[OT] More of that fine fine Canadian health care

[clams casino]

What should burn you even more is the billions in tax breaks to
Trump's fat-cat donor closs that you have to makeup for

Nope.

Never happened.

https://thehill.com/opinion/finance/584190-irs-data-prove-trump-tax-cuts-benefited-middle-working-class-americans-most/

Congressional Democrats have argued that one of the best ways to pay for
the legislation is to raise taxes on wealthy households, which,
according to many on the left, have benefited disproportionately and
unfairly from the 2017 tax reform law passed by Republicans and signed
by former President Trump. The latest data, however, proves that this
claim is pure mythology.

Income data published by the IRS clearly show that on average all income
brackets benefited substantially from the Republicans’ tax reform law,
with the biggest beneficiaries being working and middle-income filers,
not the top 1 percent, as so many Democrats have argued.

A careful analysis of the IRS tax data, one that includes the effects of
tax credits and other reforms to the tax code, shows that filers with an
adjusted gross income (AGI) of $15,000 to $50,000 enjoyed an average tax
cut of 16 percent to 26 percent in 2018, the first year Republicans’ Tax
Cuts and Jobs Act went into effect and the most recent year for which
data is available.

Filers who earned $50,000 to $100,000 received a tax break of about 15
percent to 17 percent, and those earning $100,000 to $500,000 in
adjusted gross income saw their personal income taxes cut by around 11
percent to 13 percent.

By comparison, no income group with an AGI of at least $500,000 received
an average tax cut exceeding 9 percent, and the average tax cut for
brackets starting at $1 million was less than 6 percent. (For more
detailed data, see my table published here.)

That means most middle-income and working-class earners enjoyed a tax
cut that was at least double the size of tax cuts received by households
earning $1 million or more.

What’s more, IRS data shows earners in higher income brackets
contributed a bigger slice of the total income tax revenue pie following
the passage of the tax reform law than they had in the previous year.

In fact, every income bracket with filers earning $200,000 or more
increased its tax burden in 2018 compared to 2017, and every income
bracket with a top limit lower than $200,000 paid a smaller proportion
of the total personal tax revenue collected.

That means that Republicans’ tax reform law resulted in the tax code
becoming slightly more progressive — the exact opposite of what
Democrats have claimed over the past four years.

Every income bracket with a top level lower than $25,000 experienced a
reduction in its number of filers, and every income bracket above
$25,000 increased in size, with the biggest gains occurring in the
brackets with a floor of at least $100,000.

The fact is, Republicans’ 2017 tax reform law did exactly what was
promised: It lowered taxes for all income groups, provided the greatest
benefits for middle-income households, and spurred economic growth that
helped reduce poverty and improve prosperity.

[clams casino]

Republicans give it all to the billionaires. Big tax cuts for them,
resulting in recessions trashing workers every time.

Nope.


https://thehill.com/opinion/finance/584190-irs-data-prove-trump-tax-cuts-benefited-middle-working-class-americans-most/

Congressional Democrats have argued that one of the best ways to pay for
the legislation is to raise taxes on wealthy households, which,
according to many on the left, have benefited disproportionately and
unfairly from the 2017 tax reform law passed by Republicans and signed
by former President Trump. The latest data, however, proves that this
claim is pure mythology.

Income data published by the IRS clearly show that on average all income
brackets benefited substantially from the Republicans’ tax reform law,
with the biggest beneficiaries being working and middle-income filers,
not the top 1 percent, as so many Democrats have argued.

A careful analysis of the IRS tax data, one that includes the effects of
tax credits and other reforms to the tax code, shows that filers with an
adjusted gross income (AGI) of $15,000 to $50,000 enjoyed an average tax
cut of 16 percent to 26 percent in 2018, the first year Republicans’ Tax
Cuts and Jobs Act went into effect and the most recent year for which
data is available.

Filers who earned $50,000 to $100,000 received a tax break of about 15
percent to 17 percent, and those earning $100,000 to $500,000 in
adjusted gross income saw their personal income taxes cut by around 11
percent to 13 percent.

By comparison, no income group with an AGI of at least $500,000 received
an average tax cut exceeding 9 percent, and the average tax cut for
brackets starting at $1 million was less than 6 percent. (For more
detailed data, see my table published here.)

That means most middle-income and working-class earners enjoyed a tax
cut that was at least double the size of tax cuts received by households
earning $1 million or more.

What’s more, IRS data shows earners in higher income brackets
contributed a bigger slice of the total income tax revenue pie following
the passage of the tax reform law than they had in the previous year.

In fact, every income bracket with filers earning $200,000 or more
increased its tax burden in 2018 compared to 2017, and every income
bracket with a top limit lower than $200,000 paid a smaller proportion
of the total personal tax revenue collected.

