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Trump's wet dream tax cuts and the deficit

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  • Carlitos
    2017-04-27 01:42:13 AM
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    Democrats need to attack Trump's tax cut reform plan as benefiting rich people over working people, and not because of concerns that it will blow up the size of the deficit.

    If the deficit is to be brought up, Democrats must say this just once again proves how full of shit the Republicans are on government budgets. This is a party that caused a financial solvency crisis (debt ceiling debacle) because they were worried about a financial solvency crisis. They only have these concerns when Democrats are in office, and it's time Democrats recognize that they have been had by "fiscal conservatism." Instead, Democrats should run on price stability and full employment, not deficit reduction. Democrats need to recognize that we cannot run a government based on economic theories that do not apply to a monetary sovereign with a floating currency. Trump is right. We never have to default on government debt.

    The issue with Trump's tax cuts is not financial solvency concerns. It's about equity and the distribution of incomes. It's about the propensities to spend and save based on incomes. It's about priorities and what kind of country we want to live in.

    In an economy where DEMAND is the problem, tax cuts for those with the highest propensities to spend should be the priority. That's poor and middle class people. Trump's plan has other priorities.

  • TJ
    2017-04-27 07:22:58 AM
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    Americans regardless of party should point out how much favoritism is being shown to the wealthy. A huge number of Republican persons would not be well represented either. Time to take away the blank check or free pass.
  • Dutch
    2017-04-27 08:59:44 AM
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    Like they said on MSNBC; this thing is an total joke. It is time they "force" Trump to release his tax data for the the last 10 years; if not "impeach" him. Where are the "guts" in this country?
  • Chet Ruminski
    2017-04-27 09:59:20 AM
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    Spending is the life of an economy. Upper income tax cut money does not get spent like lower incomes. Cut taxes for middle class and increase taxes for the upper classes. Spend the money.
  • progressiveconnie
    2017-04-27 01:49:49 PM
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    Trump is a Robber Baron and as such will see to it that his Robber Baron buddies make a real killing on tax breaks and these breaks run into the trillions. Any bets those corrupt Republicans in the U.S. Congress will give these swindling bastards everything they want?
  • Dockadams
    2017-04-27 02:43:02 PM
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    Deficits don't matter, unless democrats are running the country.

    crooksandliars.com/jon-perr/reagan-prov...

    When Obama was in office, the budget hawks like John Boehner (aka/turtle face) claimed our country couldn't sustain the Obama spending because it would create a huge deficit, let's see how he stands when Trump cuts the taxes and starts conflicts that spur more military spending. I'll just bet he won't say a word about Trump's ideas of spending.

    If anyone really knows how Trump operates, they know he's filed bankruptcy four times on businesses he's had an interest in, and that he knows how to abuse the tax codes for his benefit. Supposedly all legal, except we have not seen his tax filings, and since the IRS is auditing him. All very suspicious, it's looking more like he's hiding things, what's he hiding concerning Russian involvement. No, I'm not a conspiracy theorist either, he just gives off the aura of looking like a white collar criminal that the law just can't touch, let's call him by a new nickname, teflondon.

  • Dutch
    2017-04-28 08:54:56 AM
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    Dockadams Wrote:

    Deficits don't matter, unless democrats are running the country.

    crooksandliars.com/jon-perr/reagan-prov...

    When Obama was in office, the budget hawks like John Boehner (aka/turtle face) claimed our country couldn't sustain the Obama spending because it would create a huge deficit, let's see how he stands when Trump cuts the taxes and starts conflicts that spur more military spending. I'll just bet he won't say a word about Trump's ideas of spending.

    If anyone really knows how Trump operates, they know he's filed bankruptcy four times on businesses he's had an interest in, and that he knows how to abuse the tax codes for his benefit. Supposedly all legal, except we have not seen his tax filings, and since the IRS is auditing him. All very suspicious, it's looking more like he's hiding things, what's he hiding concerning Russian involvement. No, I'm not a conspiracy theorist either, he just gives off the aura of looking like a white collar criminal that the law just can't touch, let's call him by a new nickname, teflondon.

    Yes absolutely correct. I don't know this country very well, but I'm amazed that the CIA or FBI can't force him to produce his tax reports; they can force me, why not him??? I guess he thinks he's above the law.
  • Dockadams
    2017-04-28 02:04:53 PM
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    Dutch Wrote:
    Dockadams Wrote:

    Deficits don't matter, unless democrats are running the country.

    crooksandliars.com/jon-perr/reagan-prov...

    When Obama was in office, the budget hawks like John Boehner (aka/turtle face) claimed our country couldn't sustain the Obama spending because it would create a huge deficit, let's see how he stands when Trump cuts the taxes and starts conflicts that spur more military spending. I'll just bet he won't say a word about Trump's ideas of spending.

    If anyone really knows how Trump operates, they know he's filed bankruptcy four times on businesses he's had an interest in, and that he knows how to abuse the tax codes for his benefit. Supposedly all legal, except we have not seen his tax filings, and since the IRS is auditing him. All very suspicious, it's looking more like he's hiding things, what's he hiding concerning Russian involvement. No, I'm not a conspiracy theorist either, he just gives off the aura of looking like a white collar criminal that the law just can't touch, let's call him by a new nickname, teflondon.

