Posted on 12/01/2017 8:05:54 AM PST by C19fan
The Republican Party’s tax reform proposal is a “moral abomination,” retired founder of investment management firm The Vanguard Group John C. Bogle said Tuesday, the same day the Senate Budget Committee voted to advance the bill.
The proposal, which House Speaker Paul Ryan (R-Wis.) vowed would slash the corporate tax rate from 35 percent to 20 percent, is also an “experiential abomination,” Bogle said at the Council on Foreign Relations.
(Excerpt) Read more at pjmedia.com ...
“Council of Foreign Relations.”
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Tells us all we need to know about this moron John C. Bogle.
I agree giving tax cuts to people who are trying to destroy our borders is an abomination. This is the reason wages are stagnant. when artificial intelligence wipes out 1/3 of the jobs who is going to pay to put these people on welfare? It is their fault therefore they should pay.
Bogle is excellent regarding passive investing.
Tax, fiscal and social policy is not his profession. So he should feel free to STFU.
Of course, we have FReepers who side with him and the CFR.
Everyone should pay taxes...certain rates up to fifty grand and then 15 percent for everyone..business included..if a business invest profit back into business no taxes..get rid of the IRS and special interest taxes
This bill is nothing like what Trump proposed.
This is Ryan’s crap sandwich.
Even with Trump’s endorsement, it is still not tasty.
Index Funds are Bogle’s forte’.
Bogle, a Republican, pointed to soaring U.S. corporate profits and stagnating wages to justify his opposition to the tax overhaul. According to Trading Economics, U.S. corporate profits averaged $428.9 billion between 1950 and 2017, and rose to an all-time high of $1.74 trillion in the fourth quarter of 2014.“And we’re thinking about giving relief to the corporations at the highest levels ever,” Bogle said. “Individual wages are at the lowest level in about 15 years as a percentage of GDP. So we’re helping the people that are doing very well and doing nothing for the people that are doing very badly.”
Corporate taxes are part of the cost of doing business and as such are passed on to John Q. Period. Better would be 15% as Trump originally proposed.
Companies are going to take that money and do new, better, different things with it. They’ll vast sums back from overseas. They might even give some long overdue raises. But that might not help Democrats and checked pants country club Republicans, like club fingers Bogle.
Warren Buffet probably has enough sense to keep his pie hole shut about this.
Corporate profits as a percentage of GDP has fluctuated in the 8% - 11% range since the end of the Great Recession. As a comparison the range was 5% - 8% from 1950 to 1980 and 4% top 6% from 1980 to 2000.
Employee compensation as a percentage of GDP has declined continuously from a high of 51% in 1970 to 43% today.
The corporate side of the reform is excellent. The personal side is decent and I actually think will force high tax states to make changes, which ultimately is good.
None of that means anyting unless you compare it to the size of the economy, or some other meaningful yardstick. Is that even inflation adjusted?
“Corporate taxes are part of the cost of doing business and as such are passed on to John Q. Period. Better would be 15% as Trump originally proposed.”
And why isn’t ANYONE talking about cutting the cost of government? All this consternation about “rearranging” who pays, but absolutely no conversation ( or consideration) to eliminating ANYTHING the Federal government does. I mean listen to that Effing little Commie, Bernie Sanders the other day rattling off all the “programs” he says will be cut off because of tax cuts to the average wage earners here! And that boogie man, the rich people (who now pay most of the taxes) not paying their “fair share.” Utopia just happens with money that belonged to no one before it came into the government. It is just insanity. But Bernie still has his two or three “dachas” On Lake Champlain, and his pig of a wife who should be in jail, so he doesn’t give a rats a$$ really.
And I am forced by my company to use Vanguard to manage my money. Sigh.
Bogle is full of it. I went to a job fair at Vanguard and clearly, there was no place for women over 40.
Thanks. I posted it because the original excerpt gave no reasons for his position.
C19 posted other profit data against GDP,.
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