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Ryan Trump Tax Reform Legislation
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…. or when the guy on the radiology board tells you why invest in anything else because gold going to 3500$ is a no brainer
…. then its time to sell gold
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Ah the old days, “Ask not what your Country can do for you. just hold your hand out & say GIMME!”
Patriotism = getting your tax break while the government borrows to give it to you. The rest are suckers.
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And we are shocked?? Just like with their healthcare reform they spent years bleating about when the moment finally comes its some hastily thrown together piece of garbage so that the GOP can claim a win. Embarrasing really.
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So I’m curious. What would YOUR tax plan include? Personally, I want a flat tax or alternatively a national sales tax replacing our current mess. What do you folks recommend? Keep in mind, if you take away all wealth from the top 5%, which I know some would just LOVE to do, it would be just enough to run the nation for about a year, and then we would be up the creek.
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What I would do
Cut taxes for all income under 200,000 3%
Bump the top rate up to 40% from 39.6
Keep everything else the same
The current proposal ( though not final) is pretty much a hand out to the top 0.00001%
The business tax cut proposal i dont mind but honestly most companies from what my understanding is pay at an effective rate of 20-25% anyway so Im not sure the current proposal is a big deal
Honestly what Im
Seeing is a few bucks extra for me and a lot of extra bucks for the super wealthy-
Given that most of us won’t know the affects of this bill until early 2019, does this still become an issue in the midterms?
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yes–it is quite obvious a tilt for the rich and completely against the populist rhetoric that DT espoused;-it will take away using yourself as an exemption
hopefully it will wipe out GOP in CA 2018
ObamaCare enrollment quite up–I still believe that even w/ not paying a tax most people are going to grab on to Obamacare before it is goneQuote from jd4540
Given that most of us won’t know the affects of this bill until early 2019, does this still become an issue in the midterms?
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The Country and Trump supporters just got Rick-rolled. The 80’s are dead & Reagan proved that tax cuts only create high deficits and national debt. The only time national debt went down since Reagan was under Clinton who raised taxes and saw an economic boom result. Then Bush cut taxes & watched the economy stagnate and decline into a very big recession.
Deja vu all over again.
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Quote from jd4540
Given that most of us won’t know the affects of this bill until early 2019, does this still become an issue in the midterms?
It’s a political issue ye, even if the effects aren’t felt yet.
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That’s what threw me for a loop. You have republicans resigning their seats, and even then some of them can’t grow a backbone and vote no. It’s 500 pages, there’s handwritten notes in the margins that are unreadable, no time to review. This is a tax scam.
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That’s exactly the question, they have announced they won’t run & with the sole exception of Corker, voted for the bill, sight unseen. Even the “Maverick” McCain couldn’t stand up. And Murkowski got bought off with drilling in ANWR and Collins got promises that her concerns would be looked at.
Cartilage not bone.-
Oh the irony ! Democrats complaining about a bill passed before the members had a chance to read it. ‘you have to pass it to see whats in it’. Funny how that works.
It’s far from becoming law. There is still lots of sausagemaking to be done. Exemptions for a particular college, emergency funding for an airport parking ramp in Maine, that kind of thing.
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Quote from fw
Oh the irony ! Democrats complaining about a bill passed before the members had a chance to read it. ‘you have to pass it to see whats in it’. Funny how that works.
It’s far from becoming law. There is still lots of sausagemaking to be done. Exemptions for a particular college, emergency funding for an airport parking ramp in Maine, that kind of thing.
I thought the irony was from you people who falsely claimed no one knew anything about the ACA bill before it was signed in spite of all the meetings over months with Republicans (who deigned to show up at all) going over every single detail imaginable and even inserting items Republicans insisted upon (like insisting Congress & staff had to be restricted by the ACA requirements).
If you didn’t know what was in the ACA fw, it was because you chose to be deliberately ignorant by watching & listening to Faux News & similar outlets.-
Quote from Frumious
Quote from fw
Oh the irony ! Democrats complaining about a bill passed before the members had a chance to read it. ‘you have to pass it to see whats in it’. Funny how that works.
It’s far from becoming law. There is still lots of sausagemaking to be done. Exemptions for a particular college, emergency funding for an airport parking ramp in Maine, that kind of thing.
I thought the irony was from you people who falsely claimed no one knew anything about the ACA bill before it was signed in spite of all the meetings over months with Republicans (who deigned to show up at all) going over every single detail imaginable and even inserting items Republicans insisted upon (like insisting Congress & staff had to be restricted by the ACA requirements).
If you didn’t know what was in the ACA fw, it was because you chose to be deliberately ignorant by watching & listening to Faux News & similar outlets.
Lol, and Stalin built the motherland into a prosperous and flourishing nation.
It doesn’t matter how often you repeat that falsehood, it doesn’t suddenly become true. -
Chuck Grassley highlight real moment.
[link=https://www.washingtonpost.com/news/politics/wp/2017/12/04/why-arent-you-paying-the-estate-tax-maybe-because-you-bought-311000-bottles-of-whisky/?utm_term=.c73cb9db2cf4]https://www.washingtonpos…utm_term=.c73cb9db2cf4[/link]
There have been a number of exotic rationales introduced in defense of the Republican tax bill that passed the Senate in the early hours of Saturday. None, however, sparked quite the same reaction as one introduced by Sen. Charles E. Grassley (R-Iowa).
Talking to [link=https://www.desmoinesregister.com/story/news/2017/12/02/tax-reform-iowa-farmers-estate-tax/906946001/]the Des Moines Register[/link], Grassley argued fervently for a repeal of the estate tax, a tax that applies to [link=https://www.washingtonpost.com/news/politics/wp/2017/04/26/heres-how-many-people-have-to-pay-the-estate-tax-that-trump-wants-to-dump/?utm_term=.724fcdb03121]a small percentage[/link] of high-value estates each year.
I think not having the estate tax recognizes the people that are investing, Grassley told the newspaper, as opposed to those that are just spending every darn penny they have, whether its on booze or women or movies.
