Australian Treasurer Scott Morrison sounded alarm bells about the impact of the recently-passed American tax cuts on Australia’s economy.
If Australia doesn’t pass its own version of the Trump tax cuts, Morrison fears the country will take a hit to its GDP of up to 1 percent. Morrison initially proposed a $65 billion tax cut, saying it would add 1 percent to Australia’s GDP. After Trump’s cut, however, Morrison warned that the cuts are necessary for the country’s economy not to contract.
Morrison cited treasury analyses showing that Australia “may experience a significant recessionary impact and a potential downgrade in revenues if it does not lower its corporate tax rate from 30 percent to 25 percent in coming years, in response to Trump’s cuts,” according to The Guardian.
Because the United States will no longer be a country with one of the highest corporate tax rates in the developed world , Australia risks being “marooned,” as the country’s Treasury Department said in its analysis.
“The Trump tax cuts are coming. If we fail to respond, they will take Australian jobs, investment and wages with them,” Morrison said.
December 22, 2017, 01:35 PM
braillediver
Trump is like the Energizer Bunny- He Keeps On Winning.
CVS' pledge to hire 3,000 workers into permanent new jobs
Rush Enterprises, Inc., which operates the largest network of commercial vehicle dealerships in North America, today announced that as a result of recent tax reform legislation, it will provide a one-time $1,000 gift to its approximately 6,600 employees in the United States.
CEO of Idaho company: "We’re going to have some more dollars to spread around. That money should go to the people who built the company.” Bonuses to employees, averaging $800.
"Associated Bank said Thursday it will boost its minimum hourly wage to $15 and pay workers a $500 bonus when the recently passed federal tax reform is signed."
some of the higher-income itemizers in high-tax blue states who are worried about the loss of some state and local tax (SALT) deductibility may have less to fear than they thought
The new $10,000 cap on state and local tax deductions will have a less dramatic effect than feared because such deductions in many cases had already been rendered moot by the alternative minimum tax (AMT), a mechanism for assuring that the well-heeled pay at least 26 percent of their income in taxes.
The story quotes a tax professional who sets the record straight: “There is a lot of noise about workers in California, New Jersey, New York and Illinois (facing higher taxes), but 80 percent of our clients there were already paying the alternative minimum tax so they don’t benefit from the state and local deductions,” he said, pointing out that the GOP bill changes the AMT to greatly reduce the people who owe it: "The new law alters the AMT in a way that vastly reduces the number of people who have to pay it, from more than 5 million to an estimated 200,000 next year, according to the Tax Policy Center.
Australian Treasurer Scott Morrison sounded alarm bells about the impact of the recently-passed American tax cuts on Australia’s economy.
If Australia doesn’t pass its own version of the Trump tax cuts, Morrison fears the country will take a hit to its GDP of up to 1 percent. Morrison initially proposed a $65 billion tax cut, saying it would add 1 percent to Australia’s GDP. After Trump’s cut, however, Morrison warned that the cuts are necessary for the country’s economy not to contract.
Morrison cited treasury analyses showing that Australia “may experience a significant recessionary impact and a potential downgrade in revenues if it does not lower its corporate tax rate from 30 percent to 25 percent in coming years, in response to Trump’s cuts,” according to The Guardian.
Because the United States will no longer be a country with one of the highest corporate tax rates in the developed world , Australia risks being “marooned,” as the country’s Treasury Department said in its analysis.
“The Trump tax cuts are coming. If we fail to respond, they will take Australian jobs, investment and wages with them,” Morrison said.
December 22, 2017, 02:09 PM
olfuzzy
And more yet
President Donald Trump announced that New England Patriots owner Robert Kraft told him of plans to build a factory in North Carolina as a result of his tax cut bill.
“He just wanted to let me know he’s going to buy a big plant in the great state of North Carolina,” Trump told reporters.
Kraft, who is Trump’s friend, has visited and called the president since he took office. The Patriots even gave Trump a Super Bowl ring during their visit to the White House to celebrate their NFL championship.
The Kraft Group owns International Forest Products as well as RandWhitney, a packaging company.
Trump said that he had many calls from prominent business leaders who said that the tax bill would encourage them to invest more in the United States.
“They’re going out and they’re going to buy, frankly, factories that are closed, abandoned and now not going to be abandoned any longer,” Trump said. “This is having a bigger impact — faster than I thought.”
<>< America, Land of the Free - because of the Brave
December 22, 2017, 02:19 PM
mbinky
All this good news is gonna give me lots of ammo if some libtard tries to spout off while I am up in Beantown for Christmas
December 22, 2017, 02:22 PM
sjtill
Stock market has not gone up, but I think that's because they're following the saying "Buy on rumor, sell on news".
I hope what we're seeing is the dam busting and tons of new investment in the US. I have to chuckle that other countries are understanding the consequences of the tax reform better than congressional Dems. Actually I think they do understand and are lying through their teeth.
_________________________ “Remember, remember the fifth of November!"
December 22, 2017, 02:24 PM
Oat_Action_Man
I'm not sure if I'll get any sort of tax break, but I'm still happy the thing passed and think it'll be good in the long term. Cutting that corporate rate was very important.
