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Not trying to be picayune here, just attempting to better understand the argument or rationale: what does the bold part mean?
That educational scores tend to be higher in areas that have more wealth. A combination of money brings more access to outside of school educational experiences like tutoring, and people who have good careers that required excellence in school tend to have offspring with similar attributes. It is not the high salary of teachers that dictates performance.
Crime is lower in richer areas than poorer areas and has no correlation to what salary the police officers have.
Ahhhh no, everything NSHL10 Posted has everything to do with this topic. The NEW tax plan gave me a few hundred per month in my pocket. Just like every other middle class family. However, with SALT, we can only deduct up to 10k. As you know, most pay more than 10k in property taxes. So, my few hundred in my pocket was a wash OUT since I can only deduct up to 10k now. Again, it’s NOT the Federal Governments problem that we live in high taxed COUNTIES.
BASIC ECONOMICS
Wake me up when your “tax cut” ends shortly and the corporations keep raking it in. Very conservative of you fake people to cry and cry when the deficit is to blame the democrats but, some idols get a pass.
Wake me up when your “tax cut” ends shortly and the corporations keep raking it in. Very conservative of you fake people to cry and cry when the deficit is to blame the democrats but, some idols get a pass.
I will play devil's advocate here. Why should feds subsidize our oversized property taxes? We run double the average property tax nationwide, yet don't get twice the service quality.
Our school rankings and lower crime rate are directly proportional to the socioeconomic makeup of the area involved not due overpaid civil servants.
Now I see Cuomo was blaming the 2.8 billion drop in tax revenue on SALT, and typically continues to ignore that fact that people are voting with their feet and getting out of this overpriced and fiscally irresponsible state.
Cuomo has had plenty of time to protect NY taxpayers from this, but has been too busy spending our tax dollars. Why hasn't NYS come up with a deduction to lessen the affect of the federal tax law?
That is a question for a different thread and totally different topic. This topic is about a dumb tax plan that doesn’t benefit anyone besides corporations and adds a ridiculous amount to the deficit.
Typical liberal media talking points. How do you think we get this enormous economic growth and low unemployment? Read this:
Is the 2017 tax reform paying for itself? It’s a complicated question, but the critics have made up their minds. Outlets like the Tax Policy Center claim the Tax Cuts and Jobs Act has diminished federal revenue rather than increase it as some supporters predicted. Other skeptics lament surging government deficits and debt. Some point to last year’s brief economic spurt as evidence of the law’s failure to drive long-term growth. Even if one accepts these arguments, none of them offers a conclusion about whether the tax cut was worth its cost.
Comparing expected growth in gross domestic product with growth in publicly held federal debt, before and after the tax cut, is a better way to answer that question. This comparison captures the long-term impact of tax reform on the economy and the federal budget.
Last week the Congressional Budget Office released a 10-year forecast—the first to assess the effects of tax reform after one year of hard results. Compared with its prereform projection, the CBO now expects annual GDP growth to be almost $750 billion higher by 2027, the last year of its prior forecast. A strong case can be made that tax reform played a predominant role in accelerating GDP growth. While most large economies stagnated last year, a sharp rise in business investment in the U.S. helped drive the economy forward.
On the other side of the ledger, the CBO predicts the tax cuts will add $1.9 trillion of additional debt in the coming decade, and that the government will pay about $60 billion more in interest each year as a result.
So the bottom line says an extra $60 billion a year buys the U.S. $750 billion in annual GDP. That’s a great deal for taxpayers.
Even focusing solely on tax revenue, the government is on pace to collect more than $120 billion each year from that additional $750 billion of GDP—much more than enough to cover the additional interest payments. Even if a significant portion of the projected GDP gains since 2017 are not the result of tax reform, the tax cut still pays for itself.
Tax reform increases real, inflation-adjusted GDP by $300 billion to $450 billion a year in the coming decade, relative to the CBO’s 2017 projection. Assuming a real growth rate of 1.8% and a real long-term U.S. government interest rate of about 1.2%, the value of that GDP boost dwarfs the amount of debt the government borrowed to finance the tax cuts.
Finally, don’t forget that the tax reform that passed was weakened by political compromises. To appease the bill’s critics—including many of those now questioning the law’s cost-effectiveness—lawmakers included a generous middle-class tax cut, padding the debt without accelerating growth. Imagine the value Americans could have gotten from a truly optimized tax cut.
Typical liberal media talking points. How do you think we get this enormous economic growth and low unemployment? Read this:
Is the 2017 tax reform paying for itself? It’s a complicated question, but the critics have made up their minds. Outlets like the Tax Policy Center claim the Tax Cuts and Jobs Act has diminished federal revenue rather than increase it as some supporters predicted. Other skeptics lament surging government deficits and debt. Some point to last year’s brief economic spurt as evidence of the law’s failure to drive long-term growth. Even if one accepts these arguments, none of them offers a conclusion about whether the tax cut was worth its cost.
