Posted by: Audrey Erbes | November 18, 2017

Latest Tax Bill Hurts Most Americans

Tax Cut Plan Hurts Seniors  Especially Heavily

All this latest giant tax cut bill (not a tax reform bill) does is place more cash in the pockets of large corporations and billionaires who won’t spend it in the economy but rather buy back stock and increase executive pay or place funds in off shore accounts where it won’t be taxed. Today when a meeting of CEOs was asked if they would pass on extra income to new workers or increased wages showed no enthusiasm to do so. Cutting out the middle man and placing the money directly in the hands of hard-working Americans would truly increase the economy because they would spend it in the economy quickly.

Unfortunately, this big tax cut to corporations and the top wealthiest Americans will come at the cost of older Americans, the poor and middle class. A tax hike is the last thing seniors need because they are already struggling with high health costs. The millions of taxpayers who deduct high health care expenses from their taxes face a tax increase – potentially costing the oldest and sickest Americans thousands of dollars each year.

“Why big CEOs love the GOP tax plan

The Republican tax plan offers multiple benefits to Cohn’s “big CEOs”:

  • It reduces the corporate income tax rate, which boosts corporate profits and therefore share prices. Since most CEOs’ compensation is linked to share price performance, that means CEOs benefit directly.
  • It lets companies take cash that’s been stashed tax-free in foreign subsidiaries and use it for dividends or buybacks that also boost share prices.
  • The changes to the rate structure mean that very high-income people will pay lower income taxes.
  • Repealing the estate tax helps you if you manage to amass an $11 million fortune, which big CEOs tend to do but family farmers don’t.

None of this, however, helps a normal person. But Cohn has an answer: The money will trickle down.” Source: Gary Cohn explains the GOP tax plan: “The most excited group out there are big CEOs” “We see the whole trickle-down through the economy, and that’s good for the economy.”Updated by Matthew Yglesias@mattyglesiasmatt@vox.com  Nov 9, 2017, 11:00am EST Find at https://www.vox.com/policy-and-politics/2017/11/9/16628130/gary-cohn-tax-plan

Eliminating the health care mandate as part of this tax bill might make the bill less attractive to Republicans who remember the brutal backlash when they tried to kill Obamacare not so long ago. This addition at the last minute has raised interest on part of the resistance that was so effective since the election.

Bay Area Life Science Events Week of Nov. 19, 2017

  • Bio2Device Group, Nov. 21, 2017, Vacation for Thanksgiving- No meeting today- Next Meeting is Nov. 28
  • PBSS, Friday, Nov. 24, 2017, Event: “Workshop Good Laboratory Practices (GLPs): Fundamentals Regulatory Trends and Best Practices,” Speaker: Lisa Helmonds, Vice President, MWA Consulting, Inc.

You can download the details for the upcoming events this week and those through April 2018 with Audreys Picks Nov. 19, 2017.

Audrey

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