That means that Republicans’ tax reform law resulted in the tax code
becoming slightly more progressive — the exact opposite of what
Democrats have claimed over the past four years.

Every income bracket with a top level lower than $25,000 experienced a
reduction in its number of filers, and every income bracket above
$25,000 increased in size, with the biggest gains occurring in the
brackets with a floor of at least $100,000.

The fact is, Republicans’ 2017 tax reform law did exactly what was
promised: It lowered taxes for all income groups, provided the greatest
benefits for middle-income households, and spurred economic growth that
helped reduce poverty and improve prosperity.

Every recent GOP presidency has ended in recession.

Liar.

https://www.investopedia.com/articles/economics/08/past-recessions.asp

The COVID-19 Recession: February 2020–April 2020
Duration: Two months
Reasons and causes: The COVID-19 pandemic spread to the U.S. in March
2020, and the resulting travel and work restrictions caused employment
to plummet, triggering an unusually short but sharp recession.

The unemployment rate climbed from 3.5% in February 2020 to 14.7% in
April 2020 but was back below 4% by the end of 2021, capped by $5
trillion in pandemic relief spending.

In addition, quantitative easing by the Federal Reserve expanded its
balance sheet from $4.1 trillion in February 2020 to nearly $9 trillion
by the end of 2021, complementing a federal funds rate that remained
near zero until March 2022.

The U.S. economy and markets recovered strongly from 2021 into early
2022 following the introduction of effective COVID-19 vaccines. By
mid-2022, resurgent inflation had led the Federal Reserve to start
raising interest rates, increasing recession risks.

What Is the Average Length of a Recession?

The U.S. has experienced 34 recessions since 1857 according to the NBER,
varying in length from two months (February to April 2020) to more than
five years (October 1873 to March 1879). The average recession has
lasted 17 months, while the six recessions since 1980 have lasted less
than 10 months on average.

[clams casino]

The farmers requiring subsidies is no fault of their own. The FatCats
are far from blameless.

I don't blame the farmers. I blame Trump.

Of course you do - just like not blaming the looters on George Floyd day...

[clams casino]

How do you feel about Trump wanting to eliminate the debt ceiling?

How much of a government shutdown do you want this holiday season?

[clams casino]

Big Lots died of venture capital.

And Party City?

See any "vulture capital" in their tale of woe?

https://www.cnn.com/2024/12/20/business/party-city-shut-down/index.html

Party City’s “very best efforts have not been enough to overcome” its
financial challenges, he added, resulting in the company’s collapse.
Litwin said the company struggled to contend with inflation, which sent
the company’s costs higher and dragged down consumer spending.

Party City exited bankruptcy a month after Litwin’s arrival. It had
declared bankruptcy in January 2023. The company had struggled to pay
off its $1.7 billion debt load, and it was able to cancel nearly $1
billion in debt by going bankrupt. It also managed to keep most of its
more-than 800 stores open, although it closed more than 80 locations
between the end of 2022 to August 2024, according to its most recent
financial documents.

But it still had more than $800 million in debt to overcome, which
strained earnings this year.

https://www.gbclawgroup.com/blog/how-party-city-entered-and-emerged-from-bankruptcy/

Since 2019, the company has faced a wide range of financial challenges.
Some of these issues were common among retailers across the board. The
COVID-19 pandemic hit the company hard, and the uncertainty it
temporarily produced around the global supply chain dramatically
increased costs.

While the pandemic impacted many businesses, it was devastating to a
company that is built around providing supplies for social gatherings.
According to RetailWire, the company saw their earnings (before interest
and taxes) drop from $118.5 million at the end of 2019 to only $2.4
million in the third quarter of 2022.

Other issues were specifically damaging to a company like Party City.
Chief among these was the 2019 helium shortage, which ran up costs and
made it difficult for the company to fulfill key elements of its business.

In January of 2023, the company filed for protection under Chapter 11 of
the bankruptcy code. The filing, which occurred in the Southern District
of Texas, involves the holding company for Party City. It is worth
noting that this did not impact many of the other businesses under the
company’s umbrella, including franchise and international stores.

CEO Brad Weston remained in place throughout the nearly nine-month
bankruptcy process. Along the way, the company continued to operate its
domestic stores. After the restructuring plan was accepted by the judge,
the company exited bankruptcy in September. Weston stepped down from the
role of CEO, handing off to company president Sean Thompson in an
interim capacity.

The way that Party City entered and emerged from bankruptcy could be
studied by other business owners facing the prospect of reorganization
or liquidation. While it remains to be seen if their approach pays off
in the long run, reorganization put the company in a position where they
can attempt to return to their position at the top of market for party
supplies and holiday planning.