The Republican tax cuts won't trickle down, CEO writes in scathing op-ed

[applegrove]

http://theweek.com/speedreads/741193/republican-tax-cuts-wont-trickle-down-ceo-writes-scathing-oped

"SNIP.........

One of the major arguments Republicans are making as they push through their tax overhaul is that the working and middle classes will benefit because companies will use their tax-cut windfall to invest in employees and capital investments that will boost suppliers and construction companies. Maybe, but "many economists are skeptical that the tax savings will transform business decisions," The New York Times reports, and a recent survey of CEOs found that companies were more likely to reward investors than workers. This appeared to come as a surprise to Gary Cohn, President Trump's top economic adviser. It's not a surprise to Todd Carmichael, co-founder and CEO of La Colombe Coffee Roasters in Philadelphia.

"I can tell you what no other CEO wants to tell you," Carmichael writes in an op-ed in The Philadelphia Inquirer: "A half-trillion dollars of corporate tax giveaways proposed by the GOP aren't going to do a thing for the middle class, or create a single job. Because what every CEO knows but won't tell you is this: A tax break for their company simply means a fatter bottom line. Not jobs. Not investment." CEOs have "a powerful fiduciary duty to return all profits to shareholders — not to the employees, or the suppliers, or the community and certainly not to the unemployed or left behind," he explained. "Profit goes to shareholders (and the CEO) and not to the employees."

Tax cuts aren't bad in themselves, and Republicans could have focused them on families and "people, where there is no fiduciary duty to push the stimulus to the investment class," Carmichael writes. But the kind Republicans are passing are appropriate for when the "when the economy needs to be goosed," and "what every CEO knows but will not tell you is that the reverse conditions are actually true." You can read his op-ed at The Inquirer. Peter Weber


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[spanone]

1. K&R...never has, never will

the biggest boatload of bullshit ever foisted on a population

[Angry Dragon]

4. wrong..........Trump is the biggest boatload of bullshit ever foisted on a population

republicans are just piling more on

[BigmanPigman]

2. WE, you, me, family, friends, pets, whatever MUST ACT NOW!

Last edited Mon Dec 4, 2017, 06:38 PM - Edit history (1)

I was part of the Not One Penny nationwide phone call today and you are doing what Ben said we all need to do. The bill is not a win, it is a disaster and we can stop it. There are still a few weeks left and the three things we must do...
1. Attend protests, town halls, etc and make sure the media is there, no matter how big or small it is. The media has been absent due to the non stop distractions. There are many important issues but this is our BIGGEST PRIORITY for the next few weeks.
2. Keep up the CALLS. They started late but eventually their staffers were busy ...call, tell your family and friends in other states to call too. [phone]
https://www.trumptaxscam.org/
3. Social media is crucial. Retweet and share whatever you can. Send it to the media. Events, town halls, protests are occurring and over 100 are planned for this week alone. Bernie, Cory Booker, Indivisible, MoveOn have been going to Kentucky, Ohio and PA all weekend.

New info is already coming out. One new fact since the Fri vote is that there will be 1/2 trillion more dollars added to the deficit. 28% of Americans approve of the Tax Scam. This week Ryan will appoint Repub to his closed door "conference committee" and then we can target those reps. The house and senate have to "negotiate a compromise". What they voted on is different in each chamber. For now we know of 28 Rep congressmen who voted against one of the two bills/plans. We need to flip 23 of them. The Senate will need to be PRESSURED NON STOP...this means calling the 9 senators that were wavering. If we get Alabama we only need two more senators with Corker. This would be great. Also there is the threat of a govt shutdown by Fri., Dec. 8th.
We have been the catalysts of the grass roots efforts for a year and have stopped major legislation. We have a few more weeks until the holidays. After that we have to spread the word about what the GOP has done to the stability and future of our country with this tax cut for the rich and they are taking money from the sick and poor which will bankrupt millions and take over 13 million off of health care. Meanwhile tax cuts for multi million dollar corporations will not be trickling down at all and never will. The bill ensures that the country will be taxed more over the next 10 year (but not the corporations...you and me are paying).
Call [phone]

We must HAMMER them on this bill. Put the pressure on these greedy, cruel bastards and DO NOT STOP!

[dlk]

3. To Clean Up a Saying Sailors Have, Only Two Things Trickle Downhill and Neither of them is Money

[underpants]

5. The Obama recovery was fueled by several things

But tax cuts to the middle class and Social Security holiday were a big part of that.