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If I went to 1.1 million less movies I would have been able to pass along my estate 🙁
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Hahahaha
Thats classic
BooZe women and movies
Like Wow….. where the F did that one come from
I dont know of anyone going broke going to movies
Im definitely out of touch with the trump voters
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Well, statistically speaking, odds are the offspring of the wealthy (who are the actual beneficiaries of this tax cut as opposed to the thrifty dead person) will lose all that wealth through exactly these vices.
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The Walton family definitely needs a tax break. This is also pretty funny if I read this correctly.
“This is a big problem. The Senate bill brings the normal corporate rate down to 20 percent while leaving the alternative minimum rate at 20 percent. The legislation would still allow corporations to claim a wide variety of tax credits and deductions it just renders all them completely worthless. Companies can either take no deductions, and pay a 20 percent rate or take lots of deductions and pay a 20 percent rate.
With this blunder, Senate Republicans have achieved the unthinkable: Theyve written a giant corporate tax cut that many of their corporate donors do not like.:”
[link=http://nymag.com/daily/intelligencer/2017/12/senate-gop-accidentally-killed-all-corporate-tax-deductions.html?utm_source=tw&utm_medium=s3&utm_campaign=sharebutton-b]http://nymag.com/daily/in…campaign=sharebutton-b[/link]
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Quote from fw
Lol, and Stalin built the motherland into a prosperous and flourishing nation.
It doesn’t matter how often you repeat that falsehood, it doesn’t suddenly become true.Who?
Commies on the brain, under the bed, in the closet – everywhere!
Used to be John Bircher run of the mill nut jobs, now it’s mainstreamed by the Republicans.
Well, I was sittin’ home alone an’ started to sweat
Figured they was in my T.V. set
Peeked behind the picture frame
Got a shock from my feet, hittin’ right up in the brain
Them Reds caused it
I know they did, them hard-core ones
Well, I quit my job so I could work alone
Then I changed my name to Sherlock Holmes
Followed some clues from my detective bag
And discovered they was red stripes on the American flag
That ol’ Betty Ross
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You guys don’t get it
The plan is way over your head, it’s exactly what Trump is intending
You’ll have problems denying his roll for the next 7 years, lol
Thanks for making it so easy to get better, your hatred makes you weak because it makes Trump stronger -
Rubio says oh hell no….unless the child tax credit is expanded.
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So I guess I’m not surprised but John Cornyn seems to be saying that they are throwing in legislation to secure votes. Like the one that Bob Corker will benefit from. So we have this piece of legislation designed to enrich members of congress. Nothing to see here.
[link=http://www.ibtimes.com/political-capital/tax-bill-john-cornyn-says-tax-cut-potentially-benefiting-bob-corker-was-part]http://www.ibtimes.com/po…ng-bob-corker-was-part[/link]
ABCs George Stephanopoulos pressed Cornyn about the provision after three senior Democratic senators responded to IBTs report by saying the revelations meant the tax bill must be halted. At first, Cornyn said the criticism of the provision was unfair, declaring: Picking out one piece in a 1,000-page bill and saying, ‘well, this is going to benefit somebody’ I just think that takes the whole bill out of context.
But then Stephanopoulos pressed Cornyn, noting that this provision wasn’t included in either the House or the Senate bill and apparently was added at the last minute. Why was that done? Why was it necessary to include that provision?
Cornyn responded: Well, we were working very hard. It was a very intense process. As I said, the Democrats refused to participate. And what we’ve tried to do is cobble together the votes we needed to get this bill passed.
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With McCain gone, Republicans are worried they won’t have enough party votes to pass this tax bill so they are bribing individual senators like Senator Bob Corker of all people besides giving Trump a massive tax break, as if he doesn’t benefit from the tax code enough already.
The provision would allow people who make money from real estate to take a 20 percent deduction on income they earn through limited liability companies, partnerships and other so-called pass-through entities that do not pay the corporate tax. The beneficiaries would also include members of Congress like Senator Bob Corker, who last week decided he would vote for the bill even though Republican leaders did nothing to address his concerns about an exploding federal deficit.
The biggest winners would be people like Mr. Trump, his family and similarly advantaged developers who make tens or hundreds of millions of dollars every year on swanky office towers and luxurious apartment buildings. An earlier version of the bill passed by the Senate provided a 23 percent deduction but put limits on its use that would prevent wealthy developers from profiting from it. The House version would simply have reduced the rate at which pass-through income is taxed.
Republican leaders and Mr. Corker, who owns a real estate partnership in Tennessee, say the new loophole was not put in place to win over his vote. Mr. Corker has become more important because his party can afford to lose only two votes, and Senator John McCain will be absent because of the aftereffects from his cancer treatment.
Details aside, here in broad numbers is the bills impact 10 years from now, according to the Urban-Brookings Tax Policy Center: Nearly 70 percent of families with incomes of between $54,700 and $93,200 a year would pay more in taxes than they would under current law. By contrast, 92 percent of families whose incomes put them in the top 0.1 percent of the country would get a tax cut averaging $206,280.
Mr Corker was against the tax bill before he was for it. Deficits don’t look so bad now that he can profit so nicely from the tax bill. -
Quote from DICOM_Dan
Cornyn responded: Well, we were working very hard. It was a very intense process. As I said, the Democrats refused to participate. And what we’ve tried to do is cobble together the votes we needed to get this bill passed.
You mean like the ‘cornhusker kickback’ for Nelson, 10mil extra for Bernies community health centers, 300mil for Mary Landrieu and a carve-out from an excise tax for Michigan health plans?
Everything old is new. -
Same idea but a relevant and current example of someone being bought. His no vote became a yes vote quickly once he was about to personally benefit. As soon as he got called it was like “what you talkin’ ’bout Willis?”
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Bernie is getting a community center to vote for the tax bill?
I don’t see Bernie Sanders doing any such thing & nothing has turned up on Google. He’s been loudly in opposition to the tax bill from what I’ve seen and heard. What Bernie do you mean?
