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Huge win for Republicans. This makes us far more competitive globally and I think will improve revenues. We were on the wrong side of the laffer curve on the business side. 35% c-corp is way too high. small and mid caps with no lobbying power were getting screwed none of the large corps were paying anywhere near 35% bc of loopholes.
Seriously?
First, it's not a win yet of any kind. If it does end up passing, it will simply be another nail in the Republican coffin - which they'll most assuredly deserve.
Trump wasn't elected because he was a Republican. He was elected because he was the only candidate with the guts to openly put the Republican establishment in their place. He won despite the Republican label, not because of it.
This blindly partisan premature celebration is a little like the 49ers celebrating their sole victory of the season against the Giants. Republicans are going DOWN....as the American people have their number and the life preserver that Trump threw them is too little, too late. And Trump had better get his head back on straight or he'll go down with 'em....and fast. Right now it seems he forgot where his support came from.
Huge win for Republicans. This makes us far more competitive globally and I think will improve revenues. We were on the wrong side of the laffer curve on the business side. 35% c-corp is way too high. small and mid caps with no lobbying power were getting screwed none of the large corps were paying anywhere near 35% bc of loopholes.
We will never be competitive with slave labor, despotic and communist countries.
The only way is if the majority of Americans are turned into third world citizens and I hope DC is burned to the ground before that happens.
Breaking from all the partisan insults and Red vs Blue state nonsense, could be most Americans would do better to change their focus on what really matters...
No matter who you are, took us awhile to recover from the Great Recession, but finally we went from an economy in free fall to one of growth and better employment prospects -- for all Americans. Still, we had lots of angst and disagreement over how we should all have access to a better health care system (or not), and the Republicans struggled for leadership that could overcome the want to "throw the bums out." Along comes Trump.
Of course now Trump has the economic winds to his back and a rebounding stock market as well. All opposite what Obama had to face, and no matter who you are, we all know we'd rather have the winds to our back rather than in our face when trying to get somewhere. Also of course, people who don't really know what's going on around them will credit our economic good or bad fortunes to the POTUS. Not much anyone can do about that sort of ignorance either, but what is important is what we do during our good times and bad.
Yes, of course, the deficit was driven up as a result of trying to revive the economy after GW left America/Obama no choice. Also of course, tax revenues grow during times of economic growth, so there is that argument Trump/GOP are trying to make now, but to cut taxes, especially for the highest income companies and individuals, without compensating for the lost tax revenues is obviously going to add to our deficit, significantly, AKA passing that problem onto our children if not ourselves. Not a good idea.
So we go ahead and pass this bill that sounds good on its face, I mean who doesn't want to pay less taxes, but regardless the implications? Who really knows what those implications are? Might feel good at first, but those implications will take years to reveal just what harm Americans will experience over time, just as the economists are warning. Trump will no doubt take credit for this "win" too. He knows Americans, too many Americans, are into immediate gratification. When it all "hits the fan," it will be time yet again for America to do what it had to do when all "hit the fan" as GW turned things over to Obama.
This what all us Americans want to keep doing over and over, time and time again?
The rich make out time and time again regardless, but all the rest of us Americans not in the top 5 percent rank of income and wealth? Are we not getting a little tired of bickering amongst ourselves while those who have the most keep taking more at the expense of the rest? I know we are growing tired, but not because we want all this to keep happening. We don't want this to keep happening. We don't want the gap between rich and poor to continue to widen.
Yet it keeps happening, because we don't understand what's happening...
I agree. So much. Tired of the partisan nonsense and all the rest.
It's a party-line bill so entirely in the hands of the Republicans. They nixed the triggers, so pretty obvious they don't care about the deficit numbers. Politically it makes some sense. They create a huge deficit now and in the likely event they lose the playground (historically that happens in midterms), then they'll work with the Democrats on cutting spending to bring the deficit down. If they don't lose the playground, then they can control the deficit themselves later on in another party-line vote. Democrats have a history of being more willing to work on balancing a budget than reducing taxes. They're tax and spend, stereotype sure, but like all stereotypes has some truth to it.
Maybe. But what the Republicans really want to balance the deficit is cuts in spending. Thing is, those aren't popular. I mean, the notion is popular but when you actually get in and start taking money away it's not. I still think they're holding out. They'd rather do a bipartisan spending bill cut with the Democrats and spread the misery than do it on a party-line vote which will just give the Democrats another plank on their platform for the midterms. They might do 22% though. I mean, that still gives the corporate rates a hefty cut and is more symbolic than anything. 2% really won't do anything for the deficit numbers.
