ImTheCaptain
I disagree with you
so i guess we can credit the tax plan with this massive job loss
Breaking: People Who Love America Not Willing to Pay For It
BTW, the reason all those one time bonuses are happening this year rather than next is that it costs the companies less with a 35% tax rate this year vs. 21% next year. They won't be given again next year.
This is not correct.
It's absolutey correct that companies are rushing out to make bonus and other payment deductible payments before the end of the year to reap tax benefits. The ability to deduct accrued bonuses are very limited if they are paid after the end of the year based on various IRS guidance that has been released in the past several years. Most corporate bonus policies defer deduction until paid. So making bonus payments before the end of the year will get a company a 10% to 13% automatic return on those payments over waiting until after the beginning of the year.
Companies are rushing to make payment deductible cash outlays before 12/31.
http://www.andersentax.com/publicat...-2013/accrued-bonus-deduction-not-just-a-test
But it doesn't incentivize people to make payments they wouldn't otherwise make, was my point, but yes, you'd want to recognize all expenses you could this year if you were a corporate taxpayer.
More broadly, Toomey’s influence represents the imprint of the supply-side doctrine in the bill — the notion that the benefit of lower taxes and fewer regulations on businesses and investors, in the words of its critics, “trickle down” to other Americans. That thinking delivered most of the dollar value of the GOP tax cuts to a lower corporate rate and a new break for owners of “pass through” businesses, whose profits are taxed as individual income, while offering relatively meager benefits for wage-earning Americans.
“But for Pat Toomey, it’s not likely we would have seen 50-plus votes in the Senate for that nature of a tax cut,” said David M. McIntosh, president of the Club for Growth, a group Toomey led before entering the Senate.
It was the most expensive Senate race in history, involving $179 million in combined spending, and Toomey pulled out a two-point win with the help of $3.6 million from the Club for Growth’s super PAC, $9.7 million from Koch brothers network groups and $6.1 million from the U.S. Chamber of Commerce — all deeply interested in major tax cuts.