Pigeon
Chess

 

I think it is time for people to accept the world is changing. Electric vehicles are going to start becoming commonplace. Which means part of our economy is going to change. The sooner we accept times are changing, the sooner we know how to adjust to it. Tax cuts mean a lot in many ways. However people are greedy.

 

Consumer confidence surveys only reflect how OPTIMISTIC people are for the future economy, it is not based on what is happening now and 2019's numbers only seem up because December 2018's numbers were so abysmal due to das fuhrer.

Oh really?
Lets look, shall we?
https://images.app.goo.gl/x4BiUPCwoXWAZGbXA

Turns out, consumer confidence hasn't been this high since 2000. Oh, and not to rub it in, but consumer confidence was never this high during the Obama administration.

So yeah.
Pigeon
Chess

 

Consumer confidence is nice. It means people spend money because they feel secure. They go ahead and buy the new car or the bigger house. However, it SUCKS as a predictive factor. It was high in 2007, right before the financial crash in 2008.

https://money.cnn.com/2007/07/31/news/economy/consumer_confidence/index.htm

 

Dipshit.
Swing and a miss!
The chart you provided is the Eurodollar exchange rate from www.tradingeconomics.com.
NOT a consumer confidence chart, and the eurodollar exchange rate hardly relates to US consumer confidence.
DUH.
Nice try though.

Consumer confidence has not been this high since before 9/11.
https://www.wsj.com/articles/u-s-consumers-confidence-reaches-highest-level-since-2000-1519744556

 

What, we as a Nation are seeing today, will not reflect what we seen during the federal fucking government endorsed subprime home loan crash we as a world had seen then.

 

Its refreshing to see the differences between a pro-business anti-politician POTUS vs. a pro-big government socialist POTUS.

 

U.S. Consumer Confidence Declined in March
Conference Board index fell to 124.1 from 131.4 in February

 

Just as sales tax revenues are on the rise all over this country.

 

U.S. Fourth-Quarter Growth Revised Down Sharply

https://www.thedailybeast.com/us-fourth-quarter-growth-revised-down-sharply

 

Chicken little is on the loose again...scaring all the villagers.

 

Only 17 Percent of Americans Think They’re Benefiting From Trump’s 2017 Tax Cut

https://www.thedailybeast.com/only-...k-theyre-benefitting-from-trumps-2017-tax-cut

 

It has taken a long time since the voters accepted the scam of supply side economics, but ordinary Americans are gradually learning that tax cuts for the rich do not benefit them at all.

 

Another tax headache ahead: IRS is changing paycheck withholdings and it'll be a doozy




You finally finished your taxes and are learning – for better or worse – the ins and outs of the new law.

But wait, the law isn’t done with you. There’s another complication coming out later this year: The Internal Revenue Service is changing how you adjust your paycheck withholdings, and early indicators show it won’t be easy.

The agency plans to release a new W-4 form that better incorporates the changes ushered in by the new tax law so that the amount held back for taxes in each of your paychecks is more accurate.


But the changes won’t be simple, says Pete Isberg, head of government affairs at ADP, the payroll and human resources company.

Filling out the new form will be a lot like doing your taxes again.

“It’ll be a much bigger pain,” he says. “The accuracy will be 100 percent, but the ease-of-use will be zero.”

What’s changing?
While the new form hasn’t been released yet, the IRS last summer put out a draft version and instructions seeking feedback from tax preparation companies and payroll firms. Instead of claiming a certain amount of allowances based on exemptions – which have been eliminated – the draft form asked workers to input the annual dollar amounts for:

• Nonwage income, such as interest and dividends
• Itemized and other deductions
• Income tax credits expected for the tax year
• For employees with multiple jobs, total annual taxable wages for all lower paying jobs in the household

“It looked a lot more like the 1040 than a W-4,” Isberg says.

The new form referenced up to 12 other IRS publications to fill it out. It was so complex and different from the previous W-4 form that Ernst & Young worried employees would struggle to fill it out correctly and employers may need to offer training beforehand.

Why is it taking so long?
The tax and payroll community expressed many concerns about the draft form aside from its complexity.

Many cited privacy issues because the form asked for spousal and family income that workers might not want to share with their employers. Other employees may not want to disclose they have another job or do side work outside their full-time job.

To avoid disclosing so much private information, taxpayers instead could use the IRS withholding calculator, but it’s “not easy to use and the instructions are confusing,” according to feedback from the American Payroll Association.

In September, the IRS scrapped plans to implement the new W-4 form for 2019 and instead is planning to roll it out for 2020.

What to expect
Another draft version of the new W-4 is expected by May 31, according to the IRS, which will also ask for public comment.

“We encourage taxpayers to take advantage of that opportunity and send us comments on the redesign,” says agency spokeswoman Anny Pachner.