It's a party-line bill so entirely in the hands of the Republicans. They nixed the triggers, so pretty obvious they don't care about the deficit numbers. Politically it makes some sense. They create a huge deficit now and in the likely event they lose the playground (historically that happens in midterms), then they'll work with the Democrats on cutting spending to bring the deficit down. If they don't lose the playground, then they can control the deficit themselves later on in another party-line vote. Democrats have a history of being more willing to work on balancing a budget than reducing taxes. They're tax and spend, stereotype sure, but like all stereotypes has some truth to it.
This is absolutely a Republican bill. 100% Republican. When Chuck Schumer asked to have the weekend to at least be able to READ THE BILL, Republicans voted it down. They wouldn't even let Democrats have time to read the 449 pages they were given before putting it to a vote.
And the triggers were voted down too. The triggers were to increase the taxes if the "magical growth" didn't happen. No way were they going to allow that, so yes, the deficit was clearly of no concern to them and any pretense they have on that moving forward should be laughed at.
I think after final talks the corporate tax cuts will come up a little. My guess is the huge negative sentiment about 20 percent will make it difficult to sign. The final number will be close to 23 percent ...it should be 25 but that wont happen. It is estimated every 1 percent is 100 billion in deficit money. At the end of the day I think a feel good couple few percent will be added back as a show of good will toward the deficit number.
What "huge negative sentiment" about 20%? I think the left are delusional.
Even though our business tax rate is 40% (among the highest in the industrialized world) most major corporations have had breaks written into the law that specifically helps those companies. Major multi-nationals play the game of "cooking the books" to show their main income as from overseas companies, or just move their headquarters overseas, still paying far, far less than 40%. The companies that are hurt are smaller ones-ones with all their facilities in this country, and that do not have the cash to pay the lobbists to get them specific breaks.
Our tax laws, especially the tax rate, was set up to help larger businesses crush smaller ones. This bill helps level the playing field and reduces the unfair burden on smaller businesses. It also encourages larger businesses to bring offshore money back to the US.
Obama increased the debt by over $9 trillion in just 8 years-and Dems were silent or insulted those that were concerned. Yet the tax cut is projected to increase the debt by $1 trillion in 10 years-assuming no economic growth. So this is less debt increase in 10 years, than Obama accomplished in any 1 year. And NOW, suddenly, Dems and the media discover the debt?
What "huge negative sentiment" about 20%? I think the left are delusional.
Even though our business tax rate is 40% (among the highest in the industrialized world) most major corporations have had breaks written into the law that specifically helps those companies. Major multi-nationals play the game of "cooking the books" to show their main income as from overseas companies, or just move their headquarters overseas, still paying far, far less than 40%. The companies that are hurt are smaller ones-ones with all their facilities in this country, and that do not have the cash to pay the lobbists to get them specific breaks.
Our tax laws, especially the tax rate, was set up to help larger businesses crush smaller ones. This bill helps level the playing field and reduces the unfair burden on smaller businesses. It also encourages larger businesses to bring offshore money back to the US.
Obama increased the debt by over $9 trillion in just 8 years-and Dems were silent or insulted those that were concerned. Yet the tax cut is projected to increase the debt by $1 trillion in 10 years-assuming no economic growth. So this is less debt increase in 10 years, than Obama accomplished in any 1 year. And NOW, suddenly, Dems and the media discover the debt?
Thing was Obama gradually reduced the deficit over the years. The tax plan is a vote to do the opposite and increase the budget deficit. Yes, the debt increased ludicrously quickly under Obama. He also came in with a nearly 10% of GDP deficit and reduced it by more than 70%. Should he have done more? Yes.
You're essentially arguing two wrongs make a right. Because Obama didn't reduce the deficit fast enough, the Republicans should increase the deficit. For someone like me who is a fiscal conservative it's a problem. You can either vote for the Democrats who are pretty weak on fiscal policy or the Republicans who don't even care about fiscal policy at all. Fiscal policy is really my biggest issue. If the Republicans started making sound fiscal decisions, I'd lean their direction. I care about fiscal policy more than social policy. Tax plan was a missed opportunity for the Republicans to get a lot of moderate voters on their camp.
The same liberals who scream and cry that corporations don’t pay taxes are the same liberals claiming lowering the taxes they don’t pay is going to increase the deficit/debt.
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Seriously?