Republicans denying the Corker-kickback. -
Quote from Frumious
Bernie is getting a community center to vote for the tax bill?
I don’t see Bernie Sanders doing any such thing & nothing has turned up on Google. He’s been loudly in opposition to the tax bill from what I’ve seen and heard. What Bernie do you mean?
Republicans denying the Corker-kickback.
Don’t be obtuse. The ‘cornhusker kickback’ was a reference to the various payoffs required to bribe lawmakers into voting on Obamacare.
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Weve been down this road before havent we? I do recall you phrasing a similar question, almost verbatim, in another thread long ago. Maybe it was healthcare reform? Yes! Where you tossed out some super simple but non-workable plan like lets scrap the current system and get a redo! Then spend the next 10 pages telling everyone how much their ideas suck compared to your plan. Lol.
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Kpack123 dont forget the ACA mandate repeal in this tax reform. My 2c, thats really what this package is about. The rest is all wrapping.
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That’s exactly the question, they have announced they won’t run & with the sole exception of Corker, voted for the bill, sight unseen. Even the “Maverick” McCain couldn’t stand up. And Murkowski got bought off with drilling in ANWR and Collins got promises that her concerns would be looked at.
Cartilage not bone. -
That was my point
Most corporations are paying an effective tax rate of 20-25% anyway
So basically this is no big deal
It basically tries to get rid of the estate tax for most
But there could be changes to the final bill
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Well. The bill passed Senate and house and is on the presidents desk.
Merry Christmas everyone. I am planning to just plow the savings back into my retirement accounts. Now that medicare is certain to go bust by the time I retire, i need to have some extra cushion for medical expenses 😉
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GOP-tools of the modern day Robber Barons
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so u Cannot use yourself as an exemption anymore–how will IRS/Jobs work with that on Jan 1–every year as a Doc-O have to do a slew of test on work harassment, waste/fraud/violence on the job–this will be one more hassle to deal with in the month of Jan
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Quote from sentinel lymph node
so u Cannot use yourself as an exemption anymore–how will IRS/Jobs work with that on Jan 1–every year as a Doc-O have to do a slew of test on work harassment, waste/fraud/violence on the job–this will be one more hassle to deal with in the month of Jan
wtf are you trying to say here ?
Lay off the PCP.-
fw–u are a deplorable Stupid nasty deplorable person imho–many will now have to accept they cannot use themselves as an exemption on FED tax forms and plan so we don’t get a huge tax bill at the end
u are like the current nasty deplorable GOP–always insults and attack
please watch your attacks of substance abuse–legal matters may have to be undertaken due to your lack of knowledge inflammatory comments which are usually arise because u feel small ugly and did not fulfill what u planned in life–bye Felicia–please block me –I don’t like u nor cigar or fager–just Disappointments–angry losers-
Quote from sentinel lymph node
fw–u are a deplorable Stupid nasty deplorable person imho–many will now have to accept they cannot use themselves as an exemption on FED tax forms and plan so we don’t get a huge tax bill at the end
u are like the current nasty deplorable GOP–always insults and attack
please watch your attacks of substance abuse–legal matters may have to be undertaken due to your lack of knowledge inflammatory comments which are usually arise because u feel small ugly and did not fulfill what u planned in life–bye Felicia–please block me –I don’t like u nor cigar or fager–just Disappointments–angry losersThree deplorables and not a single comma !
Iirc it is called ‘flight of ideas’. You should get that looked into.-
I’ve blocked two people in the entire time that option has been available. One was copying-and-pasting anti-Semitic literature from neo-Nazi sites to support his view of the Middle East situation, and one posted gibberish multiple times in succession on innumerable posts.
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I usually block the young newbies who are basically residents or med students when they try to tell the board how to think politically or especially about investing
Nothing like someone who has no pot to pee in telling me how to invest
Thats my favorite
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We have all ignored the elephant in the room-McCain was spared-I don’t want him to go out like Atwater so glad he did not have to vote BUT folks it should not be this way–a bill should be good enough for bipartisan support-this was not and every elected GOP disgraced themselves with that swoonfest-it showed that everyone of them are unfit for the office that they serve because they are not voting in their state’s voter’s interest -they are voting for the robber Barons
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Hilarious news, McConnell is talking about how he hopes 2018 will be a bipartisan year after he’s shivved bipartisanship for the past 9 years.
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Quote from Frumious
Hilarious news, McConnell is talking about how he hopes 2018 will be a bipartisan year after he’s shivved bipartisanship for the past 9 years.
I get the politics. Some “infrastructure” and “welfare reform” might pick off a couple moderate Dems to make a bill seem bipartissan.
But with the Democratic generic ballot advantage it’s unlikely that red state vulnerable democrats will want to hug Trump or McConnell heading into the midterms.
I expect 2018 to be about highlighting differences more than working together.
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Quote from Frumious
Hilarious news, McConnell is talking about how he hopes 2018 will be a bipartisan year after he’s shivved bipartisanship for the past 9 years.
Sounds like this guy during the campaign:
[i]After decades — after decades of steady work across the aisle, I know he’ll be able to help me turn the page on the ugly partisanship in Washington so we can bring Democrats and Republicans together to pass an agenda that works for the American people.[/i]
Which was followed by giving republicans the big middle finger for 8 years. -
You either are misinformed or are knowingly passing on a lie. Republicans were invited to participate in everything from the Stimulus tax cuts & TARP, the ACA and everything else. They either refused to participate at all or got agreements from Democrats that they all then walked away from rather than agree and create a “bi-partisan agreement.” It was a deliberate strategy and tactic that Republicans bragged about not leaving a fingerprint of bi-partisanship. Blue eyes himself proposed many financial changes that Democrats agreed to & then walked away from his own adopted proposals. Senator Olympia Snowe from Maine proposed and got many agreements & then walked away from the ACA agreement; a Republican bill that specifically required Congress & its staff to get insurance from the ACA markets was proposed by Senator Chuck Grassley of Iowa and accepted by the Democratic majority. Chuck also voted against the ACA for partisan reasons.
