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 Post subject: Re: Tax Reform
PostPosted: February 6 18, 9:13 am 
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U.S. Trade Deficit Is Wider Than Any Month or Year Since 2008
Quote:
The deficit increased 5.3 percent in December to a larger-than- expected $53.1 billion, the widest since October 2008, as imports outpaced exports, Commerce Department data showed Tuesday. For all of 2017, the goods-and-services gap grew 12 percent to $566 billion, the biggest since 2008.

The trend may extend into this year: Solid consumer spending and business investment -- assuming they hold up amid the recent stock-market rout -- will fuel demand for foreign-made merchandise. While improving overseas growth and a weaker dollar bode well for exports, Trump’s efforts to seek more favorable terms with U.S. trading partners remain a work in progress, and his tax-cut legislation may cause the deficit to widen further.


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 Post subject: Re: Tax Reform
PostPosted: February 6 18, 10:00 am 
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Radbird wrote:
U.S. Trade Deficit Is Wider Than Any Month or Year Since 2008
Quote:
The deficit increased 5.3 percent in December to a larger-than- expected $53.1 billion, the widest since October 2008, as imports outpaced exports, Commerce Department data showed Tuesday. For all of 2017, the goods-and-services gap grew 12 percent to $566 billion, the biggest since 2008.

The trend may extend into this year: Solid consumer spending and business investment -- assuming they hold up amid the recent stock-market rout -- will fuel demand for foreign-made merchandise. While improving overseas growth and a weaker dollar bode well for exports, Trump’s efforts to seek more favorable terms with U.S. trading partners remain a work in progress, and his tax-cut legislation may cause the deficit to widen further.


So much winning...


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 Post subject: Re: Tax Reform
PostPosted: February 6 18, 8:11 pm 
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cardsfansince82 wrote:
The amount withheld from a paycheck is too simplistic to know for sure how it will impact you overall until they release more info. You could easily save a lot more (or less) than that $2500 depending on your specific situation.

Just did a real estimate for our household, and the withholding formula update overestimates our tax cut by about $900.

I have no idea whether that is a typical number, but if you can, it would be smart to figure out how to do this exercise for yourself to avoid a surprise when you file in 2019.


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 Post subject: Re: Tax Reform
PostPosted: February 26 18, 3:30 pm 
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Amazon Inc. Paid Zero in Federal Taxes in 2017, Gets $789 Million Windfall from New Tax Law


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The online retail giant has built its business model on tax avoidance, and its latest financial filing makes it clear that Amazon continues to be insulated from the nation’s tax system. In 2017, Amazon reported $5.6 billion of U.S. profits and didn’t pay a dime of federal income taxes on it. The company’s financial statement suggests that various tax credits and tax breaks for executive stock options are responsible for zeroing out the company’s tax this year.

The company’s zero percent rate in 2017 reflects a longer term trend. During the previous five years, Amazon reported U.S. profits of $8.2 billion and paid an effective federal income tax rate of just 11.4 percent. This means the company was able to shelter more than two-thirds of its profits from tax during that five year period.

Incredibly, Amazon’s corporate tax goose egg for 2017 doesn’t include the effect of a second big tax disclosure: the $789 million one-time tax break the company projects it will receive due to the new tax law. While the Trump Administration’s corporate tax cuts generally took effect on January 1st, the law includes a grandfather clause for companies that (like Amazon) have managed to defer or postpone tax liability from prior years.

Instead of paying these deferred taxes at the previous 35 percent rate, Amazon now gets an extra reward for postponing the taxation of this income: a 40 percent discount from 35 to 21 percent. This is the source of Amazon’s $789 million windfall.


https://itep.org/amazon-inc-paid-zero-i ... w-tax-law/


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 Post subject: Re: Tax Reform
PostPosted: March 23 18, 3:32 pm 
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 Post subject: Re: Tax Reform
PostPosted: April 12 18, 8:18 am 
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thanks

Quote:

Corker: Tax cuts could be 'one of the worst votes I've made'

Quote:
“If it ends up costing what has been laid out here, it could well be one of the worst votes I’ve made,” he said at a Senate Budget Committee hearing on the Congressional Budget Office (CBO) estimate that produced the figure.

“I hope that is not the case, I hope there’s other data to assist, whether it’s jobs or growth or whatever,” Corker added.

Quote:
“None of us have covered ourselves in glory. This Congress and this administration likely will go down as one of the most fiscally irresponsible administrations and congresses that we’ve had,” Corker said.

http://thehill.com/policy/finance/38266 ... s-ive-made


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 Post subject: Re: Tax Reform
PostPosted: April 12 18, 8:26 am 
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Bob Corker's PCT.

A$$hole.


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 Post subject: Re: Tax Reform
PostPosted: April 12 18, 10:03 am 
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Jocephus wrote:
thanks

Quote:

Corker: Tax cuts could be 'one of the worst votes I've made'

Quote:
“If it ends up costing what has been laid out here, it could well be one of the worst votes I’ve made,” he said at a Senate Budget Committee hearing on the Congressional Budget Office (CBO) estimate that produced the figure.

“I hope that is not the case, I hope there’s other data to assist, whether it’s jobs or growth or whatever,” Corker added.

Quote:
“None of us have covered ourselves in glory. This Congress and this administration likely will go down as one of the most fiscally irresponsible administrations and congresses that we’ve had,” Corker said.

http://thehill.com/policy/finance/38266 ... s-ive-made


Congress never looks at the potential ramifications of their actions. They could cut spending but that’s not going to happen.


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 Post subject: Re: Tax Reform
PostPosted: April 12 18, 10:17 am 
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If only there was a report earlir that warned Corker et al of what they were doing


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 Post subject: Re: Tax Reform
PostPosted: April 12 18, 10:19 am 
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Diddy wrote:
Jocephus wrote:
thanks

Quote:

Corker: Tax cuts could be 'one of the worst votes I've made'

Quote:
“If it ends up costing what has been laid out here, it could well be one of the worst votes I’ve made,” he said at a Senate Budget Committee hearing on the Congressional Budget Office (CBO) estimate that produced the figure.

“I hope that is not the case, I hope there’s other data to assist, whether it’s jobs or growth or whatever,” Corker added.

Quote:
“None of us have covered ourselves in glory. This Congress and this administration likely will go down as one of the most fiscally irresponsible administrations and congresses that we’ve had,” Corker said.

http://thehill.com/policy/finance/38266 ... s-ive-made


Congress never looks at the potential ramifications of their actions. They could cut spending but that’s not going to happen.


I think they do look at ramifications. I think they realized the corporations funding them would benefit from the law and donate even more money to them, which is exactly what happened. Oh you meant ramifications to regular people? Yeah, they don't look at that.

I will be shocked if Congress doesn't try to cut spending. And the only reason they might not is because people will mobilize and scream at them not to do that, like we've already done multiple times on various horrible laws they tried passing.


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