Tax Study: 80% Will Get A Tax Cut (independent, leader, economy)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Increased dividends and share buybacks just means more money will be reinvested, which means companies will expand, which means more jobs, which means higher wages because workers have more leverage. With increased production and increasing wages, overall tax revenue should also increase, offsetting the deficit.
The elephant in the room here is that in a gutted, personal service-centered economy, too many of those low-paying, low-autonomy "jobs" will be intended for the front row at Wrestle-mania, the readers of the National Dipstick, and the dead weight relieving themselves in the streets of Los Angeles. And unfortunately, the point-and-grunt crowd has enough brain cells among them to recognize it. That increases the pressure for tariffs, border walls, and the other things that made the Twentieth Century the bloodiest in history. Regrettably, I can offer no answer to this. Perhaps Mr. PCAL has an answer (modeled, no doubt, along the stagnant European societies so many of our "progressives" venerate), but I suspect this this will merely kill more incentive, and among those of us who could otherwise bring a little more to the table.
I'll be waiting for a serious response -- and I'm prepared to wait for a long time.
Last edited by 2nd trick op; 12-20-2017 at 10:42 AM..
BS - This is crumbs from the table and hardly life changing for the masses. 70-80% of this corrupt tax bill goes to the 1 percenters and Trump is lying through his teeth about him not benefiting from this. Carried interest and passive income vehicles all but assure he and his crime family will continue to unfairly prosper, along with the other richy Riches of America. Didn't he campaign on getting rid of this crap?
Adding $1.5 trillion to the deficit on the backs of our kids and grandkids, so the super rich get even richer, is nothing less than criminal. Can't wait for the Dems to take back the Senate and House in 2018 as a check to the lying criminal in chief occupying the WH!
Dont forget the big Medicare cuts from this tax bill as well:
Conservatives always say this about taxes. It's amazing to me that y'all think this is clever.
It's like advertising, "Hey, everyone, I have no idea how money works."
Judging by your comments, you certainly have no idea how money works.
By 2020 all of the ignorant, brainwashed democrats will be begging to kiss President Trump's rosy, red behind and he will run unopposed.
This tax plan is fantastic and the dims will be gorging themselves on CROW for many years to come...
Eat up and enjoy, we are lovin' it...!!
BS - This is crumbs from the table and hardly life changing for the masses. 70-80% of this corrupt tax bill goes to the 1 percenters and Trump is lying through his teeth about him not benefiting from this. Carried interest and passive income vehicles all but assure he and his crime family will continue to unfairly prosper, along with the other richy Riches of America. Didn't he campaign on getting rid of this crap?
Adding $1.5 trillion to the deficit on the backs of our kids and grandkids, so the super rich get even richer, is nothing less than criminal. Can't wait for the Dems to take back the Senate and House in 2018 as a check to the lying criminal in chief occupying the WH!
The 1 percenters are the ones paying most of the taxes! So of course, numbers wise, they will get most of the tax break. 52% don't pay taxes so how can you give them a tax break?
Any tax break is better than no tax break. I got ZERO I repeat ZERO tax relief from the Obama area. In fact, my net income went down. Everyone at least gets twice the standard deduction so it just baffles me that people are so deep in their Trump hate that they will fight against more money in your pocket. The same people who didn't seem to give a rip when Obama jacked up the deficit to epic numbers and destroyed the US credit rating for the first time.
The tax system must change. It's ridiculous that the tax code has become so complicated and bloated that people pay more of their hard earned money to hire someone just to file the things. Deductions are so generous that many people actually make a profit off the system. That needs to stop.
True that and all part of the Repub strategy to further attack the social safety net. The smiling "choir boy" from Wisconsin is an Ayn Rand devotee and I am sure he is cynically enjoying all this. He and his Repub ilk deserve a special place in Hell for what they are doing to this country!
Increased dividends and share buybacks just means more money will be reinvested, which means companies will expand, which means more jobs, which means higher wages because workers have more leverage. With increased production and increasing wages, overall tax revenue should also increase, offsetting the deficit.
You do realize that the creator of this theory now says it's fraudulent, right?
Quote:
Four decades ago, while working for Rep. Jack Kemp (R-N.Y.), I had a hand in creating the Republican tax myth. Of course, it didn’t seem like a myth at that time — taxes were rising rapidly because of inflation and bracket creep, the top tax rate was 70 percent and the economy seemed trapped in stagflation with no way out. Tax cuts, at that time, were an appropriate remedy for the economy’s ills. By the time Ronald Reagan was president, Republican tax gospel went something like this:
•The tax system has an enormously powerful effect on economic growth and employment.
