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David Brown 2017-12-20
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The Republican tax bill is ready for the president’s signature.

After forcing its second vote in two days, the bill passed the House with a vote of 224 to 201.

The bill previously cleared the Senate with a narrow 51-48 vote along party lines, though Republican Senator John McCain was unable to cast a vote as he undergoes cancer treatment in his home state.

Now the only thing standing between $1.5 trillion in tax cuts and law is a signature from its biggest proponent.

The bill remaps current income tax brackets, slashes individual tax rates for the wealthiest Americans, doubles the standard deduction to $12,000 for individual filers and famously issues a massive, much salivated over cut to the corporate tax rate, lowering it from 35% to 21%.

The piece of legislation is an eleventh hour win for Republicans, who have failed to pass any meaningful legislation during Trump’s first year in office in spite of controlling the House, Senate and the presidency.

collect
0
Kristie Hernandez 2017-12-21
img

Comcast yesterday claimed that it will invest more than $50 billion in infrastructure over the next five years because of the repeal of net neutrality rules and the new tax overhaul.

But the numbers show that Comcast's investments soared while the net neutrality rules were in place and would hit the "new" milestone if its investments continued increasing by a modest amount.

Comcast's announcement yesterday said the following:

Based on the passage of tax reform and the FCC's action on broadband, Brian L. Roberts, Chairman and CEO of Comcast NBCUniversal, announced that the Company would award special $1,000 bonuses to more than one hundred thousand eligible frontline and non-executive employees.

Roberts also announced that the Company expects to spend well in excess of $50 billion over the next five years investing in infrastructure to radically improve and extend our broadband plant and capacity, and our television, film and theme park offerings.

Spending patterns can vary by quarter, however, so it may be more instructive to look at Comcast's capital investments over the past 12 months.

collect
0
William Ewing 2018-01-03
img

AT is "instituting an unprecedented massive layoff of employees represented by the union while at the same time massively subcontracting work that the employees are trained and qualified to perform," the Communications Workers of America (CWA) said in a lawsuit filed Saturday in US District Court in Austin, Texas.

AT also defended its employment levels.

When AT lobbies for favors from the government, it offers a black-and-white description of network investment.

"Despite its claim that a corporate tax cut would create thousands of middle-class jobs in its industry, AT recently announced that hundreds of workers in the Southwest would be declared 'surplus' and subject to layoff," CWA said in an announcement of its lawsuit.

Here's what an AT spokesperson told us today:

We're adding people in many parts of our business that are experiencing higher customer demand.

collect
0
Richard Skaggs 2018-01-04
img

Comcast reportedly fired about 500 salespeople shortly before Christmas, despite claiming that the company would create thousands of new jobs in exchange for a big tax cut.

The Philadelphia Inquirer revealed the Comcast firings this week in an article based on information from an anonymous former employee, Comcast documents, and other sources in the company.

The former employee who talked to the Inquirer "could not be identified because of a nondisclosure agreement as part of a severance package," the article said.

Comcast gave us this statement but offered no further details: "Periodically, we reorganize groups of employees and adjust our sales tactics and talent.

This change in the Central Division is an example of this practice and occurred in the context of our adding hundreds of frontline and sales employees.

On December 20, Comcast announced that, because of the pending tax cut and recent repeal of net neutrality rules, it would give "special bonuses" of $1,000 to more than 100,000 employees and invest more than $50 billion in infrastructure over the next five years.

collect
0
Michael Wadsworth 2017-06-30

It may not happen, but that it’s even on the table helps illustrate why broader tax reform is going to be so tricky for the GOP.

When Republicans came to power this year, they pledged to abolish most of those taxes as part of their plan to repeal and replace Obamacare.

But getting rid of the Obamacare taxes poses two big problems for Republicans.

The first is political: The cuts would go overwhelmingly to the richest Americans.

The Tax Policy Center, a think tank that leans to the left but whose analyses are generally respected by both sides, estimates that nearly 45 percent of the Senate bill’s tax cuts would go to the top 1 percent of households by earnings.

