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How did America survive before the Income Tax? And what was America’s financial situation during those years?
boom bust cycles with no less than 6 pretty major depressions from about 1820 to 1920. it was far more about banking and monetary policy than anything. Tax policy had virtually nothing to do with it.
American taxation was based primarily on tariffs and excise taxes before the 16th amendment.
FOR THE FIRST TIME IN US HISTORY THE REPUBLICAN PARTY STOLE A SCOTUS SEAT.
Never before in our history has any party denied a POTUS the right to fill an open SCOTUS seat.
NEVER.
so you are demonstrably wrong lovetorow, you have been corrected.
I thought this thread was about McCain and the Tax bill ??
ferd chill, you have clearly not thought it through. this policy cuts federal revenues which means there will be less money to meet our commitments. Austerity has failed every time. The last time it was tried in the EU just a couple of years ago look what happened.
This tax plan simply hands about 60% of the cuts to the top 1% and turns negitive for most people as it phases out... to extend requires doubling down on debt, and still would leave the federal gov short on funding.
ask yourself which states get hurt the most when federal funding it cut... Hint it is mostly Red states.
im not chilling. the author of the article is either an idiot or purposefully lying and using his "immahistoran" cred to push this junk.
I am perfectly fine with us discussing and debating this tax plan on the merits. Shoot, im happy to debate this tax plan in the context of historical precedent. But what I will not stand by and be silent about is an idiot perpetrating a fraud and attaching academic authority to it!
im not even going to get into why I think you are wrong on the merits about this tax plan. but lets not pretend the linked article in the OP even remotely represents a valid argument about anything.
you will get more intellectual content from your toilet paper post use.
When 48% of voters do not bother and the two Big Parties run candidates that are neither qualified or fit to be President of the United States of America, then We get the Government We deserve. WE allow this, so WE condone it.
yeah funny how that flipped around. Now the Rs are the racists and the Ds wear the white hat.
if by white hat, you mean sexual predators who make stupid arguments linking the great depression to tax policy then I will agree....
and if you mean that republicans are now the racists because they want all Americans to be free and for government to be smaller and less intrusive, then yea dems have been making that claim going all the way back to when Dems were putting on bed sheets and burning crosses.
Fat cats do not hoard money. Most of it is in capital investments that promote job growth.
sorry mate but that is exactly what happens. 40% of stocks owned by americans are held by the 1% the remaining 25% odd percent is held by the top 50% with most of that in the top 5.
what makes it worse is that our stock markets are held 65% by americans and 35% external entities.
thus 35% of those tax break dividends and buybacks are going directly out of the USA and to sovereign wealth funds in Saudi, EU China etc...
US corps are currently sitting on the biggest stockpiles of cash we have ever seen. many hundreds of billions or more likely trillions of dollars. Any investments they want to make they are making. This corp tax cut is not needed at all. instead congress should be closing loopholes , lower rates for small companies that are paying too much. NOt adding throwing cash at billionaires to get more donations.
idiots talk gullible believe. great gravy man some nut job says tax policy killed us in 29 and all the libs light their hair on fire and go running thru the village green.
do you people even read? do you care?
Not one major economist has ever suggested tax policy was at play. not one.
Hayek, Freedman, Keynes and a hoard of others have cussed and discussed the reasons for the Great Depression and while they don't agree, none of them really put this at FREAKING TAX POLICY! Good doG man does anyone actually care about truth?
The writer of this very ignorant article is a moron, not a historian and certainly NOT an economist. this idiot is teaching kids. I feel sorry for my country.
Not sure about tax policy, but the Hawley-Smoot tariff that the R Congress passed is generally considered to have been a major factor in the development of the Great Depression.
Don't you all understand? The Republicans in Congress are between a rock and a hard place.
On the one hand, they must think of the American Public, and doing what is best for America.
On the other hand, they must satisfy their 'big money donors', who insist on a tax cut for the wealthy, or said donations will be cut off.
To the Republicans, the choice is clear: satisfy the big money donors.
Actually, I guess it wasn't that hard of a choice for them after all.
When payment is finally due (e.g. recession) the Democrats will, in all probability, be in power, so the public will blame them, and not the Republicans.
Of all this things the tax bill does, it doesn't address the issue of US citizens being forever taxed on their worldwide income even if they don't live in the US. They could've at least done that.
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