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Tax cuts allowed me to spend more... Employ more people... The LA Times never contacted me, or maybe you will like to use the Democrats favorite BS, it could of been worse if it wasn't done.... But don't let the truth get in the way....
But all the stats show that 'overall' -- not individual stories -- there was not a significant impact on the economy.
My federal income tax rate was lowered, enough to where it almost covers the car payment.
My workplace was able to use the tax incentives to purchase equipment we couldn't have afforded otherwise, and now we've got 3 more people earning good pay programming and operating that equipment and that has made us more competitive with others in the same business.
Business is global now, and corporations can choose to invest and spend in most any country they wish. The drop in the USA's corporate tax rate got them interested again and sent the message that the "USA is open for business". Prior to that, it was obvious things weren't working. Seattle for example, is growing population at a rate nearly 10x the new permitted units, yet prior to Trumps election and the tax cuts, the only large apartment and condo projects going up were being funded by Chinese investor groups seeking their "buy your way in green cards".
The funny thing is, anyone that played that old sim-city video game knows how it works. There is a sweet spot where the taxes aren't set too high to scare all the companies/jobs away, but not too low leaving your government under-funded. We've spent decades hitting ourselves over the head, increasing taxes on a perpetually shrinking tax base while letting broken trade policies gut our manufacturing jobs.
The bottom line, then, is becoming clearer with every quarter. The tax cuts did almost nothing for ordinary Americans and may even have cost them money. The apparent gains in their income were negligible and short-lived. Wealthy Americans reaped the benefits of lower taxes and higher dividends. The cuts had a negligible effect on U.S. economic growth while depriving the government of revenue.
I do support tax cuts for individuals just because I think individuals should pay less tax, govt. should be more fiscal conservative. That's not the issue/debate/point here.''
The point is the argument tax cuts are/were good for the economy.
Why would anyone believe a 'devastating' analysis??
If the analysis wasn't valid, why the uproar?
We know the tax cut was a success by several economic indicators.
The bottom line, then, is becoming clearer with every quarter. The tax cuts did almost nothing for ordinary Americans and may even have cost them money. The apparent gains in their income were negligible and short-lived. Wealthy Americans reaped the benefits of lower taxes and higher dividends. The cuts had a negligible effect on U.S. economic growth while depriving the government of revenue.
I do support tax cuts for individuals just because I think individuals should pay less tax, govt. should be more fiscal conservative. That's not the issue/debate/point here.''
The point is the argument tax cuts are/were good for the economy.
Quote:
10/16/2018
Taxes: Critics of the Trump tax cuts said they would blow a hole in the deficit. Yet individual income taxes climbed 6% in the just-ended fiscal year 2018, as the economy grew faster and created more jobs than expected.
The Treasury Department reported this week that individual income tax collections for FY 2018 totaled $1.7 trillion. That's up $14 billion from fiscal 2017, and an all-time high. And that's despite the fact that individual income tax rates got a significant cut this year as part of President Donald Trump's tax reform plan.
Most liberals are rooting for a recession. Liberals would whine if they were hung with a new rope.
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