One tax that the GOP wants to repeal, the “net investment income tax,” is even more skewed: 90 percent of its revenue comes from the top 1 percent, and 62 percent from the top 0.1 percent.

collect
0
Edmond Mccolpin 2019-05-14
img

AT has cut more than 23,000 jobs since receiving a big tax cut at the end of 2017, despite lobbying heavily for the tax cut by claiming that it would create thousands of jobs.

AT in November 2017 pushed for the corporate tax cut by promising to invest an additional $1 billion in 2018, with CEO Randall Stephenson saying that "every billion dollars AT invests is 7,000 hard-hat jobs.

These are 7,000 jobs of people putting fiber in ground, hard-hat jobs that make $70,000 to $80,000 per year."

A union analysis of AT's publicly available financial statements "shows the telecom company eliminated 23,328 jobs since the Tax Cut and Jobs Act passed in late 2017, including nearly 6,000 in the first quarter of 2019," the Communications Workers of America (CWA) said yesterday.

These numbers are for AT's global workforce, but the vast majority of its employees are in the US.

The most recent layoffs affected 368 union technicians in California, the CWA said last week.

collect
0
James Taylor 2016-06-10
img

photographer: Pixabay

Government proposes greatly reduced electricity tax for server rooms, to the same level as in manufacturing.

For IT giants like Facebook, it means million savings.

Facebook would when they planned the servers in Lulea is fully expanded to serve over 100 million a year if the proposal is adopted, according to estimates by the magazine Computer Sweden has done.

Finance Minister Magdalena Andersson points out that it is important for Sweden to compete on equal terms with other countries when it comes to attracting IT companies.

- It's all about growth and jobs, especially in the north of Sweden, she says to TT.

- They get the same rate as other industries which are in Sweden.

collect
0
Owen Grundy 2021-03-10
img
The $2.2 trillion CARES Act and Trump's $1.9 trillion tax cut also signify Congress's new comfort with hugely expensive legislation.
collect
0
Charles Gilbert 2017-10-24
img

White House Press Secretary Sarah Huckabee Sanders took to Twitter on Sunday (22 October) to ask people what they would do with the possible additional $4,000 (£3,030) the average American family would save under President Donald Trump's tax plan.

"The average American family would get a $4,000 raise under the President's tax cut plan.

Sanders wrote in a series of tweets.

"What would your family do w/ a $4,000 raise from the President's tax cut plan?

REPLY & I'll share your family's story in the press briefing.

"Do you stand w/ the Democrats for higher taxes & bigger government?

collect
0
Randy Rowald 2017-11-16
img

WASHINGTON (The Borowitz Report)—Jubilant Trump voters on Thursday celebrated the prospect of a gigantic tax cut that will benefit everyone but them.

Across the country, Trump supporters were overjoyed that, after months of gridlock and wrangling, the man they voted for was about to make Americans other than them wildly richer.

“President Trump has taken a lot of hits from the fake-news media, but he stood his ground,” Carol Foyler, a Trump voter in Ohio, said.

“Today he honored his pledge to the American people, except for me and anybody I know.”

Harland Dorrinson, a Trump supporter from Kentucky, agreed.

“When I cast my vote last November, I said to myself, ‘I sure hope this means that people with a thousand times more money than I have get even more money,’ ” he said.

collect
0
James Neely 2021-03-04
img
"I think we've grown immune to these vast amounts of money," said Johnson, who voted for the $1.5 trillion GOP tax cut in 2017.
collect
0
Mark Alexander 2021-06-14
img
The Tax Policy Center found Biden's budget proposes families with children getting a $3,200 tax cut in 2022, largely thanks to the child tax credit.
collect
0
Randall Vincent 2021-04-17
img
Pressing the GOP to roll back Trump's corporate tax cut is like asking Democrats to undo Obamacare, an expert said. They may raise gas taxes instead.
collect
0
Donald Broussard 2016-11-23
img

Speaking to The New York Times, Trump said he received a call from Apple CEO Tim Cook after winning the election earlier this month.