The IRS will review the comments and plans to post a second draft later in the summer. The final W-4 version will be released by the end of the year in time for the 2020 tax year.

Once it arrives, you’ll probably need the following information on hand, says Kathy Pickering, executive director of H&R Block’s Tax Institute. That may mean lugging in past 1099 forms, paystubs or last year’s tax returns to fill it out correctly.

• Your filing status
• Number of dependents
• Information about your itemized deductions such as home mortgage interest, state and local taxes, and charitable deductions
• Earnings from all jobs
• Information about nonwage income such as business income, dividends, and interest.

“If you’re married, and both you and your spouse work, it will also be helpful to know information about your spouse’s income,” she says.

You may also need to fill out a new state income withholding form. Many states use the current W-4 for withholding, but they may need to release their own forms, too.

 

And an added plus, while most employees will see a bigger paycheck, they won't be getting much tax refund, which according to the despicable geniuses, will piss people off and allow despicables to steal the throne back from trump.

 

The GOP tax scam messed up people’s withholding — and the incoming fix from the IRS will be a nightmare

https://www.rawstory.com/2019/04/go...-withholding-incoming-fix-irs-will-nightmare/

 

Not just Amazon: 60 big companies paid $0 in taxes under Trump law








Dozens of businesses avoided paying tax in 2018 under Trump tax law



Big businesses are faring better than ever under the Trump era tax law, the Tax Cuts and Jobs Act (TCJA).

According to analysis from the Institute on Taxation and Economic Policy (ITEP), 60 Fortune 500 companies avoided paying all federal income tax in 2018 (with their total average effective tax rate being roughly -5%).

That’s more than three times the number of companies that avoided paying corporate taxes on average from 2008 to 2015. During that period, 18 companies managed to pay 0% or less (with their total average effective tax rate over 8 years being roughly -4%).

“There are a lot of breaks and loopholes that allow a company not to pay,” Steve Wamhoff, ITEP’s Director of Federal Tax Policy, told Yahoo Finance. “People, when they think of tax reform, think the government is going to fix the tax code and get rid of breaks and loopholes and get rid tax dodging. What we got at the end of 2017 was not that. It was the opposite of that. The Tax Cuts and jobs act left a lot of special breaks and loopholes in place and created some new ones.”

In 2017, the effective corporate tax rate was 13.6%. In 2018, corporations paid just 7% of their profits as federal taxes, according to data provided to Yahoo Finance by research firm Oxford Economics.

That’s the lowest effective tax rate since at least 1947.

‘These companies enjoyed a net corporate tax rebate’
Of all 60 companies paying taxes for 2018, the first full year under the TCJA, Amazon (AMZN) topped the list with the largest portion of income. In 2018, Amazon paid $0 in taxes on record profit of $11 billion. 2018 was the second year in a row that the e-commerce giant was able to avoid paying taxes.

Amazon is joined on the list by other big companies raking in big profits, including Delta Airlines (DAL), Chevron (CVX), Netflix (NFLX), and General Motors (GM).

“Instead of paying $16.4 billion in taxes at the 21 percent statutory corporate tax rate,” ITEP noted, “these companies enjoyed a net corporate tax rebate of $4.3 billion.”

Under TCJA, Trump’s new tax law cuts the corporate tax rate from 35% to 21%. And some big businesses that did end up paying tax in 2018 paid far less than that.


(Source: Institute on Taxation and Economic Policy analysis of SEC filings)
‘They should really be paying taxes’
While not illegal, corporations are often able to take advantage of a creative cocktail of tax credits, loopholes, and exemptions.

“It’s hard to know exactly what they’re doing,” Wamhoff said when discussing Amazon. “In their public documents they don’t lay out their tax strategy. So it’s unclear exactly which breaks [the company is taking advantage of]. They vaguely say tax credits. One could think of many different ways a corporation could do this, like the depreciation breaks which were expanded under TCJA.”

Despite the new tax law, Wamhoff noted, this is nothing new. Several corporations have avoided paying federal income tax throughout the years, he says.

“These companies have been consistently profitable,” he explained. “And they should really be paying taxes.”

Elizabeth Warren, the Democratic Senator and presidential candidate wants to end this, proposing a new corporate tax that would pull in an estimated $1 trillion in revenue. In a Medium post, Warren’s team stated that the ‘Real Corporate Profits Tax’ would only apply “to companies that report more than $100 million in profits — about the 1200 most profitable firms in the country last year. That first $100 million is left alone, but for every dollar of profit above $100 million, the corporation will pay a 7% tax. Any company profitable enough to hit the Real Corporate Profits Tax will pay that tax in addition to whatever its liability might be under our current corporate tax rules.”

Team Warren added that the tax would “make our biggest and most profitable corporations pay more and ensure that none of them can ever make billions and pay zero taxes again.”