As no time was the Republican Party left out of anything for any of the agreements, they were either AWOL or just walked out after gaining agreements.
It is a baldfaced lie to say that Republicans were deliberately left out like McConnell did to Democrats. -
Quote from Frumious
You either are misinformed or are knowingly passing on a lie. Republicans were invited to participate in everything from the Stimulus tax cuts & TARP, the ACA and everything else. They either refused to participate at all or got agreements from Democrats that they all then walked away from rather than agree and create a “bi-partisan agreement.” It was a deliberate strategy and tactic that Republicans bragged about not leaving a fingerprint of bi-partisanship. Blue eyes himself proposed many financial changes that Democrats agreed to & then walked away from his own adopted proposals. Senator Olympia Snowe from Maine proposed and got many agreements & then walked away from the ACA agreement; a Republican bill that specifically required Congress & its staff to get insurance from the ACA markets was proposed by Senator Chuck Grassley of Iowa and accepted by the Democratic majority. Chuck also voted against the ACA for partisan reasons.
As no time was the Republican Party left out of anything for any of the agreements, they were either AWOL or just walked out after gaining agreements.
It is a baldfaced lie to say that Republicans were deliberately left out like McConnell did to Democrats.
Lol.
Watched too much MSNBC I gather. -
Proudly ignorant, eh fw? I think you need to listen to the Catheter Cowboy & get some real factual information for a change instead of that dreck from Faux & Alex Jones.
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Quote from Frumious
Proudly ignorant, eh fw? I think you need to listen to the Catheter Cowboy & get some real factual information for a change instead of that dreck from Faux & Alex Jones.
I have to give you one thing: When you have swallowed some piece of propaganda, you stick to it no matter how wrong it is.
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Bi partisan from McConnell
Hahahaha hahahaha hahahaha
After he wouldnt even consider Obamas Supreme Court pick with over a year left in Obamas term
Hahahaha F you Mitch welcome to 2018 you Preek
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Quote from fw
Quote from Frumious
Proudly ignorant, eh fw? I think you need to listen to the Catheter Cowboy & get some real factual information for a change instead of that dreck from Faux & Alex Jones.
I have to give you one thing: When you have swallowed some piece of propaganda, you stick to it no matter how wrong it is.
Here. Dispute this with counter facts, alternate facts, counter-factual but the truth is the truth. The plan since December 2008 was to have zero cooperation with Obama and Democrats so as not to provide any fingerprints at all for bi-partisanship from Republicans. There was to be 100% zero cooperation with Obama which has been the strategy and tactic of McConnell & the Republicans since then to today.
It’s only history, not your strong point in life. Easy to look up. And not the “1984” variety.
[link=http://www.nytimes.com/2010/03/17/us/politics/17mcconnell.html]http://www.nytimes.com/20…itics/17mcconnell.html[/link]
Before the health care fight, before the economic [link=http://topics.nytimes.com/top/reference/timestopics/subjects/u/united_states_economy/economic_stimulus/index.html?inline=nyt-classifier]stimulus package[/link], before [link=http://topics.nytimes.com/top/reference/timestopics/people/o/barack_obama/index.html?inline=nyt-per]President Obama[/link] even took office, Senator [link=http://topics.nytimes.com/top/reference/timestopics/people/m/mitch_mcconnell/index.html?inline=nyt-per]Mitch McConnell[/link], the Republican minority leader, had a strategy for his party: use his extensive knowledge of Senate procedure to slow things down, take advantage of the difficulties Democrats would have in governing and deny Democrats any Republican support on big legislation.
Republicans embraced it. Democrats denounced it as rank obstructionism. Either way, it has led the two parties, as much as any other factor, to where they are right now. Republicans are monolithically against the [link=http://topics.nytimes.com/top/news/health/diseasesconditionsandhealthtopics/health_insurance_and_managed_care/health_care_reform/index.html]health care legislation[/link], leaving the president and his party executing parliamentary back flips to get it passed, conservatives revived, liberals wondering what happened.
In the process, Mr. McConnell, 68, a Kentuckian more at home plotting tactics in the cloakroom than writing legislation in a committee room or exhorting crowds on the campaign trail, has come to embody a kind of oppositional politics that critics say has left voters cynical about Washington, the Senate all but dysfunctional and the [link=http://topics.nytimes.com/top/reference/timestopics/organizations/r/republican_party/index.html?inline=nyt-org]Republican Party[/link] without a positive agenda or message.
[link=https://www.politico.com/story/2010/10/the-gops-no-compromise-pledge-044311]https://www.politico.com/…mpromise-pledge-044311[/link]
If [link=http://topics.politico.com/index.cfm/topic/Republicans]Republicans[/link] take the House as anticipated on election night, voters can expect to hear the customary talk about coming together with Democrats for the good of the country.
President [link=http://topics.politico.com/index.cfm/topic/BarackObama]Barack Obama[/link] inevitably will extend a hand across the aisle as well.
But thats Tuesday. Right now, the tone is a lot different with Republicans pledging to embrace an agenda for the next two years that sounds a lot like their agenda for the past two: Block Obama at all costs.
[link=http://swampland.time.com/2012/08/23/the-party-of-no-new-details-on-the-gop-plot-to-obstruct-obama/]http://swampland.time.com…lot-to-obstruct-obama/[/link]
TIME just published [link=http://www.time.com/time/magazine/article/0,9171,2122776,00.html]The Party of No,[/link] an article adapted from my new book, [i][link=http://www.amazon.com/The-New-Deal-Hidden-Change/dp/1451642326]The New New Deal: The Hidden Story of Change in the Obama Era[/link][/i]. It reveals some of my reporting on the Republican plot to obstruct President Obama before he even took office, including secret meetings led by House [link=http://topics.time.com/gop/]GOP[/link]whip Eric Cantor (in December 2008) and Senate minority leader Mitch McConnell (in early January 2009) in which they laid out their daring (though cynical and political) no-honeymoon strategy of all-out resistance to a popular President-elect during an economic emergency. If he was for it, former Ohio Senator George Voinovich explained, we had to be against it.
