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December 21, 2017 04:35 AM UTC

Tax Reform

  • by: Powerful Pear

What is the real impact of Tax Reform and a growing economy? While my business is not the size of AT&T, Boeing, Comcast, US Bank and others who have announced bonus programs to their employees, the result is similar. This week my employees received a $500 bonus. In addition, the expanding economic activity has created an expectation of continued growth. In the next couple of weeks I will take delivery of a new Class 8 tractor costing $154,000 that will require a new employee whom I pay above average compensation. All my employees will pay less to the Federal Government in taxes for year 2018.

The leadership of the Democratic Party continues to object to the tax cut plan. Logically I don’t understand why they work against truck drivers and families of working men and women.

Eighty percent of tax payers don’t itemize deductions. A doubling of the standard deduction will be a tax savings. The increase in the child credit is substantive benefit for families with children. It is also appropriate that Colorado tax payers do not subsidize the foolish spending in states such as California, New York, Connecticut, Illinois and others.

Democratic leadership spent their entire political capital on promoting failure of the tax plan. They must continue to bail water from the sinking ship. Who will be the first run to the lifeboat?


10 thoughts on “Tax Reform

  1. Psst…..You have the same position as Mike Coffman. Sure you want to go with that? It almost looks as though you're not that different from your opponent.

  2. Let's take a more or less conservative approach to the discussion. My fellow Republicans cried loudly during the 8 years of the Obama administration about how "out of control" spending was adding to the deficit. But little was said during the eight years of G.W. Bush paying for two wars with borrowed money while cutting taxes. And hardly a "peep" out of the Party now, including Mr. Edwards, about adding what looks to be more than $1.5 trillion to the debt. The number keeps fluctuating, but goes mostly up. 

    A doubling of the standard deduction is nice, but the personal exemption goes away thus taking 80% of the benefit from average taxpayers. The additional child credit is nice. I did see a stat several years ago that less than 20% of American households have kids under 18. And those who are single; a substantial percentage of adults over age 18; end up subsidizing families. Do I personally object to subsidizing families? No, but I do look for some intellectual honesty; probably a fruitless quest in these times of a fake president who lies through his teeth half the time he opens his mouth or tweets. President Reagan is probably rolling over in his grave about the travesty of the current occupant of the White House.

    I do hope your employees enjoy their bonuses. But bear in mind that an accounting for reckless spending like this tax bill will eventually come due. One can’t survive forever drinking the Ryan/McConnell Kool-Aid. 

    1. Deficits already around $650 billion. The military boost will up that to just over $700 billion. The tax plan/scam will push it to $800 billion or so (more than double the last year of Obama's term). And that doesn't even get to the possibilities of an infrastructure project, any tax law glitches that can be exploited to lower revenues, additional costs of borrowing the money, or potential for economic downturns.

      As for Mr. Edwards being willing to share the benefits of the tax cuts with his employees — GREAT!! Buying additional equipment — that's fine, too. But many of the large corporations have already made it clear they have capital already and they are not using it. When they get more, most are honest enough to report there will be stock buy-backs, higher dividends to help drive up their stock's attractiveness, and capital expenditures to lower the need for employees. And the tax plan doesn't do a thing to discourage ANY of those uses of the tax cut.

  3. I guess I'm a bit confused.  You're taking delivery of a new rig in the next week or two.  How long ago did you order it?  When did you make the decision to expand?  Are you paying cash for it?  If so, what does the purchase have to do with the tax bill? I’m used to businesses actually having some idea of what their increased income will be before making decisions like this. How did you get financial advice that allowed you to make this commitment when many in Congress don’t know what the bill actually does yet?

    Do you normally pay your employees a Christmas/year end bonus?  If so, how much has it been in the past?  When you say you're paying them $500, what percentage of your annual profit is that?  What percentage of the increase to your annual profits you anticipate under the tax bill is that? Will you continue to pay them this bonus every year because your benefits under this plan never end, although theirs do?

  4. I'll be surprised to see further answers from Mr. Edwards. Too much drinking of the Trump, et al, kool-aid, spiced with a distinct lack of common sense. 

  5. If one peruses Edwards' website, as I have, one cannot find any substantive policy proposals to distinguish him from Coffman. Just vague statements like "Coffman has stayed too long".

    Edwards is more honest in his right wing looney tunes positions; Edwards denies climate change is real, while Coffman votes against any funding for the EPA. Edwards says abortion is murder, while Coffman votes against including birth control in ACA coverage, and votes to defund Planned Parenthood.

    If Edwards substantively disagrees with Coffman on anything, I can't find it.

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