I got a call from Tim Cook at Apple, and I said, Tim, you know one of the things that will be a real achievement for me is when I get Apple to build a big plant in the United States, or many big plants in the United States, where instead of going to China, and going to Vietnam, and going to the places that you go to, you re making your product right here.

He also contends Apple will turn to US manufacturing based on an incentive plan including a very large tax cut and substantial regulation cuts for corporations.

But we re going for big tax cuts, we have to get rid of regulations, regulations are making it impossible.

Whether you re liberal or conservative, I mean I could sit down and show you regulations that anybody would agree are ridiculous.

Reports suggest Apple has at least a passing interest in exploring a manufacturing facility in the United States, apparently going as far as to open a feasibility study about producing the iPhone at a US plant.

collect
0
Jason Vest 2017-09-27
img

For Apple and other Silicon Valley tech companies, tax cuts being proposed by President Trump and the Republicans could be huge.

The framework that will act as a jumping-off point for Congress to revamp the U.S. tax code includes a proposal to cut corporate taxes to 20 percent from the current 35 percent, and language about making changes to “[stop] corporations from shipping jobs and capital overseas” and reducing taxes on foreign profits.

Apple alone holds $231 billion overseas, or 94 percent of the $246 billion cash hoard the company had as of the end of 2016, according to Moody’s annual investor report, which was released in July.

As they seek to avoid repatriation taxes, the total amount of cash held overseas by U.S. companies climbed to $1.3 trillion at the end of 2016, up from $1.2 trillion in 2015, Moody’s said.

During his presidential campaign last year, Donald Trump promised a one-time repatriation rate of 10 percent, but that figure wasn’t contained in the nine-page proposal his administration released Wednesday.

What the proposal says: “The framework transforms our existing ‘offshoring’ model to an American model.” It says it will do that by “taxing at a reduced rate and on a global basis the foreign profits of U.S. multinational corporations.”

collect
0
Antonio Barron 2021-07-20
img
The steep corporate tax cut in 2019 and pandemic-driven cost-cutting boosted the bottomline of India Inc by 105% in FY21 over FY20, even though the topline declined 5%, the SBI report said
collect
0
David Brown 2017-12-20
img

The Republican tax bill is ready for the president’s signature.

After forcing its second vote in two days, the bill passed the House with a vote of 224 to 201.

The bill previously cleared the Senate with a narrow 51-48 vote along party lines, though Republican Senator John McCain was unable to cast a vote as he undergoes cancer treatment in his home state.

Now the only thing standing between $1.5 trillion in tax cuts and law is a signature from its biggest proponent.

The bill remaps current income tax brackets, slashes individual tax rates for the wealthiest Americans, doubles the standard deduction to $12,000 for individual filers and famously issues a massive, much salivated over cut to the corporate tax rate, lowering it from 35% to 21%.

The piece of legislation is an eleventh hour win for Republicans, who have failed to pass any meaningful legislation during Trump’s first year in office in spite of controlling the House, Senate and the presidency.

William Ewing 2018-01-03
img

AT is "instituting an unprecedented massive layoff of employees represented by the union while at the same time massively subcontracting work that the employees are trained and qualified to perform," the Communications Workers of America (CWA) said in a lawsuit filed Saturday in US District Court in Austin, Texas.

AT also defended its employment levels.

When AT lobbies for favors from the government, it offers a black-and-white description of network investment.

"Despite its claim that a corporate tax cut would create thousands of middle-class jobs in its industry, AT recently announced that hundreds of workers in the Southwest would be declared 'surplus' and subject to layoff," CWA said in an announcement of its lawsuit.

Here's what an AT spokesperson told us today:

We're adding people in many parts of our business that are experiencing higher customer demand.

Michael Wadsworth 2017-06-30

It may not happen, but that it’s even on the table helps illustrate why broader tax reform is going to be so tricky for the GOP.

When Republicans came to power this year, they pledged to abolish most of those taxes as part of their plan to repeal and replace Obamacare.

But getting rid of the Obamacare taxes poses two big problems for Republicans.