Comparing expected growth in gross domestic product with growth in publicly held federal debt, before and after the tax cut, is a better way to answer that question. This comparison captures the long-term impact of tax reform on the economy and the federal budget.
Last week the Congressional Budget Office released a 10-year forecast—the first to assess the effects of tax reform after one year of hard results. Compared with its prereform projection, the CBO now expects annual GDP growth to be almost $750 billion higher by 2027, the last year of its prior forecast. A strong case can be made that tax reform played a predominant role in accelerating GDP growth. While most large economies stagnated last year, a sharp rise in business investment in the U.S. helped drive the economy forward.
On the other side of the ledger, the CBO predicts the tax cuts will add $1.9 trillion of additional debt in the coming decade, and that the government will pay about $60 billion more in interest each year as a result.
So the bottom line says an extra $60 billion a year buys the U.S. $750 billion in annual GDP. That’s a great deal for taxpayers.
Even focusing solely on tax revenue, the government is on pace to collect more than $120 billion each year from that additional $750 billion of GDP—much more than enough to cover the additional interest payments. Even if a significant portion of the projected GDP gains since 2017 are not the result of tax reform, the tax cut still pays for itself.
Tax reform increases real, inflation-adjusted GDP by $300 billion to $450 billion a year in the coming decade, relative to the CBO’s 2017 projection. Assuming a real growth rate of 1.8% and a real long-term U.S. government interest rate of about 1.2%, the value of that GDP boost dwarfs the amount of debt the government borrowed to finance the tax cuts.
Finally, don’t forget that the tax reform that passed was weakened by political compromises. To appease the bill’s critics—including many of those now questioning the law’s cost-effectiveness—lawmakers included a generous middle-class tax cut, padding the debt without accelerating growth. Imagine the value Americans could have gotten from a truly optimized tax cut.
What a fuggin crock. The increase in GDP is being siphoned off the top by the 1% anyway. That's not a talking point, that's an economic fact. The wealth gap is growing exponentially. Offshoring continues. Your "enormous economic growth" is the result of throwing an unnecessary $2T of corporate welfare onto 8+ years of positive stock, job and GDP growth (positive, not jacked up on corporate welfare steroids). Hell, a half-wit could take Obama's economy, throw $2T in play money to the rich and show big SHORT TERM gdp growth. In fact, a half-wit with a gaggle of hypocrite 'fiscal hawks' did just that.
Trickle down/supply side is the biggest sham perpetrated against the American public in history. It did everything we said it would in the 80s. Decimate the middle class, create a wealth divide, lead to corporate legislative control, depress wages, expand the trade deficit. Any argument defending THIS stimulus (yeah, conservatives, that's what it is, STIMULUS...rich, corporate , republican stimulus). Remember though, Trump promised middle class stimulus. Infrastructure, jobs, healthcare. So far it's just corporate welfare and a moronic wall. Tonight should be lie fest to make Pinocchio proud!
What a fuggin crock. The increase in GDP is being siphoned off the top by the 1% anyway. That's not a talking point, that's an economic fact. The wealth gap is growing exponentially. Offshoring continues. Your "enormous economic growth" is the result of throwing an unnecessary $2T of corporate welfare onto 8+ years of positive stock, job and GDP growth (positive, not jacked up on corporate welfare steroids). Hell, a half-wit could take Obama's economy, throw $2T in play money to the rich and show big SHORT TERM gdp growth. In fact, a half-wit with a gaggle of hypocrite 'fiscal hawks' did just that.
Trickle down/supply side is the biggest sham perpetrated against the American public in history. It did everything we said it would in the 80s. Decimate the middle class, create a wealth divide, lead to corporate legislative control, depress wages, expand the trade deficit. Any argument defending THIS stimulus (yeah, conservatives, that's what it is, STIMULUS...rich, corporate , republican stimulus). Remember though, Trump promised middle class stimulus. Infrastructure, jobs, healthcare. So far it's just corporate welfare and a moronic wall. Tonight should be lie fest to make Pinocchio proud!
Siphoned off by the 1%? All of America got a tax cut. So did people in NYS. It's just that we can't deduct our sky high taxes anymore. Is Trump at fault, or the local government with ridiculous taxation?
Siphoned off by the 1%? All of America got a tax cut. So did people in NYS. It's just that we can't deduct our sky high taxes anymore. Is Trump at fault, or the local government with ridiculous taxation?
Wrong. I got no tax cut. What little I got was eaten by inflation and a nest of increased fees and costs. Only a rube would think the cracker crumbs we got thrown (to offset the tax raping we're about to get) are a net positive for anyone in NY.
Ridiculous taxation is what the tax cuts exacerbated. A massive windfall for a few and long term debt with ZERO infrastructure improvements for the rest. Check today's news for the reality (as warned) that most corporate tax benefit went to stock buybacks, not wages.
The reason we are so highly taxed is because of attitudes like yours that the tax system is based on some fair reality. I'll give you a tax cut you can actually feel and take to the bank. Trump and Bezos will pay for it. I'll tax half what Eisenhower taxed and you'll still dance to the bank compared to now. Why is that?!?
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