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lol, people actually think prices they pay in the store will be lower now. When has that ever happened? Corporations are awash with money and will use this new tax cut for stock buybacks and dividends, not giving Joe Sixpack a break at the store! LOL!
"lol, people actually think prices they pay in the store will be lower now."
Speak for yourself.
I don't know of a single reasonable person who believes that.
Lower taxes SPURS the economy which increases demand and companies have to hire MORE to supply the demand.
The additional employment and spending INCREASES the revenues the gov't collects.
The US doesn't annually tax wealth, it taxes income. Everyone who has any income should be paying federal income tax.
The fact is that currently more than 45% of 1040 filers pay no federal income tax whatsoever. Note that percentage excludes children and seniors with SS income only as they aren't required to file since they don't meet the minimum income required to do so.
"excludes children and seniors with SS income only as they aren't required to file since they don't meet the minimum income required to do so."
Too bad for US, this administration didn't consider some of the ideas for tax reform proposed by the previous administration:
Quote:
America’s system of business taxation is in need of reform. The United States has a relatively narrow corporate tax base compared to other countries—a tax base reduced by loopholes, tax expenditures, and tax planning. The resulting system distorts choices, such as where to produce, what to invest in, how to finance a business, and what business form to use. And it does too little to encourage job creation and investment in the United States while allowing firms to benefit from incentives to locate production and shift profits overseas. The system is also too complicated—especially for America’s small businesses.
In 2012, the White House and the Treasury Department released The President’s Framework for Business Tax Reform, outlining the need for reform of the business tax system and presenting the five elements of reform as envisioned by the President: eliminating loopholes and subsidies to broaden the base and lower the rate, strengthening American manufacturing and innovation, strengthening the international tax system, simplifying and cutting taxes for America’s small businesses, and restoring fiscal responsibility without adding to the deficit.
The tax cuts for the rich are paid for by tax increases for working stiffs like yourself in addition to cuts in programs you rely on. Thats the bottom line.
"lol, people actually think prices they pay in the store will be lower now."
Speak for yourself.
I don't know of a single reasonable person who believes that.
Lower taxes SPURS the economy which increases demand and companies have to hire MORE to supply the demand.
The additional employment and spending INCREASES the revenues the gov't collects.
Companies hire more when there is more demand, just lowering taxes does not create demand. We have plenty examples of supply side economics failure but here we go again.
President Bush's tax cuts were schedule to sunset during President Obama's term. Nevah happened. Common with sunset provisions. Called kicking the can down the road.
For those with the urge to scratch the CHIP meme? A) CHIP is two year funding authorization, thus is different. B) it is a jointly funded, STATE and FEDERAL, program. C) No state has yet to change their CHIP program. A possibility only. Plenty of time to reauthorize spending. D) STATES have had plenty of notice, ~5 months, in which to prepare contingency plans. Such scaredy cat, sham fear tactic by liberal/progressives.
Quote:
Originally Posted by natalie469
Our taxes have an end date, corporations don't. Someone has to pay for the deficit so I guess it falls on the middle class. That's not winning to me. I'm sure democrats will fix this in the next election.
I can agree with much here. Although it's worth noting lobbyists are the ones writing, & continuously amending the bill. Whose interests are they representing?
The person(s) with the widest billfold.
Certainly lobbyist should be recognised as equally guilty & filthy.
"excludes children and seniors with SS income only as they aren't required to file since they don't meet the minimum income required to do so."
MOST seniors do NOT fit into that category.
A significant percentage does:
Among elderly Social Security beneficiaries, 23% of married couples and about 43% of
unmarried persons rely on Social Security for 90% or more of their income
Ah, well, it is done (or will be this morning). We shall hope for the best, and hope that there are not unforeseen consequences. This tax reform is an economic stimulus, which, in theory, is best done when there is a real need, not while the economy, in President Trump's opinion, is going great.
I do like to write of unintended consequences. As we know, this tax reform act jettisoned the 'individual mandate' of Obamacare. I recall when the Supreme Court in the Sebelius decision ruled that the 'penalty' for individuals not signing up was actually a 'tax'. How some CD conservatives howled!
Yet, by calling it a tax, that allowed Congress to easily repeal said mandate in the current tax bill. Indeed, from my understanding, by doing so it freed up money for the tax cuts to corporations and individuals. If it had been a penalty, they could not have done so.
Anyway, I am glad that Congress reduced the tax brackets as promised. Wait, there were seven, and there are still seven.
I do feel for President Trump, whom has repeatedly claimed that this tax reform bill will cost him a lot of money. I can't quite figure out how, so perhaps someone could explain the math to me. I thought that the top rate was lowered from 39.6 percent to 37 percent, which one would think would mean less tax paid by the President. Again, I would enjoy someone explaining how Mr. Trump is going to lose money.
Nat, you'll have to ask former President Obama why he added so many trillions, (6?, 10?, bunches for sure), to the national debt. Oh, and while you are at it ask Mr Obama why he made permanent Mr Bush's tax cuts for the wealthy.
Quote:
Originally Posted by natalie469
I'm actually at a loss. Why are Republicans adding to our deficit. Why are they giving the rich more tax breaks.
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