Federal Income Tax Reform Proposal - Effect on Californians (employment, live in)

[expatCA]

Originally Posted by 2sleepy

We've been waiting for that trickle down for over 40 years now, when do you think we will see it?

Well Govt employees have not been waiting on it.



Those who have had no understanding that trickle down is for the inactive. Get up and work and the flow increases.

[Taksan]

Originally Posted by expatCA

Only if they were extremely high earners. A few thousand dollars would not be enough.

$4k a year he was saying.... $4k plus the rent will pay the mortgage on an apartment

[expatCA]

Originally Posted by Taksan

$4k a year he was saying.... $4k plus the rent will pay the mortgage on an apartment

Yes, if they have the down payment. If not, nope.

[2sleepy]

Originally Posted by expatCA

Well Govt employees have not been waiting on it.
Those who have had no understanding that trickle down is for the inactive. Get up and work and the flow increases.

Yes, government employees have the same issues with supply side economics that many other people do, the rich get richer and everyone else waits for the promised trickle. Kansas is the poster child for supply side economics they even put the supply side king Art Laffer in charge of it and he damn near bankrupted the state.

[expatCA]

Originally Posted by 2sleepy

Yes, government employees have the same issues with supply side economics that many other people do, the rich get richer and everyone else waits for the promised trickle. Kansas is the poster child for supply side economics they even put the supply side king Art Laffer in charge of it and he damn near bankrupted the state.

That is what is happening in CA for sure and it does not seem to matter which party is in control either in CA or the US.

[2sleepy]

Originally Posted by expatCA

That is what is happening in CA for sure and it does not seem to matter which party is in control either in CA or the US.

Can you explain why you think that California has supply side economics?

[expatCA]

Originally Posted by 2sleepy

Can you explain why you think that California has supply side economics?

The whole Country does. The money is in the hands of the rich, note how many rich VS poor there are in CA, and trickles down to the poor. Can't have the 5th largest GDP without it.

[CaliRestoration]

Originally Posted by 2sleepy

Kansas is the poster child for supply side economics they even put the supply side king Art Laffer in charge of it and he damn near bankrupted the state.

You cannot decrease taxes with no corresponding cuts in spending and then call it "supply side economics", that's a misnomer and simply wrong. A better example would be Texas which has realized an economic boom that has lasted for over a decade in both job growth and tax revenues while controlling spending and corporate tax rates.

If your demand side theory were correct, then New York would be financially set long term with no problems raking in tax revenue since they have the #1 burden of both state and local taxes in the country as well as entitlement programs.

Yet New York's finances are as unstable as ever.
https://nypost.com/2019/03/09/new-yo...-experts-warn/

[2sleepy]

Originally Posted by CaliRestoration

You cannot decrease taxes with no corresponding cuts in spending and then call it "supply side economics", that's a misnomer and simply wrong.

Kansas cut spending 6% and made changes to their pension fund and the "Kansas Experiment" was a huge failure.
https://www.cbpp.org/blog/excuses-fo...s-dont-hold-up

Laffer's chart looks great when you see it drawn on a napkin, but it doesn't work in real life.

[CaliRestoration]

Originally Posted by 2sleepy

Kansas cut spending 6% and made changes to their pension fund

Not enough. Like using a bucket to empty a sinking boat on the ocean.

Definitely not an example of true supply side economics.