On Jan. 27, 2009, House Republican leader [link=http://topics.time.com/john-boehner/]John Boehner[/link] opened his weekly conference meeting with an announcement: Obama would make his first visit to the Capitol around noon, to meet exclusively with Republicans about his economic-recovery plan. Were looking forward to the Presidents visit, Boehner said.
The niceties ended there, as Boehner turned to the $815 billion stimulus bill that House Democrats had just unveiled. Boehner complained that it would spend too much, too late, on too many Democratic goodies. He urged his members to trash it on cable, on YouTube, on the House floor: Its another run-of-the-mill, undisciplined, cumbersome, wasteful Washington spending bill I hope everyone here will join me in voting [i]no![/i]
Cantors whip staff had been planning a walk-back strategy in which they would start leaking that 50 Republicans might vote yes, then that they were down to 30 problem children, then that they might lose 20 or so. The idea was to convey momentum. You want the members to feel like, Oh, the herd is moving. Ive got to move with the herd, explains Rob Collins, Cantors chief of staff at the time. That way, even if a dozen Republicans ultimately defected, it would look as if Obama failed to meet expectations.
But when he addressed the conference, Cantor adopted a different strategy. Were not going to lose [i]any[/i]Republicans, he declared. His staff was stunned.
Were like, Uhhhhh, we have to recalibrate, Collins recalls.
[link=http://www.factcheck.org/2010/01/congress-exempt-from-health-bill/]http://www.factcheck.org/…empt-from-health-bill/[/link]
The bill passed by the Senate actually requires members of Congress and their staffs to get coverage through the exchanges.
[link=https://newrepublic.com/article/121903/republican-olympia-snowe-admits-obamacare-challenge-built-lies]https://newrepublic.com/a…e-challenge-built-lies[/link]
The [link=http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:h3590eas.txt.pdf]Senate bill [/link]now says:
[blockquote]H.R. 3590: D) MEMBERS OF CONGRESS IN THE EXCHANGE. (i) REQUIREMENT.Notwithstanding any other provision of law, after the effective date of this subtitle, the only health plans that the Federal Government may make available to Members of Congress and congressional staff with respect to their service as a Member of Congress or congressional staff shall be health plans that are (I) created under this Act (or an amendment made by this Act); or (II) offered through an Exchange established under this Act (or an amendment made by this Act).
[/blockquote] The provision comes from an [link=http://grassley.senate.gov/news/Article.cfm?customel_dataPageID_1502=24294]amendment by Republican Sen. Chuck Grassley[/link] of Iowa.
[link=https://newrepublic.com/article/121903/republican-olympia-snowe-admits-obamacare-challenge-built-lies]https://newrepublic.com/a…e-challenge-built-lies[/link]
For months, when the Affordable Care Act was still swimming upstream through the legislative process, President Barack Obama and Senate Democrats courted Senator Olympia Snowe, a Republican from Maine, thinking she would respond rationally to enticements and provide Democrats bipartisan cover to reform the U.S. health insurance system.
Their efforts ultimately failed. Snowe, like every other Senate Republican, voted against the health reform bill in 2009 and 2010, and then joined Republicans in their various efforts to undermine or repeal the law, until she retired in 2013.
But now it looks like all the time Democrats wasted on negotiating with Snowe, and allowing her to help shape the legislation, has paid off. Snowe has, to my knowledge, become the first contemporaneous Republican senator, current or former, to acknowledge that a Supreme Court challenge meant to cripple Obamacare is built on a tissue of lies.
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The NYT and politico as sources. No need to go much further than that.
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Of course
Reality based news doesnt matter when you can create alternative facts with the news of Your Choice
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Wonder how Trump’s supporters, the ones who believed him when he said he would not only protect Social Security and Medicare – as well as healthcare insurance, he would improve them all and for less $ than it all costs now.
Paul Ryan has more plans for that except he calls it dismantling the safety net. And Trump will sign anything & then spin it as “winning.” Except his idea of us “winning” is to make him richer while we pay for the privilege.
But some Republicans worry about taking aim at any safety-net programs on the heels of passing a $1.5 trillion tax bill that independent analysts say does far more for corporations and the wealthy than the middle class.
I think the optics are terrible, said John McKager Mac Stipanovich, a longtime Florida-based GOP consultant. At least at this point, the Democrats are winning the argument that the tax cuts primarily benefit the wealthy and big business. To come in right behind that and start whacking the poor, the working poor, will not serve Republicans well in 2018.
One has to wonder how long they all plan on being around.Trump and Ryan are acting like people who arent going to be around to deal with the consequences of their actions, said Mary Anne Marsh, a Boston-based Democratic consultant. Thats the only explanation I can think of.
Nancy Pelosi speak truth to corruption.
House Minority Leader Nancy Pelosi (D-Calif.) on Thursday dismissed Republican talk of entitlement reform as part of the Starve the Beast values system that Republicans have.
They do not believe in governance, so any public role in the health or well-being of the American people is on their hit list, she told reporters, adding later that Democrats will not let Republicans use Medicare, Medicaid and Social Security as an ATM to pay for the tax cuts.
They hate democracy. Too many unwashed and merely middle class expecting equality and a level playing field.
Silly gooses. Ask Mrs Mnuchin.As Daron Acemoglu of M.I.T. and James Robinson of Harvard show in Why Nations Fail[i], [/i]ruling elites in pre-democratic states arranged political and economic institutions to [i]extract [/i]labor and property from the lower orders. That is to say, the system was set up to make it easy for elites to seize what ought to have been other peoples stuff.
