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I believe the tax cuts were a good idea but spending cuts should have happened also. Both parties are to blame for that not happening. However I will take the words of JFK and see if the current growing economy will push up tax revenue. How the left has strayed since then.
Kennedy was one of the first presidents to articulate a supply-side theory. On Nov. 20, 1962, at a news conference, he said “It is a paradoxical truth that tax rates are too high and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now ... Cutting taxes now is not to incur a budget deficit, but to achieve the more prosperous, expanding economy which can bring a budget surplus.”
Last edited by Oklazona Bound; 08-15-2018 at 06:50 AM..
Speaking of the increased deficit due to tax cuts - doesn't that simply show that our Congress is broken. I mean, they are broken for many reasons. But, they passed the Tax Cuts by way of Budget Reconciliation (51 votes needed instead of 60). But that's only supposed to apply if the deficit is expected to stay the same or shrink over the course of the legislation. The CBO reported that the Tax Cuts and Jobs Act would increase the deficit. So... why were they allowed to pass it anyway? Shouldn't it have been thrown out immediately?
Reading up on how budget reconciliation works, a Senator could have (did they?) make a motion that the bill does not mean the deficit requirements of reconciliation and the parliamentarian or Senate President rules on that. It seemed clear that this bill did not pass muster. Unless the rules committee simply ignored the rules in order to get it pass anyway...
Speaking of the increased deficit due to tax cuts - doesn't that simply show that our Congress is broken. I mean, they are broken for many reasons. But, they passed the Tax Cuts by way of Budget Reconciliation (51 votes needed instead of 60). But that's only supposed to apply if the deficit is expected to stay the same or shrink over the course of the legislation. The CBO reported that the Tax Cuts and Jobs Act would increase the deficit. So... why were they allowed to pass it anyway? Shouldn't it have been thrown out immediately?
Reading up on how budget reconciliation works, a Senator could have (did they?) make a motion that the bill does not mean the deficit requirements of reconciliation and the parliamentarian or Senate President rules on that. It seemed clear that this bill did not pass muster. Unless the rules committee simply ignored the rules in order to get it pass anyway...
Here's how they got around the rules: Reconciliation cannot be used if the bill increases the deficit after 10 years. So they wrote it so that individual tax cuts expire in 2025. At that point, tax rates would snap back to previous levels.
I believe the tax cuts were a good idea but spending cuts should have happened also. Both parties are to blame for that not happening. However I will take the words of JFK and see if the current growing economy will push up tax revenue. How the left has strayed since then.
Kennedy was one of the first presidents to articulate a supply-side theory. On Nov. 20, 1962, at a news conference, he said “It is a paradoxical truth that tax rates are too high and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now ... Cutting taxes now is not to incur a budget deficit, but to achieve the more prosperous, expanding economy which can bring a budget surplus.”
Well you left out a few things, when JFK made that statement the unemployment rate was 7.3%, the top marginal rate for individuals was 91%. economic growth was below 3% and corporate profits were lack luster. So no we didn't forget.
So explain to me why you think that tax cuts are in order with unemployment below 4%, record corporate profits and excellent economic growth, what was the problem these tax cuts addressed??
This is the same supply side nonsense proposed by Reagan, Stockman and Kudlow back in the 1980's that caused enormous deficits and required huge tax increases.
Yes spending cuts should precede tax cuts, but we know that will never happen, its easier to tell people they can have their cake and eat it. So why do you think that increasing the deficit in a hot economy is a good thing.
As many of us predicted, the budget deficit would continue to surge. And contrary to Trumpling claims about tax receipts going up in the wake of the tax cuts, they are actually DOWN compared to the same month last year.
I believe the tax cuts were a good idea but spending cuts should have happened also. Both parties are to blame for that not happening. However I will take the words of JFK and see if the current growing economy will push up tax revenue. How the left has strayed since then.
Kennedy was one of the first presidents to articulate a supply-side theory. On Nov. 20, 1962, at a news conference, he said “It is a paradoxical truth that tax rates are too high and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now ... Cutting taxes now is not to incur a budget deficit, but to achieve the more prosperous, expanding economy which can bring a budget surplus.”
Oh, FFS. The entire point of the Laffer Curve is that it's a curve. Pushing the tax rate to the left does not make the tax revenue approach infinity.
Did you say your politics was on the left? Why do you have a Hoover economic platform?
I never said my politics were on the left. My politics are all over the place, frankly.
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