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Business, Economics & Tax Policy 7: Workers of the world unite!

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Re: Business, Economics & Tax Policy 7: Workers of the world unite!

Quarterly growth at 4.1% for the quarter.

But...in the first six months of 2018, revenue tax collections fell by $50 billion compared to the same period a year ago, a drop of roughly 30 percent. These are actually 20% below CBO projections. Largely as a result, the annual deficit could hit $1 trillion as soon as next year and will remain above that level for the foreseeable future. Most unusually, this happening at a time when the economy appears to be picking up steam and headed for what could be the longest expansion in history.

This results in a 75 year low in corporate tax revenue. We may get back to Obama levels of deficits after a decade of this type of growth. Problem we will already be dead due to the deficit.

http://www.thefiscaltimes.com/2018/07/25/Corporate-Tax-Revenues-Are-Falling-Fast
 
5mn_Major said:
Quarterly growth at 4.1% for the quarter.

But...in the first six months of 2018, revenue tax collections fell by $50 billion compared to the same period a year ago, a drop of roughly 30 percent. These are actually 20% below CBO projections. Largely as a result, the annual deficit could hit $1 trillion as soon as next year and will remain above that level for the foreseeable future. Most unusually, this happening at a time when the economy appears to be picking up steam and headed for what could be the longest expansion in history.

This results in a 75 year low in corporate tax revenue. We may get back to Obama levels of deficits after a decade of this type of growth. Problem we will already be dead due to the deficit.

http://www.thefiscaltimes.com/2018/07/25/Corporate-Tax-Revenues-Are-Falling-Fast
Click to expand...

Tariffs. You forgot the tariffs. :)
 
Re: Business, Economics & Tax Policy 7: Workers of the world unite!

I don't think the deficit or debt is a huge issue honestly but there are far more efficient ways to spend that money and stimulate the economy.
 
Re: Business, Economics & Tax Policy 7: Workers of the world unite!

5mn_Major said:
Quarterly growth at 4.1% for the quarter.

But...in the first six months of 2018, revenue tax collections fell by $50 billion compared to the same period a year ago, a drop of roughly 30 percent. These are actually 20% below CBO projections. Largely as a result, the annual deficit could hit $1 trillion as soon as next year and will remain above that level for the foreseeable future. Most unusually, this happening at a time when the economy appears to be picking up steam and headed for what could be the longest expansion in history.

This results in a 75 year low in corporate tax revenue. We may get back to Obama levels of deficits after a decade of this type of growth. Problem we will already be dead due to the deficit.

http://www.thefiscaltimes.com/2018/07/25/Corporate-Tax-Revenues-Are-Falling-Fast
Click to expand...

Just wait until the planned offshoring due to the tariffs takes effect.
 
Re: Business, Economics & Tax Policy 7: Workers of the world unite!

dxmnkd316 said:
Huh?
Click to expand...

Comcast already owns NBC. A real news channel. And CNBC. A real business channel. They can buy Fox and dump it. Eliminates the competition. I'm sure other companies have swallowed up competitors before just to destroy them. I would.

Not that hard to follow.
 
Re: Business, Economics & Tax Policy 7: Workers of the world unite!

ScoobyDoo said:
Comcast already owns NBC. A real news channel. And CNBC. A real business channel. They can buy Fox and dump it. Eliminates the competition. I'm sure other companies have swallowed up competitors before just to destroy them. I would.

Not that hard to follow.
Click to expand...

Uhhh... Windmills do not work that way. Fox isn't a competitor of NBC or MSNBC. There is almost zero overlap in their consumer bases which is kind of incredible considering their demographics overlap. It would be like saying the Howard Stern Show is a competitor to Radio Disney.
 
Re: Business, Economics & Tax Policy 7: Workers of the world unite!

ScoobyDoo said:
Comcast already owns NBC. A real news channel. And CNBC. A real business channel. They can buy Fox and dump it. Eliminates the competition. I'm sure other companies have swallowed up competitors before just to destroy them. I would.

Not that hard to follow.
Click to expand...