In [link=https://www.cambridge.org/core/books/inequality-and-democratization/4479E2D5C88A75F6639EBF58FF22C2FB]Inequality and Democratization[/link], the political scientists Ben W. Ansell and David J. Samuels show that this demand for political inclusion generally isnt driven by a desire to use the existing institutions to plunder the elites. Its driven by a desire to keep the elites from continuing to plunder [i]them.[/i]
Democracy is fundamentally about protecting the middle and lower classes from redistribution by establishing the equality of basic rights that makes it possible for everyone to be a capitalist. Democracy doesnt strangle the golden goose of free enterprise through redistributive taxation; it fattens the goose by releasing the talent, ingenuity and effort of otherwise abused and exploited people. -
What fascinates me about the republican plan is how they had 7 years to come up with something but what they passed now is half baked at best. It’s better than what we had before, but it is hardly a fundamental overhaul of how taxes are being collected. Most middle and working class individuals should be able to file on a 1040-EZ (the ‘postcard’) without any schedules, but the new law didn’t really get us any closer to that. Oh well, at least they got something passed. Given how inept they handled the O-care repeal, I didn’t hold much hope.
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Quote from fw
What fascinates me about the republican plan is how they had 7 years to come up with something but what they passed now is half baked at best. It’s better than what we had before, but it is hardly a fundamental overhaul of how taxes are being collected. Most middle and working class individuals should be able to file on a 1040-EZ (the ‘postcard’) without any schedules, but the new law didn’t really get us any closer to that. Oh well, at least they got something passed. Given how inept they handled the O-care repeal, I didn’t hold much hope.
The Reagan tax reform took two years of planning before it got passed.
Real tax reform requires taking on entrenched special interests and willingness to inflict some pain. That means it has to be bipartisan because those special interests will then be angered at [i]both[/i] parties.
Real tax reform was abandoned the moment the GOP decided to pass the legislation under reconciliation rules with 50 votes.
The avoided attacking most special interests by instead adding to the deficit rather than finding pay-fors. The few pay-fors they did come up with read more like a political hit list against blue states.
I disagree with you that it is “better”. (The one good point of lowering the corporate rate is, imho, far outweighed by the down sides).
This is an unfortunate big step in weaponizing the tax code for partisan purposes.
I won’t try to claim the moral high ground because I believe that the bar has now been set. The next time the Democrats have the House, Senate and Presidency they will ram through their own highly partisan tax legislation under reconciliation. They will reward blue states and punish red states. It will probably be slightly better tax policy from an inequality/debt standpoint. But it won’t be real reform either. …. we’re walking down an ugly road.
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All those poor white people who voted for Donald believing he’s going to Washington to fight for them.
Well, this tax bill proves the truth is the exact opposite of their beliefs, he went to Washington to fight for rich people, and 1st in line to benefit is Donald himself.
The poor and undereducated? Donald loves them because they enable him to get richer.
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If the bill will not be signed until next year, does that change the benefit of paying state estimated taxes and tax prep costs before the end of the year?
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When you ain’t got nothing but lies, continue lying.
You’ve proven your case, you have no idea what you are talking about. -
538: [link=https://fivethirtyeight.com/features/voters-are-skeptical-of-the-gop-tax-bill-overall-not-just-whether-theyll-get-a-cut/]https://fivethirtyeight.c…ther-theyll-get-a-cut/[/link]
“Its true that the bill will provide a tax cut next year to most Americans. According to the Tax Policy Center, 80 percent of households will see a federal tax reduction next year as a result of the bill, …However, most voters dont expect a tax cut. A Monmouth University poll released this week found that just 14 percent of voters expect their federal taxes to go down, as compared to 50 percent who expect an increase.
Once those misinformed voters realize that less is being withheld from their paychecks as a result of the lower tax rates, theyll come around to supporting the bill, right?
Voters probably arent being quite so single- and literal-minded about whether or not theyre getting a tax cut. …66 percent of voters expect the bill to do more to benefit the wealthy than the middle class.
if Republicans are looking toward Obamacare for an example of a bill that eventually became popular once voters learned what was in it, they may be waiting a long time. The Affordable Care Act, which President Barack Obama signed into law in March 2010, didnt become popular until late 2016, after Trump had become president-elect. In the meantime, it contributed to a disastrous midterm for Democrats; a fate that Republicans are increasingly likely to endure next year.[/QUOTE]
In politics perception is reality. … this bill is likely to be perceived quite poorly.-
A partisan tax bill to punish job creating Democratic blue states that fund the Republican welfare red states.
Too clever by half?
[link=https://www.washingtonpost.com/blogs/right-turn/wp/2017/12/28/blue-states-may-get-their-revenge-for-the-gop-tax-bill]https://www.washingtonpos…e-for-the-gop-tax-bill[/link]
After a great deal of confusion, wishful thinking and uninformed guesswork, the reality sank in on Wednesday: Republicans have hurt an awful lot of taxpayers, and the latter wont be able to do anything about it.
the lesson here for thousands of taxpayers is simple: [i]Republicans may very well have raised your taxes by denying a deduction that may be far more lucrative than any minor rate reduction[/i]. If that werent true, so many taxpayers wouldnt be desperate to prepay property taxes; they would be celebrating their 2018 tax cuts.
All those taxpayers in [link=https://turbotax.intuit.com/tax-tips/fun-facts/states-with-the-highest-and-lowest-taxes/L6HPAVqSF]high-tax states[/link] or with high property bills can blame President Trump and their GOP members of Congress for their tax headaches. Republicans figured that it would be clever to [link=http://www.newsweek.com/trumps-tax-reform-aimed-punishing-democratic-voters-700918]stick it to blue-state residents[/link] who have had the advantage of itemizing (with ample use of the SALT deduction). Never before has such a [link=https://www.bloomberg.com/news/articles/2017-12-05/-death-to-democrats-how-the-gop-tax-bill-whacks-liberal-tenets]pointedly partisan tax bill[/link] been cooked up to punish people who generally dont vote for the party in power. Heritage Foundation economist Stephen Moore, who worked strenuously for the bill, stupidly wisecracked that the bill was [link=http://www.businessinsider.com/trump-gop-tax-bill-democrats-salt-deduction-text-details-2017-12]death to Democrats[/link]. (Odd for a scholar from a tax-exempt think tank to extol such base partisanship, isnt it?). Others noticed as well. ([link=http://nymag.com/daily/intelligencer/2017/11/the-retaliatory-state-trump-using-government-as-revenge.html]Jonathan Chait[/link] remarked, For eight years, the notion of a gangster government using its power to punish its enemies existed as a lurid persecution fantasy on the right. Now it is being touted as a governing blueprint.)