----------------------------
Chuck Norris put the laughter in "manslaughter"
Educating the youth of America, one declension at a time.
December 22, 2017, 02:37 PM
sdy
change of pace:
Washington Post put out their latest thinking on the likely DEM presidential candidates in 2020. Still 3 years away, but if someone is serious, they need to start putting things in place.
1 Bernie Sanders 2 Joe Biden 3 Elizabeth Warren 4 Kirsten Gillibrand (NY senator) 5 Kamala Harris (CA senator) 6 Cory Booker (NJ senator) 7 Chris Murphy (Conn senator) 8 Jerry Brown 9 Sherrod Brown (Ohio senator) 10 Andrew Cuomo (NY Gov) 11 Oprah Winfrey 12 Deval Patrick (former MA gov) 13 Howard Schultz (former Starbucks CEO) 14 Terry McAuliffe (VA Gov) 15 Dwayne Johnson (former professional wrestler)
i hope it is [Deval Patrick (former MA gov) QUOTE]Originally posted by sdy: change of pace:
Washington Post put out their latest thinking on the likely DEM presidential candidates in 2020. Still 3 years away, but if someone is serious, they need to start putting things in place.
1 Bernie Sanders 2 Joe Biden 3 Elizabeth Warren 4 Kirsten Gillibrand (NY senator) 5 Kamala Harris (CA senator) 6 Cory Booker (NJ senator) 7 Chris Murphy (Conn senator) 8 Jerry Brown 9 Sherrod Brown (Ohio senator) 10 Andrew Cuomo (NY Gov) 11 Oprah Winfrey 12 Deval Patrick (former MA gov) 13 Howard Schultz (former Starbucks CEO) 14 Terry McAuliffe (VA Gov) 15 Dwayne Johnson (former professional wrestler)
Bank of America has joined the parade of American companies celebrating tax cuts by giving its employees a special year-end bonus. Brian Moynihan, the bank’s chief executive, sent an email to employees citing the benefits to the company from the lower corporate tax rate.
“In the spirit of shared success, we intend to pass some of those benefits along immediately. U.S. employees making up to $150,000 per year in total compensation–around 145,000 teammates–will receive a one-time bonus of $1,000 by year-end,” Moynihan wrote.
The bank also said that it expected to invest more in technology and in cities around the country where it operates but currently lacks “an extensive financial center network.”
Sinclair Broadcast Group announced Friday it would pay a $1,000 bonus to almost 9,000 of its full-time and part-time employees after the recent passage of the GOP tax bill.This message has been edited. Last edited by: sdy, December 22, 2017 03:57 PM
December 22, 2017, 03:03 PM
mbinky
^^^^ This is what keeps Democrats up at night (besides the foul sulfated smell of their hatred).
WINING!
December 22, 2017, 03:12 PM
46and2
Maybe someone will save the White Oak denim factory in Greensboro, NC. Cone Mills (the last of its kind in America) has been in steady operation for 110yrs but is scheduled to close on 12/31/2017 despite having been the denim supplier for Levi's 501s for 100yrs.
My Comcast friends are all ecstatic over their extra $1000 bonus this year, given to more than 100,000 employees (that's $100 Million, extra), all due to the expected tax windfall.
I asked a few if they'd thanked Trump and the Republicans yet.
December 22, 2017, 03:21 PM
dwright1951
Just saw on Fox News that the Justice Department is opening a new investigation into the obama administration dealings in the uranium one deal with Russia. I hope that they find the whole obama gang guilty of colluding with the Russians and throw the whole bunch of them in jail and misplace the key.
December 22, 2017, 03:28 PM
Oat_Action_Man
quote:
Originally posted by 46and2: My Comcast friends are all ecstatic over their extra $1000 bonus this year, given to more than 100,000 employees (that's $100 Million, extra), all due to the expected tax windfall.
I asked a few if they'd thanked Trump and the Republicans yet.
More importantly, many of those employees are in PA, which is going to be a very, very hard fought battle in 2020. Some goodwill from a Trump economy will go a long way to deadening Dem. turnout in the Philly area, and maybe even shift some unions away from the Dems.
----------------------------
Chuck Norris put the laughter in "manslaughter"
Educating the youth of America, one declension at a time.
December 22, 2017, 04:08 PM
46and2
quote:
Originally posted by Oat_Action_Man:
quote:
Originally posted by 46and2: My Comcast friends are all ecstatic over their extra $1000 bonus this year, given to more than 100,000 employees (that's $100 Million, extra), all due to the expected tax windfall.
I asked a few if they'd thanked Trump and the Republicans yet.
More importantly, many of those employees are in PA, which is going to be a very, very hard fought battle in 2020. Some goodwill from a Trump economy will go a long way to deadening Dem. turnout in the Philly area, and maybe even shift some unions away from the Dems.
Big impacts in Pennsylvania, Washington, Colorado, and other places, where they employ a ton of minorities and millennials and left leaning younger folks (about 150k employees total) from call centers to corporate HQ, a great many of whom would've sworn last week that only the richest will benefit from fiscally conservative policy. I don't expect many converts, but every little bit helps, and I gently reminded a few of them who was responsible for their fatter paycheck.