•High taxes and tax rates were largely responsible for stagflation in the 1970s.
•Reagan’s 1981 tax cut, which was based a bill, co-sponsored by Kemp and Sen. William Roth (R-Del.), that I helped design, unleashed the American economy and led to an abundance of growth.
Based on this logic, tax cuts became the GOP’s go-to solution for nearly every economic problem. Extravagant claims are made for any proposed tax cut. Wednesday, President Trump argued that “our country and our economy cannot take off” without the kind of tax reform he proposes. Last week, Republican economist Arthur Laffer said, “If you cut that [corporate] tax rate to 15 percent, it will pay for itself many times over. … This will bring in probably $1.5 trillion net by itself.”
That’s wishful thinking. So is most Republican rhetoric around tax cutting. In reality, there’s no evidence that a tax cut now would spur growth.
The Reagan tax cut did have a positive effect on the economy, but the prosperity of the ’80s is overrated in the Republican mind. In fact, aggregate real gross domestic product growth was higher in the ’70s — 37.2 percent vs. 35.9 percent.
Moreover, GOP tax mythology usually leaves out other factors that also contributed to growth in the 1980s: First was the sharp reduction in interest rates by the Federal Reserve. The fed funds rate fell by more than half, from about 19 percent in July 1981 to about 9 percent in November 1982. Second, Reagan’s defense buildup and highway construction programs greatly increased the federal government’s purchases of goods and services. This is textbook Keynesian economics.
Third, there was the simple bounce-back from the recession of 1981-82. Recoveries in the postwar era tended to be V-shaped — they were as sharp as the downturns they followed. The deeper the recession, the more robust the recovery.
Finally, I’m not sure how many Republicans even know anymore that Reagan raised taxes several times after 1981. His last budget showed that as of 1988, the aggregate, cumulative revenue loss from the 1981 tax cut was $264 billion and legislated tax increases brought about half of that back.
reducing corp taxes will lead to share buybacks and increased dividends, that is all. Also, taxing overseas income at a lower rate then domestic will simply incentivize a further shift to jobs moving overseas, and guess which ones are easier to move over, skilled labor or unskilled? But please go on believing what Daddy tells you. Unless you think Paul Ryan, a man who benefited from government handouts and spent his entire life drawing a salary off of tax dollars while crying for private sector solutions from Ayn Rand University, really has your best interest at heart?
True. And I'm not glad that people other than high blue state earners will be hurt, but I'm glad they passed it. They rushed it through, and gave no thought to many of the implications, such as the real estate investor windfall, but the voters are going to get wise by November 2018, and today in Trump's press conference, he stupidly claimed that "they repealed Obamacare," in the bill, so when nobody can afford health insurance and many have lost it, Trump will own that too. He just gave the Dems a great sound bite.
"....Some argue that corporate tax cuts lead to wage and job growth because they encourage corporations to invest in additional capital. But if companies are unwilling to invest in today’s environment—with extraordinarily high after-tax corporate profits and low interest rates—it is unlikely they will do so after a corporate tax cut...."
....Evidence from 2004, when a repatriation holiday allowed corporations to bring back overseas profits at a lower rate, provides a good case study. The 15 companies that brought the most profits back to the U.S. used them to buy back shares instead of boosting investment, and actually ended up cutting jobs and slightly lowering their research and development spending...."
BS - This is crumbs from the table and hardly life changing for the masses. 70-80% of this corrupt tax bill goes to the 1 percenters and Trump is lying through his teeth about him not benefiting from this. Carried interest and passive income vehicles all but assure he and his crime family will continue to unfairly prosper, along with the other richy Riches of America. Didn't he campaign on getting rid of this crap?
Adding $1.5 trillion to the deficit on the backs of our kids and grandkids, so the super rich get even richer, is nothing less than criminal. Can't wait for the Dems to take back the Senate and House in 2018 as a check to the lying criminal in chief occupying the WH!
It's not supposed to be life changing.
Yes - the people who pay the most taxes will benefit the most money. I don't know what you want here... do you want someone who pays $2,500 in taxes to reap a tax cut of $14,000? That's not happening. This is not the lottery.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
