travis ballstadtJul 6, 2024
Robert Reich

Trump’s tax law cut the corporate tax rate from 35% to 21%.

What did corporations do with the money saved?

They didn’t invest it or raise wages.

They spent a record $1 trillion on stock buybacks the year after the law went into effect.

Nothing trickled down to workers.

Jul 6, 2024 at 5:34pmWeb
Show threadnot a martian, honestJul 6, 2024
@rbreich well, did the workers pay Trump to do that or the companies?
Show threadPat MadiganJul 6, 2024
@rbreich billionaire socialism 💰
Show threadSaftyKumaJul 6, 2024
@rbreich And to think after over 4 decades of proof that trickle down economics is an abject failure, people still think we should do more
Show threadGNTXJul 6, 2024
@rbreich a reduced tax rate meant that multinational corporations like Apple could repatriate funds held overseas at 21% taxation vs. the greedy 35% where the government were actually getting 0% because the funds were just being held overseas. 35% corporate tax is/was higher than most any other country. Stock buybacks help boost share prices, which helps increase returns for shareholders that include large institutional investors who offer 401K and IRA investment for retirement plans.
Show threadfincheJul 6, 2024

@GNTX @rbreich

1. How many families make a living from their shares? How many rely on their wages?

So to focus on share is rather unfair to society, isn't it?

2. Trump isn't famous for being smart and doing his utmost of the well being of the ordinary American in Europe and so he is supposed to drag other nations in a race to the bottom in order to make his super rich buddies even more rich.

This will lead to more poor people worldwide and in the US.

Few will win, the other loose.

Show threadLinda WoodrowJul 7, 2024
@GNTX @rbreich Ireland, where Apple bases most of its taxable income, charges 12.5% corporate tax rate. I very much doubt that 21% attracted much if any repatriation. This is pure spin. https://amp.theguardian.com/technology/2023/apr/09/profits-apple-irish-division-rise-to-69bn-corporation-tax
Profits at Apple’s subsidiary in Ireland rise to $69bn

Main non-US division pays $7.7bn in corporation tax but $20.7bn in dividends to California parent

The Guardian
Show threadDik FraserJul 6, 2024
@rbreich So the trickle is controlled by the tricklers. Tricky!
Show threaddaveeaterJul 6, 2024
@rbreich Stock buybacks used to be illegal (New Deal era). These laws need to be re-established.
Show threadStargeezer SmithJul 6, 2024
@rbreich
Some Trump fed billionaires have invested heavily into the politician market.
Show threadDavid Mitchell Jul 6, 2024

@rbreich

For the people who don’t automatically do these calculations:

$1 Trillion is nearly $3,000 for every * single * American.

What would you have done with an extra $3,000 a year?

Show threadThe DoctorJul 6, 2024
@DavidM_yeg @rbreich That's not even rent. :/
Show threadApanJul 6, 2024
@rbreich Guess that he put the corporate tax somewhere equal to other countries such as those in the EU.
Show threadSmittyJul 6, 2024
@rbreich thats why Republicans threaten violence to get the Rapist Fraudster’s recession going - more tax cuts!
Show threadgluttoJul 6, 2024
@rbreich
Republicans can't believe that story keeps working, decade after decade.
Show threadArchaeoIainJul 6, 2024
@rbreich it does not matter if you destroy all the people on the earth so long as the shareholders and the billionaires die rich. Have I got it right?
Show threadBronMason For Kamala 2024Jul 6, 2024

@rbreich

Not did the prices of any products or services go down.

Show threadToadman628Jul 6, 2024
@rbreich They did what rich people do with extra money from tax cuts. Put it in their pocket. Do they invest in industry that grow jobs? No. Do they pay it to employees? No. If they gave campaign cash to Trump, it was for tax cuts to the wealthy.
Show threadShadowbottleJul 7, 2024
@rbreich I mean, I think you can say quite a lot trickled down… on employees. 🤮
Show threadJNSLCTJul 7, 2024

@rbreich

Worse: those missing taxes translate to public debt.
Public bonds which the rich buy and get interest for.
So the rich are taxed less and on top receive extra,
with austerity policy (= trickle up).

Public debt is too low taxation of the rich.
And those who elect this policy are ripped.

As can be seen, trump needs fear to be elected
(that's why he blocked border plan of Biden)
because nobody would elect being ripped
unless emotionally being tricked into it.

#USA #US #tax #noTrickle

Show threadDavid H. McCoyJul 7, 2024

@rbreich @binaryphile

Trickle down is an utter scam. Reagan using that term was my first experience with it and now, years later, we KNOW it for the lie that it is.

Show thread2xfoJul 8, 2024
@rbreich
Ban stock buy backs again. BSBBA!