But heres the rub: In addition to congressmen who represent enclaves with an unusually large number of constituents who itemize (like endangered Virginia Republican [link=https://www.washingtonpost.com/blogs/right-turn/wp/2017/12/21/rep-comstock-a-case-study-in-how-republicans-lose-the-majority/?utm_term=.debf8f974aac]Rep. Barbara Comstock[/link]), there are 14 (three voted against it) Republican House members from California, five (four voted against it) from New Jersey, nine from New York (five voted against it), three from Minnesota, five from Wisconsin and three from Iowa ([link=https://turbotax.intuit.com/tax-tips/fun-facts/states-with-the-highest-and-lowest-taxes/L6HPAVqSF]all are among the highest tax states[/link]). Voters might decide to vote each and every one of them out of office. (Even those who voted against it voted for the party leadership that imposed the tax bill. Change the party of the representative, and the majority for the wallet-busting bill disappears.)
It might just be that the partisan design of the tax bill wasnt clever in the least. To paraphrase Moore, the tax bill might turn out to be death to the GOP majority.
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As this bill takes effect I’m wondering what the downstream effects are. Less federal income tax but perhaps more state and local. If the fed is pumping less money back into states and local they’ll make it up somehow. I live in a place where we jump to pass every school levy.
This whole thing is based on a assumption that we’re magically going to have 4% or higher growth because taxes are lower.
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I think Trump predicted 6% growth as a result of his & Republicans’ policies?
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Have not been to this site for a while. Amazing to still see the liberal Trump derangement syndrome going strong. A year in and the sky has not fallen. Sick people are not dying in the streets. Deportation rate of illegal immigrants is actually down compared with Obama rate. Economy is growing. Jobs are being created. I guess the stock market has not crashed yet. Number of minorities killed by law enforcement is down compared with under Obama. He did sign this god awful tax legislation which will destroy the middle class……[link=https://www.bloomberg.com/news/articles/2018-01-11/wal-mart-raises-u-s-hourly-wage-to-11-in-wake-of-tax-overhaul]https://www.bloomberg.com…n-wake-of-tax-overhaul[/link]
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I am leaving this terrible country and moving to Venezuela……..
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Every thing is now rainbows and unicorns here
Mexico is paying for the wall
Health care is fixed
The middle class is getting huge pay raises and paying less in taxes
And our status in the world has never been greater
Yesssssserie everything is now rainbows and unicorns
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And this fall in the midterms all democrats and evil liberal snowflakes will be voted outed off office and the house will be unanimously controlled by republicans
Yes things are all rainbows and unicorns
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You are showing either your ignorance or poor reading comprehension.
Never said anything about rainbows and unicorns. Just pointing out that
you and the other liberals here predicted such doom and gloom following the election that you needed free psychiatric sessions, tissues and safe spaces to cry. It was really quite embarrassing. Maybe from your safe space it does look like the sky is falling? Your response is about what I’d expect from a 3rd grader. You sound like the typical miserable leftist on here that wastes time daily complaining and whining about everything but never actually doing anything. I’ve been having such a great time traveling, skiing, golfing and playing in a band that I regret taking a look at this site again. Depressing. Ok I’m done you gerbils can get back to your spinning wheels.-
You are creating a fake argument that basically said all evil liberal snowflakes were convinced that the world was going to fall a part and after a year it didnt
Thats just stupid dumb sheet fake argument
That being the case Im making the claim that you and all your alt right types are saying everything is rainbows and unicorns
Im basically doing what you are doing
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But Im being sarcastic…. you actually believe your stupid sheet
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Quote from kpack123
But Im being sarcastic…. you actually believe your stupid sheet
You seem like you would be a fun, interesting person to hang out with……….
You see I do get sarcasm….-
I couldnt hang out with you because Id probably beat your arse for being an arrogant pompous rich brat
Then Id get arrested and it would not be worth it
Probably better you stay in at recess and act like your tummy hurts so the mean old snowflake doesnt pick on you
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I saw two different things floating around today that are interesting.
1) Walmart changing starting wage to $11/ hour which is like $23k a year. Also handing out bonus money. This is supposedly due to tax breaks.
2) Walmart abruptly closing a bunch of Sam’s clubs and laying people off. Pretty sure they wanted to keep this out the news.
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Nice of Tammy Lahren to stop by. Really bringing the substantive arguments that AM needs.
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Paul Ryan gets installment 1 of his payoff…
[i]GOP mega-donor Charles Koch and his wife donated around $500,000 to Speaker [link=https://www.flyertalk.com/forum/redirect-to/?redirect=http%3A%2F%2Fthehill.com%2Fpeople%2Fpaul-ryan]Paul Ryan[/link]s (R-Wis.) joint fundraising committee, just days after the GOP tax plan was passed.Koch made the donation 13 days after the plan was passed, which lowers the corporate tax rate and cuts estate taxes.
[/i]
[link=https://www.flyertalk.com/forum/redirect-to/?redirect=http%3A%2F%2Fthehill.com%2Fhomenews%2Fcampaign%2F370037-charles-koch-donated-500k-to-ryan-days-after-gop-tax-plan-passed]Charles Koch donated $500K to Ryan days after GOP tax plan passed | TheHill[/link] -
A great example of why we need campaign finance reform and highlights the need to keep money out of politics. John Q Public cannot peddle that kind of influence. $500k.
