Forum Thread

Trumps tax cuts.


Reply to ThreadDisplaying 13 Posts
  • Are you sure you want to delete this post?
        
    Any major tax cut has been followed historically by a recession. Trump says all the extra money will create prosperity . This is no different than trickle down economics. The poor people will spend the money and the rich people will invest it an economy that is promoting zero velocity. Cutting taxes will worsen the economy for the majority.
  • Are you sure you want to delete this post?
        
    He said his tax cuts: " will lead to millions of new good paying jobs”. What happened to keeping wages low to make USAmerican labor competitive? His agenda is to make the rich richer, it's hard to keep that a secret.
  • Are you sure you want to delete this post?
        

    Earlier on the news they said experts expected Trumps budget ideas would add 9 trillion to our debt. Today he adjusted his tax percentages by around 3 or 4 % to get more in line with what R's are expecting. My question is if it's just a huge dog and pony show to deliver more wealth to the wealthy. If it is, why aren't people blasting him for that.

    Hillary delivers her economic package on Thursday. Hopefully it's nicely polished and able to stand up to much scrutiny.

  • Are you sure you want to delete this post?
        

    "My question is if it's just a huge dog and pony show to deliver more wealth to the wealthy. If it is, why aren't people blasting him for that."

    Somebody said that the average person thinks they are a millionaire with a cash problem. He is identifying with his supporters like he is one of them. A lot of people that don't have it that bad don't realize how good it could be.

  • Are you sure you want to delete this post?
        

    He mentioned a tax credit to help families. That almost sounded human. Trouble is so very few Americans itemize when they file so basically it helps people with more money. He vowed to eliminate the "death tax". The msnbc expert said that's only paid by persons when the estate is at or above (approx) 10 million dollars. Wake up poor white idiots !!!!!!!! he doesn't want to help you. But he is white with testosterone so your questions are answered.

    Every day more people open their eyes and say I need to be accountable for my own actions. Republicans are saying they won't vote for him every day. Yeserday a group of 50 said it would be bad for American security. I frankly shake my head and say DUH ! I'm glad it's looking worse every day for him / them.

  • Are you sure you want to delete this post?
        
    There is one scary fact. In polls where Trump is down as much as 12 points, Hillary's number remained the same. The scary possibility is that people might not want to admit they support him but will still vote for him.

  • Are you sure you want to delete this post?
        
    TJ Wrote:

    He mentioned a tax credit to help families. That almost sounded human. Trouble is so very few Americans itemize when they file so basically it helps people with more money. He vowed to eliminate the "death tax". The msnbc expert said that's only paid by persons when the estate is at or above (approx) 10 million dollars. Wake up poor white idiots !!!!!!!! he doesn't want to help you. But he is white with testosterone so your questions are answered.

    Every day more people open their eyes and say I need to be accountable for my own actions. Republicans are saying they won't vote for him every day. Yeserday a group of 50 said it would be bad for American security. I frankly shake my head and say DUH ! I'm glad it's looking worse every day for him / them.

    Unless you are in business and are aware of tax bonuses it is virtually impossible to come close to the standard deduction. I would take a rough guess and say special circumstances might make itemizing profitable at above $175,000 income. That is just a guess because there are a lot of different situations qualifying for deductions,

  • Are you sure you want to delete this post?
        
    Chet Ruminski Wrote:
    TJ Wrote:

    He mentioned a tax credit to help families. That almost sounded human. Trouble is so very few Americans itemize when they file so basically it helps people with more money. He vowed to eliminate the "death tax". The msnbc expert said that's only paid by persons when the estate is at or above (approx) 10 million dollars. Wake up poor white idiots !!!!!!!! he doesn't want to help you. But he is white with testosterone so your questions are answered.

    Every day more people open their eyes and say I need to be accountable for my own actions. Republicans are saying they won't vote for him every day. Yeserday a group of 50 said it would be bad for American security. I frankly shake my head and say DUH ! I'm glad it's looking worse every day for him / them.

    Unless you are in business and are aware of tax bonuses it is virtually impossible to come close to the standard deduction. I would take a rough guess and say special circumstances might make itemizing profitable at above $175,000 income. That is just a guess because there are a lot of different situations qualifying for deductions,

    I was talking to an Vietnam Vet; he said we have to 'protect" this country; I told him no one wants this country and we are killing ourselves daily more people than terrorists do. Just looking at 9/11 we killed that year more of our own people by our own guns as well drug overdoses; not even counting all death due to pure stupidity, like leaving kids in hot cars.

    He looked at me at amazement and had nothing to say. Sorry but we are the stupid one's who invade countries all over the place and pay trillions for so much fun. "bad for American security" yes we are the one's which are bad for our own security; also thanks to our fantastic gun laws and "fear" mongering, which only helps our war industry earn more and more.

  • Are you sure you want to delete this post?
        

    Fact check .org is an evil site according to many stupid republicans (redundant I know). On the topic of Trumps financial ideas........ they say his statements are mostly all false. Some that were correct were badly exaggerated.