    Yes absolutely correct. I don't know this country very well, but I'm amazed that the CIA or FBI can't force him to produce his tax reports; they can force me, why not him??? I guess he thinks he's above the law.

    He does believe that Dutch, he's disagreed and lambasted many judges and courts, and most recently want's to take apart the 9th. circuit court of appeals, this man is a dangerous person, and the quicker people who voted for him understand that, the quicker we'll be rid of this albatross who is now the leader of the largest free country in the world. For him being president in his own mind, he thinks he can dictate how he thinks a country should be run. That ain't or isn't the way this country has been doing things for 200+ years, and I'm certain you know that already. I believe the congress of the United States must order the NSA, CIA or FBI to do things concerning the president, but I'm not really sure. Trump has already pulled the presidential immunity card out of his bag of tricks concerning being sued, I think.

    cnn.com/2017/04/17/politics/trump-immun...

    He truly believes he's above the law.

  • Dutch
    2017-04-29 08:41:51 AM
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    Dock, thanks. Yes it is the Romanov's all over again. King Trump!
  • TJ
    2017-04-29 11:44:59 AM
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    Last time I heard someone use the term Robber Baron..... uh, Never. Dig into the bag of terms and move up to at least the 1990's. Otherwise your good points get lost in translation.
  • Carlitos
    2017-04-30 02:05:04 AM
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    Dock and Duth,

    Deficits matter but not the way most people think, and that includes Republicans and most Democrats.

    Democrats have to resist the urge to out "fiscal conservative" Republicans on the deficit.

    Progressives cannot fall for the "how are you going to pay for that" trap.

    Every Progressive spending initiative will die if you attempt to answer that question and not challenge its premise.

    The federal government is not like a household or business that has to get the currency first before spending. It is the issuer of the currency. Government spending or lending, always and forever, precedes tax and bond revenue.

    So the question is not about how the government pays for its spending, but if there are real resources in the economy to purchase.

  • Dockadams
    2017-04-30 04:34:47 AM
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    Yeah, I'm sitting around this morning thinking again, I thought of words to describe our country's leader again after he lambasted the media again, nothing is ever his fault.

    narcissist

    mayoclinic.org/diseases-conditions/narc...

    "Narcissistic personality disorder is a mental disorder in which people have an inflated sense of their own importance, a deep need for admiration and a lack of empathy for others. But behind this mask of ultraconfidence lies a fragile self-esteem that's vulnerable to the slightest criticism."

  • Dockadams
    2017-04-30 04:40:35 AM
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    Bush 43 should have been able to answer the last question, since he cut taxes and claimed that would put people back to work, again, trickle down economics, which has been proven not to work, it only increases the top 1% more wealth, because they will not use that money to create jobs, they will line their pockets with it amassing even greater wealth for themselves, corporations are people, the people running them.

    You cannot execute 2 wars and cut taxes, it will end up with debt and deficits.

  • Dutch
    2017-04-30 08:34:38 AM
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    Carlitos Wrote:

    Dock and Duth,

    Deficits matter but not the way most people think, and that includes Republicans and most Democrats.

    Democrats have to resist the urge to out "fiscal conservative" Republicans on the deficit.

    Progressives cannot fall for the "how are you going to pay for that" trap.

    Every Progressive spending initiative will die if you attempt to answer that question and not challenge its premise.

    The federal government is not like a household or business that has to get the currency first before spending. It is the issuer of the currency. Government spending or lending, always and forever, precedes tax and bond revenue.

    So the question is not about how the government pays for its spending, but if there are real resources in the economy to purchase.

    Carlitos; I did read all your past opinions, but that is really not the issue. The point is that the normal working man gets screwed and the rich get richer. Also don't forget "deficits" do matter as an psycological effect on the society, which means the government is wasting money, which does not benefit the society or living standard. It totally depends on who gets screwed over and over again. As well that this country never will learn to improve the infrastructure; even Hitler built the "autobahn" structure which is even great today. However we still live in the stone age related to public transportation. Since Trump wants "coal" again why don't we dig up the old steam loco's?? Lots of fun.
  • Schmidt
    2017-04-30 10:02:24 AM
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    Good points by Carlitos. I agree. I'll make one other comment:

    US total tax revenues as a percent of GDP are about 17.6 percent (2016). This ranks third lowest amongst OECD countries according to statistics for 2014. I'm not sure what is included or excluded as I've seen other numbers that suggest a number closer to 24 percent. Part of the variability is the GDP component of the calculation.

    Federal Receipts as Percent of Gross Domestic Product

    In any case, I think we have reached a point where politicians promising "tax relief" will have a hard time delivering without cuts in spending or increases in the deficits and, of course, federal debt.

    So if we cut corporate taxes to help businesses prosper and hire, then unless productivity (GDP) is increased, it is hard to see the benefit to society and employment, especially so because we are approaching levels of maximum employment of skilled workers. In any case, the improved productivity may come more from investment in robots rather than the training and hiring unskilled and semi-skilled workers.

    I've been traveling in remote places and haven't had good internet access the past week.

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