The first is political: The cuts would go overwhelmingly to the richest Americans.

The Tax Policy Center, a think tank that leans to the left but whose analyses are generally respected by both sides, estimates that nearly 45 percent of the Senate bill’s tax cuts would go to the top 1 percent of households by earnings.

One tax that the GOP wants to repeal, the “net investment income tax,” is even more skewed: 90 percent of its revenue comes from the top 1 percent, and 62 percent from the top 0.1 percent.

James Taylor 2016-06-10
img

photographer: Pixabay

Government proposes greatly reduced electricity tax for server rooms, to the same level as in manufacturing.

For IT giants like Facebook, it means million savings.

Facebook would when they planned the servers in Lulea is fully expanded to serve over 100 million a year if the proposal is adopted, according to estimates by the magazine Computer Sweden has done.

Finance Minister Magdalena Andersson points out that it is important for Sweden to compete on equal terms with other countries when it comes to attracting IT companies.

- It's all about growth and jobs, especially in the north of Sweden, she says to TT.

- They get the same rate as other industries which are in Sweden.

Charles Gilbert 2017-10-24
img

White House Press Secretary Sarah Huckabee Sanders took to Twitter on Sunday (22 October) to ask people what they would do with the possible additional $4,000 (£3,030) the average American family would save under President Donald Trump's tax plan.

"The average American family would get a $4,000 raise under the President's tax cut plan.

Sanders wrote in a series of tweets.

"What would your family do w/ a $4,000 raise from the President's tax cut plan?

REPLY & I'll share your family's story in the press briefing.

"Do you stand w/ the Democrats for higher taxes & bigger government?

James Neely 2021-03-04
img
"I think we've grown immune to these vast amounts of money," said Johnson, who voted for the $1.5 trillion GOP tax cut in 2017.
Randall Vincent 2021-04-17
img
Pressing the GOP to roll back Trump's corporate tax cut is like asking Democrats to undo Obamacare, an expert said. They may raise gas taxes instead.
Jason Vest 2017-09-27
img

For Apple and other Silicon Valley tech companies, tax cuts being proposed by President Trump and the Republicans could be huge.

The framework that will act as a jumping-off point for Congress to revamp the U.S. tax code includes a proposal to cut corporate taxes to 20 percent from the current 35 percent, and language about making changes to “[stop] corporations from shipping jobs and capital overseas” and reducing taxes on foreign profits.

Apple alone holds $231 billion overseas, or 94 percent of the $246 billion cash hoard the company had as of the end of 2016, according to Moody’s annual investor report, which was released in July.

As they seek to avoid repatriation taxes, the total amount of cash held overseas by U.S. companies climbed to $1.3 trillion at the end of 2016, up from $1.2 trillion in 2015, Moody’s said.

During his presidential campaign last year, Donald Trump promised a one-time repatriation rate of 10 percent, but that figure wasn’t contained in the nine-page proposal his administration released Wednesday.

What the proposal says: “The framework transforms our existing ‘offshoring’ model to an American model.” It says it will do that by “taxing at a reduced rate and on a global basis the foreign profits of U.S. multinational corporations.”

Kristie Hernandez 2017-12-21
img

Comcast yesterday claimed that it will invest more than $50 billion in infrastructure over the next five years because of the repeal of net neutrality rules and the new tax overhaul.

But the numbers show that Comcast's investments soared while the net neutrality rules were in place and would hit the "new" milestone if its investments continued increasing by a modest amount.

Comcast's announcement yesterday said the following:

Based on the passage of tax reform and the FCC's action on broadband, Brian L. Roberts, Chairman and CEO of Comcast NBCUniversal, announced that the Company would award special $1,000 bonuses to more than one hundred thousand eligible frontline and non-executive employees.

Roberts also announced that the Company expects to spend well in excess of $50 billion over the next five years investing in infrastructure to radically improve and extend our broadband plant and capacity, and our television, film and theme park offerings.

Spending patterns can vary by quarter, however, so it may be more instructive to look at Comcast's capital investments over the past 12 months.

