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Checking Kamala Harris on tax refunds and the GOP tax law
....Average tax refunds are down by $170 so far this year, though that’s a preliminary number that may or may not hold up. And the wealthy do gain disproportionately from the tax changes passed in 2017, but this glosses over the projections saying that most households will see tax cuts for the first eight years or so.
However, stating these two assertions in quick succession suggests that the smaller tax refunds are evidence of the tax bill’s negative impact on middle-income taxpayers, and that’s not the case. It’s entirely possible to get back a smaller refund even as you’re paying less in total taxes for the year, as a big majority of taxpayers are in 2018.
Yep, those are the same points I was making in another thread where people were trying to dishonestly conflate the tax return being lower as proof there weren't cuts when in reality there was less withholding.
In short, after carping about tax cuts as being a bad idea they're now trying to mislead people about the tax cuts impact with dishonest statements.
The most important part of what she said was certified as true: "the wealthy do gain disproportionately from the tax changes passed in 2017" Deficits are soaring due to the Trump tax cuts. Completely financially irresponsible.
Democrats have been ignorant for decades about the relationship between tax cuts and revenues, and Pelosi's beyond ignorant statement last November that 'This thing will explode the deficit', which turned out to be 100% wrong (kinda like her party's promises about Obamacare)
Revenues from federal taxes were up during the first half of 2018 by $76,000,000,000, a solid 9% rise from the same period a year earlier as reported by IBD and numerous media outlets.
Nancy The Clueless shows her financial ignorance once again, and her party as well as her media buddies displayed THEIR ignorance recently by going into histrionics by stating that the government shutdown would devastate our economy, another whopper that even someone like party icon and media darling AOC couldn't top.
Economic stupidity reigns throughout the Democratic Party as it has for decades, and the fact that no Democrats voted for that tax cut bill will give them more things to worry about come Election Day 2020 as Trump's popularity continues to rise.
Democrats have been ignorant for decades about the relationship between tax cuts and revenues, and Pelosi's beyond ignorant statement last November that 'This thing will explode the deficit', which turned out to be 100% wrong (kinda like her party's promises about Obamacare)
Revenues from federal taxes were up during the first half of 2018 by $76,000,000,000, a solid 9% rise from the same period a year earlier as reported by IBD and numerous media outlets.
.
The US budget deficit rose 17% from 2017 to 2018, and is projected to rise as much as 26% more in 2019, to an estimated $985 billion. Total debt just crossed the $22 trillion mark.
However, I will grant you that the increase in the deficit has more to do with increased spending than decreased revenue. I found that revenues increased from $3.32T in 2017 to 3.34T in 2018 (less than 1% increase), and are projected to be $3.43T in 2019 (about 2% increase)
When those numbers are compared to GDP, we see that revenues remain flat at 16.2% of GDP. Spending on the other hand, is increasing from 19.9% of GDP in 2018 to 20.8% in 2019.
The most important part of what she said was certified as true: "the wealthy do gain disproportionately from the tax changes passed in 2017" Deficits are soaring due to the Trump tax cuts. Completely financially irresponsible.
well, duh! That's because the wealthy pay a grossly disproportionate share of the taxes!
The woman says all kinds of things that are going to come back and haunt her.
One already did. Her Jamaican father was appalled and criticized her for admitting she smoked weed. She insinuated because she was half Jamaican so of course she smoked it. He found it insulting.
By the way did anyone see the video of her giggling and trying on a hideous jacket that looked like a Rubik's cube? She bought it so expect to see her wearing it. Easily seen from outer space! Must have been Hillary's stylist.
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