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<blockquote data-quote="BrownArmy" data-source="post: 3888120" data-attributes="member: 18225">&quot;...The key point to realize is that in today’s globalized corporate system, a lot of any country’s corporate sector, our own very much included, is actually owned by foreigners, either directly because corporations here are foreign subsidiaries, or indirectly because foreigners own American stocks. Indeed, roughly a third of U.S. corporate profits basically flow to foreign nationals – which means that a third of the tax cut flowed abroad, rather than staying at home. This probably outweighs any positive effect on GDP growth. So the tax cut probably made America poorer, not richer......And it certainly made most Americans poorer. While 2/3 of the corporate tax cut may have gone to U.S. residents, <a href="https://www.nytimes.com/2018/02/08/business/economy/stocks-economy.html?module=inline" target="_blank">84 percent</a> of stocks are held by the wealthiest 10 percent of the population. Everyone else will see hardly any benefit.Meanwhile, since the tax cut isn’t paying for itself, it will eventually have to be paid for some other way – either by raising other taxes, or by cutting spending on programs people value. The cost of these hikes or cuts will be much less concentrated on the top 10 percent than the benefit of the original tax cut. So it’s a near-certainty that the vast majority of Americans will be worse off thanks to Trump’s only major legislative success...&quot;LUlz..</blockquote>

[QUOTE="BrownArmy, post: 3888120, member: 18225"] "...The key point to realize is that in today’s globalized corporate system, a lot of any country’s corporate sector, our own very much included, is actually owned by foreigners, either directly because corporations here are foreign subsidiaries, or indirectly because foreigners own American stocks. Indeed, roughly a third of U.S. corporate profits basically flow to foreign nationals – which means that a third of the tax cut flowed abroad, rather than staying at home. This probably outweighs any positive effect on GDP growth. So the tax cut probably made America poorer, not richer... ...And it certainly made most Americans poorer. While 2/3 of the corporate tax cut may have gone to U.S. residents, [URL='https://www.nytimes.com/2018/02/08/business/economy/stocks-economy.html?module=inline']84 percent[/URL] of stocks are held by the wealthiest 10 percent of the population. Everyone else will see hardly any benefit. Meanwhile, since the tax cut isn’t paying for itself, it will eventually have to be paid for some other way – either by raising other taxes, or by cutting spending on programs people value. The cost of these hikes or cuts will be much less concentrated on the top 10 percent than the benefit of the original tax cut. So it’s a near-certainty that the vast majority of Americans will be worse off thanks to Trump’s only major legislative success..." LUlz.. [/QUOTE]

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