Richard Skaggs 2018-01-04
img

Comcast reportedly fired about 500 salespeople shortly before Christmas, despite claiming that the company would create thousands of new jobs in exchange for a big tax cut.

The Philadelphia Inquirer revealed the Comcast firings this week in an article based on information from an anonymous former employee, Comcast documents, and other sources in the company.

The former employee who talked to the Inquirer "could not be identified because of a nondisclosure agreement as part of a severance package," the article said.

Comcast gave us this statement but offered no further details: "Periodically, we reorganize groups of employees and adjust our sales tactics and talent.

This change in the Central Division is an example of this practice and occurred in the context of our adding hundreds of frontline and sales employees.

On December 20, Comcast announced that, because of the pending tax cut and recent repeal of net neutrality rules, it would give "special bonuses" of $1,000 to more than 100,000 employees and invest more than $50 billion in infrastructure over the next five years.

Edmond Mccolpin 2019-05-14
img

AT has cut more than 23,000 jobs since receiving a big tax cut at the end of 2017, despite lobbying heavily for the tax cut by claiming that it would create thousands of jobs.

AT in November 2017 pushed for the corporate tax cut by promising to invest an additional $1 billion in 2018, with CEO Randall Stephenson saying that "every billion dollars AT invests is 7,000 hard-hat jobs.

These are 7,000 jobs of people putting fiber in ground, hard-hat jobs that make $70,000 to $80,000 per year."

A union analysis of AT's publicly available financial statements "shows the telecom company eliminated 23,328 jobs since the Tax Cut and Jobs Act passed in late 2017, including nearly 6,000 in the first quarter of 2019," the Communications Workers of America (CWA) said yesterday.

These numbers are for AT's global workforce, but the vast majority of its employees are in the US.

The most recent layoffs affected 368 union technicians in California, the CWA said last week.

Owen Grundy 2021-03-10
img
The $2.2 trillion CARES Act and Trump's $1.9 trillion tax cut also signify Congress's new comfort with hugely expensive legislation.
Randy Rowald 2017-11-16
img

WASHINGTON (The Borowitz Report)—Jubilant Trump voters on Thursday celebrated the prospect of a gigantic tax cut that will benefit everyone but them.

Across the country, Trump supporters were overjoyed that, after months of gridlock and wrangling, the man they voted for was about to make Americans other than them wildly richer.

“President Trump has taken a lot of hits from the fake-news media, but he stood his ground,” Carol Foyler, a Trump voter in Ohio, said.

“Today he honored his pledge to the American people, except for me and anybody I know.”

Harland Dorrinson, a Trump supporter from Kentucky, agreed.

“When I cast my vote last November, I said to myself, ‘I sure hope this means that people with a thousand times more money than I have get even more money,’ ” he said.

Mark Alexander 2021-06-14
img
The Tax Policy Center found Biden's budget proposes families with children getting a $3,200 tax cut in 2022, largely thanks to the child tax credit.
Donald Broussard 2016-11-23
img

Speaking to The New York Times, Trump said he received a call from Apple CEO Tim Cook after winning the election earlier this month.

I got a call from Tim Cook at Apple, and I said, Tim, you know one of the things that will be a real achievement for me is when I get Apple to build a big plant in the United States, or many big plants in the United States, where instead of going to China, and going to Vietnam, and going to the places that you go to, you re making your product right here.

He also contends Apple will turn to US manufacturing based on an incentive plan including a very large tax cut and substantial regulation cuts for corporations.

But we re going for big tax cuts, we have to get rid of regulations, regulations are making it impossible.

Whether you re liberal or conservative, I mean I could sit down and show you regulations that anybody would agree are ridiculous.

Reports suggest Apple has at least a passing interest in exploring a manufacturing facility in the United States, apparently going as far as to open a feasibility study about producing the iPhone at a US plant.

Antonio Barron 2021-07-20
img
The steep corporate tax cut in 2019 and pandemic-driven cost-cutting boosted the bottomline of India Inc by 105% in FY21 over FY20, even though the topline declined 5%, the SBI report said