much are the poorest paying in income taxes vs. the richest?

So say your're one of those getting the extra $40 a week or whatever it is, why do you care that there are those who are getting more? That's $40 more than you were getting before.

Meanwhile the leftists elite are stoking this envy.

Be grateful for what you have and work for what you want to have. Quit being resentful towards those who have more. No wonder the left are a bunch of miserable shit bags.

 

[Straight Shooter]

The richest Americans get a $33,000 tax break under the GOP tax law. The poorest get $40.

https://www.washingtonpost.com/news...eak-under-the-gop-tax-law-the-poorest-get-40/

According to a recent analysis by the non-partisan Tax Policy Center, approximately two-thirds of Americans should have received a direct tax cut thanks to the bill Republicans passed late last year. Yet, polling suggests that only about a quarter of adults have noticed an uptick in their take-home pay. What gives?

Previously, I guessed that the problem was likely pretty simple: When dribbled out across a whole year, the tax cuts were almost certainly too small for most workers to notice in their paychecks. Now, former Treasury economist Ernie Tedeschi, who now heads fiscal policy analysis for Evercore ISI, has produced a lovely graph illustrating why that’s probably the case. After running a model from the Open Source Policy Center, he concludes that 75 percent of families would get less than $50 extra every two-weeks if they adjusted their withholding perfectly. A little more than half would get less than $20 extra.

That’s just not enough cash to register for many workers. People’s paychecks change month-to-month and year-to-year. Their hours are erratic. They get cost of living adjustments. An extra $100 a month might make a meaningful difference for a middle class household’s wellbeing. But it may not be obvious that the money is there, or that it came courtesy of the Trump administration. As far as most Americans are concerned, Republicans passed an invisible tax cut.

https://slate.com/business/2018/04/...-americans-havent-noticed-their-tax-cuts.html



The tax bill was not meant to benefit the middle class. It was for the donor class

Top GOP congressman: My donors told me to pass the Republican tax bill or 'don't ever call me again'
http://www.businessinsider.com/chris-collins-donors-trump-tax-plan-bill-2017-11

 

[Luxman]

Donald Trump Keeps Bashing Amazon, But His Corporate Tax Cuts Are Doing Wonders For The Company

https://www.inquisitr.com/4853210/d...e-tax-cuts-are-doing-wonders-for-the-company/

 

[Luxman]

As Workers See Crumbs, Biggest Wall Street Banks Have Already Pocketed $2.5 Billion From Trump Tax Scam

"Months after the Republican tax bill passed, we're watching corporations do exactly what they told us they'd do all along: rather than raising wages and creating jobs, they're rewarding their investors and execs with billions of dollars."

https://www.commondreams.org/news/2...-banks-have-already-pocketed-25-billion-trump

 

[Straight Shooter]

Another reason why people probably aren't noticing the tax cuts in their checks is because most people don't receive paper paychecks. Does anyone here still receive a paper paycheck from their employer?

 

[Luxman]

I get paid by direct deposit.

 

[bodie54]

I get paid by direct deposit.

You're a liberal with a job???? :eek:

That just can't be!

Must be a government job, right?

 

[Jack Davenport]

You're a liberal with a job???? :eek:

That just can't be!

Must be a government job, right?

He didn’t say he had a job. He simply said he gets paid.

 

[bodie54]

He didn’t say he had a job. He simply said he gets paid.

So you're thinking he gets his welfare check via direct deposit? You're probably right about that. I need to look into that myself. Get paid and save a tree a the same time. Libtard heaven

 

[xfire]