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.
Trumps tax cuts benefited 90% of americans.
Who did they hurt? High income earners for the two big powerhouse liberal states - New York and California. This is where the big money comes from in the Democrat party. The two states also have the most Billionares in the country. The SALT deduction cap ended up given people making in the 500k+ range a substantial tax increase.
The tax bill also removed exemption from some private university. Harvard being a prime example. These universities have endowments the size of a large hedge fund that were growing at ridiculous rates and not really being used for the benefit of students or researchers. Harvards first taxable bill last year was an estimated 50 million.
Repeal the Tax cuts and these two groups are by far the biggest winners while 90% of americans are the losers.
"The Tax Cuts and Jobs Act gave big tax breaks to corporations, lowering the business tax to 21% from 35%. That's allowed corporations to spend hundreds of billions repurchasing their own stock, which helps investors, and boost dividend payments. https://www.cbsnews.com/news/two-yea...is-struggling/
Why would billionaires care about SALT deductions? Didn't their unearned income tax drop to 15%? The only people who care about SALT deductions are middle class wage earners in high COL states.
With that said, given that everything that is going on right now, it doesn't matter as much anymore.
Well, Dems want to raise taxes in order to pay for spending, while Republicans want to spend but not pay for it.
Ironically the Dems come out being more fiscally responsible than Republicans.
You have it partially right, they want to raise taxes, but not in order to pay for spending, they want to raise spending many times more than they raise taxes, it's why they are so much worse fiscally than Republicans who are pretty terrible fiscally.
The biggest problem they have going right now is that Nancy Pelosi holds the power of the purse....and every time that happens you can expect trillion+ deficits. It's just what she does.
I understand your partisan stance on this, but the facts simply don't support your spin.....as per usual.
The biggest problem they have going right now is that Nancy Pelosi holds the power of the purse....and every time that happens you can expect trillion+ deficits. It's just what she does.
"When Republican are in power, there is no conservative party in US" - Rand Paul
He said that when he saw the 2018 GOP budget proposal which guaranteed a trillion dollar deficit. After they passed that budget, they reduced revenue, which made the situation even worse.
They also held the purse 6 out of 8 yrs of Obama presidency when debt went up $10T
If these wealthy blue state types want their taxes to be lower, then lobby/and vote for that, not for the rest of us to pay it.
I think the COL issue in blue states could be better managed if all 50 states did not pay more or less in federal dollars than they receive. Excess monies should be kept in house. For that matter, I think we need to reevaluate federal income tax all together. The government is wasteful. The states should all take care of their own.
You can find analyses all over the place for the Trump tax cuts. For every one that claims that it benfits "90 %) of Americans I can find one that claims it was a tax grab for the top 1%...... and everything in between.
For example: Googling "Who did the Trump tax cuts help most"?
The first analysis that came up said this:
lol. What's your source? Of course low income didn't benefit since they pay no income taxes.
"When Republican are in power, there is no conservative party in US" - Rand Paul
He said that when he saw the 2018 GOP budget proposal which guaranteed a trillion dollar deficit. After they passed that budget, they reduced revenue, which made the situation even worse.
They also held the purse 6 out of 8 yrs of Obama presidency when debt went up $10T
Yeah, he's not necessarily wrong, but you aren't actually making a point by posting that.
You bring up the FY 2019 budget passed in 2018....but who controlled the power of the purse then? I'll give you a hint, it was someone who ALWAYS gives us trillion dollar deficits.
You talk about the Obama years, here's the facts, Obama's last trillion dollar deficit was passed by the 112th Congress in 2011 where Republicans in the House were only able to cut 200 billion from the previous year's deficit....but they managed to cut another 400 billion the next year.
Prior to Republicans taking back the House, you had deficits of 1.3 trillion, 1.29 trillion, and 1.4 trillion due to Nancy Pelosi controlling the power of the purse.
Face it guy, history does not agree with your spin. You are taking a partial truth, that Republicans are not fiscally responsible, and using it to try and "prove" that people who are considerably more irresponsible are better for partisan reasons.
The fact that Republicans are nowhere near as fiscally responsible as I would like them to be does not mean that it's better to have Pelosi control the power of the purse.
I think the COL issue in blue states could be better managed if all 50 states did not pay more or less in federal dollars than they receive. Excess monies should be kept in house. For that matter, I think we need to reevaluate federal income tax all together. The government is wasteful. The states should all take care of their own.
Per the bolded, I agree mostly. Common infrastructure (like our national freeway system) that clearly benefits all perhaps excluded.
As for the COL in expensive coastal states (which tend to run blue), the argument that there is an imbalance between states that pay in, vice receive, fed tax dollars has never been clearly defined, yet are often claimed.
High regulation and SaLT clearly do impact COL in those states.
Do states with large expensive federal installations and/or military bases count as a fed dollar receiver states, like Virginia, Maryland or California? That doesn't get counted, yet those fed tax dollars are flowing in and creating jobs.
I think those stats of donor and receiver states are due to selective bookkeeping, at least to some degree.
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.