    I am not able to copy the link but it's interesting how this man can, will, and does say anything he wants and morons with the red hats swear it's 110% true and accurate. If 30% was accurate it would be a major step forward. He's a dumb ass with millions of sheep following him. I honestly hope he suffers the same results as the last wealthy white man who tried to secure the white vote. Mr. Romney failed and I hope Trump fails because he's not trying to reach the entire country.

  • Are you sure you want to delete this post?
        

    Thanks TJ. Here is the link to FactCheck.Org, Trump’s Economic Speech

  • Are you sure you want to delete this post?
        
    Chet Ruminski Wrote: Any major tax cut has been followed historically by a recession. Trump says all the extra money will create prosperity . This is no different than trickle down economics. The poor people will spend the money and the rich people will invest it an economy that is promoting zero velocity. Cutting taxes will worsen the economy for the majority.

    Cutting taxes for or raising taxes on rich people does very little to the economy - good or bad. This is because of the propensity of rich people to save their marginal incomes. In other words, unless the tax cuts or increases are extreme, cutting taxes on rich people will for the most part add "idle" balances in the banking system, while raising taxes on rich people will for the most part remove "idle" balances in the banking system. All else equal, the government deficit would end up higher/lower if you cut/raised taxes on rich people, and total spending and employment in the economy would be close to the same.

    That's why Jamie Galbraith, an MMT supporter, who wrote the prelude to Mosler's book 7DIF, called for higher taxes on rich people to retire "idle" balances and reduce the government deficit as a form of political compromise with the Deficit Terrorists. If rich people insist the government deficit is a problem, let them be the ones to pay for the deficit reduction.

    There is no fiscal or monetary problem with what Trump is proposing. His ridiculous tax cuts for rich people will add otherwise permanent government deficits and accompanying balances in the banking system that will never "pay" for themselves through the magic of trickle down economic stimulus. In short, it solves no economic problem and does not cause one. It simply adds to the liquid moat of cash surrounding rich people.

  • Are you sure you want to delete this post?
        

    The NYT editorial board this morning published an article spelling out why higher wages, and not tax cuts, are the key to economic growth.

    One of the great successes of the Republican Party in recent decades is the relentless propagation of a simple formula for economic growth: tax cuts.

    The formula doesn’t work, but that has not affected its popularity. In part, that’s because people like tax cuts. But it’s also because people like economic growth, and while the cult of tax cuts has attracted many critics, it lacks for obvious rivals.

    https://www.nytimes.com/2020/11/28/opinion/wages-economic-growth.html?action=click&module=Opinion&pgtype=Homepage

    IRS data on the 2018 tax season released in May 2019 shows that savings for taxpayers were uneven. For example, the average refund was $90 higher, nationally, in 2018 than 2017. But the taxpayers who saw the largest refund increases had an adjusted gross income (AGI) of at least $200,000. Tax returns showing an AGI of less than $100,000 paid less income tax overall, but returns with an AGI just above $100,000 (many middle-class families) owed more tax, on average. Note that this AGI is per tax return, not per taxpayer: A married couple where each spouse has a salary of $65,000 could very well have an AGI of just above $100,000 if they file jointly.

    On the whole, low-income families appear to have received the least savings, while high-income families saved the most. Middle-class families saw mixed results. The biggest winners from Trump’s tax cuts were probably businesses. Between 2017 and 2018, corporations paid 22.4% less income tax. The total value of refunds issued by the IRS to businesses also increased by 33.8% nationally.

    https://www.policygenius.com/taxes/who-benefited-most-from-the-tax-cuts-and-jobs-act/

    In order to get more money to its chronically underfunded schools, a group in Arizona got Proposition 208 on the November ballot.

    A "yes" vote supported this ballot initiative to:

    * enact a 3.50% income tax, in addition to the existing income tax (4.50% in 2020), on income above $250,000 (single filing) or $500,000 (joint filing) and

    * distribute the revenue from the 3.50% income tax to teacher and classroom support staff salaries, teacher mentoring and retention programs, career and technical education programs, and the Arizona Teachers Academy.

    A "no" vote opposed this ballot initiative, thus keeping the highest income tax rate at 4.50% (in 2020) on income above $159,000 (single filing) or $318,000 (joint filing).

    If you read the 4th paragraph above again, you'll notice that the people who had their taxes cut the most were those with income about $200,000. Proposition 208 was an attempt to correct that injustice.

    It got 51.75% of the vote, more than 100,000 vote margin.

    https://ballotpedia.org/Arizona_Proposition_208,_Tax_on_Incomes_Exceeding_$250,000_for_Teacher_Salaries_and_Schools_Initiative_(2020)

  • Are you sure you want to delete this post?
        
    Prosperity is a direct function of tax and spend. What have the wealthy done to acknowledge their wealth made possible by our economic system? A humanity based system would have price controls and a tax code that poured money into industry. Making more money would be a function of making more products to sale. A holding time on trades is needed to shift the value of stocks back to earnings.