Fox News was never part of the deal. The Murdoch family spun it off and retain ownership of FNC and FN Business.
 
Re: Business, Economics & Tax Policy 7: Workers of the world unite!

joecct said:
Tariffs. You forgot the tariffs. :)
Click to expand...

Tariffs? Oh yeah, there'll be news about them every day:

Today, Coke announced prices are going up as they're passing the aluminum tariff (that is to say, tax) on to customers. You have to love corporate welfare at the public's expense.
 
Re: Business, Economics & Tax Policy 7: Workers of the world unite!

ScoobyDoo said:
Comcast already owns NBC. A real news channel. And CNBC. A real business channel. They can buy Fox and dump it. Eliminates the competition. I'm sure other companies have swallowed up competitors before just to destroy them. I would.

Not that hard to follow.
Click to expand...

Right. Dump the higher-rated, makes more money for you channels. More likely they drop MSNBC and CNBC, since they already have NBC.
 
Re: Business, Economics & Tax Policy 7: Workers of the world unite!

5mn_Major said:
Tariffs? Oh yeah, there'll be news about them every day:

Today, Coke announced prices are going up as they're passing the aluminum tariff (that is to say, tax) on to customers. You have to love corporate welfare at the public's expense.
Click to expand...

Why don't they buy their aluminum from American producers? Oh, right, the American producers all have their production facilities overseas and have to import it back into the US.


Red Don knows industry.
 
Re: Business, Economics & Tax Policy 7: Workers of the world unite!

Manufacturers can apply for and receive waivers for circumventing the steel tariffs. But US steel and Nucor are supplying info and evidently sometimes making s* up to stop these waivers. As the steel industry puts the hammer down, its customer base is getting more and more angry with it. This isn't going to have a pretty ending.

Robert Miller, president and CEO of NLMK USA, said objections raised by U.S. Steel and Nucor to his bid for a waiver are "literal untruths." He said his company, which imports huge slabs of steel from Russia, has already paid $80 million in duties and will be forced out of business if it isn't excused from the 25 percent tariff. U.S. Steel and Nucor are two of the country's largest steel producers. "They ought to be ashamed of themselves," said Miller, who employs more than 1,100 people at mills in Pennsylvania and Indiana.

https://www.cbsnews.com/news/u-s-firms-seeking-trumps-steel-tariff-waiver-face-backlash/
 
Re: Business, Economics & Tax Policy 7: Workers of the world unite!

The restaurant industry spent 140 percent of its profits on buybacks from 2015 to 2017, meaning that it borrowed or dipped into its cash allowances to purchase the shares. The retail industry spent nearly 80 percent of its profits on buybacks, and food-manufacturing firms nearly 60 percent. All in all, public companies across the American economy spent roughly three-fifths of their profits on buybacks in the years studied. “The amount corporations are spending on buybacks is staggering,” Milani said. “Then, to look a little deeper and see how this could impact workers in terms of compensation, was staggering.”

How much might workers have benefited if companies had devoted their financial resources to them rather than to shareholders? Lowe’s, CVS, and Home Depot could have provided each of their workers a raise of $18,000 a year, the report found. Starbucks could have given each of its employees $7,000 a year, and McDonald’s could have given $4,000 to each of its nearly 2 million employees.
Click to expand...
But those tax cuts surely won't mean these same companies just do more stock buybacks...

Since then, analyses from investment banks and researchers have estimated that 40 to 60 percent of the savings from the tax cut are being plowed into buybacks. One analysis of companies on the Russell 1000 Index—which consists of big firms, much like the Standard & Poor’s 500 does—found that companies directed 10 times as much money to buybacks as to workers. As such, Milani and Tung said they expect the math on corporate spending on shareholders versus workers to become even more exaggerated in the coming years.
Click to expand...
oh...
 
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Re: Business, Economics & Tax Policy 7: Workers of the world unite!

It's not like nobody was warning that this would be the primary outcome of the tax cuts, in the months leading up to the vote.


But no, companies, out of the goodness of their hearts, were going to pass those savings on to their employees. :rolleyes:
 
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