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[link=http://fortune.com/2018/01/24/starbucks-employees-getting-raises-gop-tax-cuts/]http://fortune.com/2018/0…g-raises-gop-tax-cuts/[/link]
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[link=https://www.bloomberg.com/news/articles/2018-01-17/apple-is-said-to-give-employees-2-500-bonuses-after-new-tax-law]https://www.bloomberg.com…uses-after-new-tax-law[/link]
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2 wealthy companies who’ve been snapping necks and cashing checks for years.
So starubucks who already pays more than minimum wage in all 50 states is doing varying amounts of raises, and they already do a yearly raise. Apple who makes money hand over fist is giving $2500 dollars and matching charitable giving up to $X dollars (probably a write off).-
Quote from DICOM_Dan
Apple who makes money hand over fist is giving $2500 dollars and matching charitable giving up to $X dollars (probably a write off).
Lol.
[link]https://youtu.be/XEL65gywwHQ[/link]
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Quote from fw
[link=https://www.bloomberg.com/news/articles/2018-01-17/apple-is-said-to-give-employees-2-500-bonuses-after-new-tax-law]https://www.bloomberg.com…uses-after-new-tax-law[/link]
A bonus is a single payment, it is not a salary increase nor is it guaranteed to ever repeat. It is a bonus.
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[link=https://www.washingtonpost.com/business/economy/the-us-economy-grew-23-percent-in-2017-as-growth-slowed-in-fourth-quarter/2018/01/26/ee7efb56-029a-11e8-bb03-722769454f82_story.html?hpid=hp_rhp-top-table-main_gdp-839am%3Ahomepage%2Fstory&utm_term=.a4be30a2b56e]Q4 GDP falls, misses Trump admin targets[/link]
2.6%–not shabby by any means. But also not 3%+, and it means those tax cuts will get even more expensive…
Annual GDP growth for all of 2017 was only 2.3%, which is way off the targets to make the tax cuts “pay for themselves,” and in fact is way below what it will take to make them cost “only” $1.5t.
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Quote from dergon
[link=https://www.washingtonpost.com/business/economy/the-us-economy-grew-23-percent-in-2017-as-growth-slowed-in-fourth-quarter/2018/01/26/ee7efb56-029a-11e8-bb03-722769454f82_story.html?hpid=hp_rhp-top-table-main_gdp-839am%3Ahomepage%2Fstory&utm_term=.a4be30a2b56e]Q4 GDP falls, misses Trump admin targets[/link]
2.6%–not shabby by any means. But also not 3%+, and it means those tax cuts will get even more expensive…
Annual GDP growth for all of 2017 was only 2.3%, which is way off the targets to make the tax cuts “pay for themselves,” and in fact is way below what it will take to make them cost “only” $1.5t.
The horrendous economy in the early Obama years was all ‘Bushs fault’. Why is now different ?
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It wasnt Obamas fault
Blame whoever it was what it was
A president is handed what they get and its hard to give them blame or credit after a year even 2
That being said This current economy is good maybe even very good
I would give trump credit for the market….. but damn its high
Be careful putting all your eggs in that basket before this is probably not sustainable
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Quote from fw
Quote from dergon
[link=https://www.washingtonpost.com/business/economy/the-us-economy-grew-23-percent-in-2017-as-growth-slowed-in-fourth-quarter/2018/01/26/ee7efb56-029a-11e8-bb03-722769454f82_story.html?hpid=hp_rhp-top-table-main_gdp-839am%3Ahomepage%2Fstory&utm_term=.a4be30a2b56e]Q4 GDP falls, misses Trump admin targets[/link]
2.6%–not shabby by any means. But also not 3%+, and it means those tax cuts will get even more expensive…
Annual GDP growth for all of 2017 was only 2.3%, which is way off the targets to make the tax cuts “pay for themselves,” and in fact is way below what it will take to make them cost “only” $1.5t.
The horrendous economy in the early Obama years was all ‘Bushs fault’. Why is now different ?
DUH. There was and is nothing shabby about Obama’s economy or today’s 2.3%, the only one complaining about those levels was Trump himself in the Obama years. But 2.3% is not up to Trump’s and Republicans’ projections of a necessary growth in order to neutralize coming deficits due to the Supply-Side tax cuts.
Correction, deficits will increase anyway, the projection requires 3% or more just to meet the projected deficits resulting from the tax cuts.
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Obamas economy was good and getting stronger
The big drawback was wage growth
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David C Johnston frames this well. So we all lose miscellaneous deduction in 2018. So the police etc.. trump loves can no longer deduct work expenses. Like buying a gun, getting uniforms etc… but we still get the corporate jet tax breaks.
[link=https://twitter.com/davidcayj/status/963747003607011330]https://twitter.com/david…tus/963747003607011330[/link]
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Quote from DICOM_Dan
David C Johnston frames this well. So we all lose miscellaneous deduction in 2018. So the police etc.. trump loves can no longer deduct work expenses. Like buying a gun, getting uniforms etc… but we still get the corporate jet tax breaks.
[link=https://twitter.com/davidcayj/status/963747003607011330]https://twitter.com/david…tus/963747003607011330[/link]
I like that. -
Quote from DICOM_Dan
David C Johnston frames this well. So we all lose miscellaneous deduction in 2018. So the police etc.. trump loves can no longer deduct work expenses. Like buying a gun, getting uniforms etc… but we still get the corporate jet tax breaks.
[link=https://twitter.com/davidcayj/status/963747003607011330]https://twitter.com/david…tus/963747003607011330[/link]
The important things in life. Welfare for the affluent.
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Quote from DICOM_Dan
David C Johnston frames this well. So we all lose miscellaneous deduction in 2018. So the police etc.. trump loves can no longer deduct work expenses. Like buying a gun, getting uniforms etc… but we still get the corporate jet tax breaks.
[link=https://twitter.com/davidcayj/status/963747003607011330]https://twitter.com/david…tus/963747003607011330[/link]
It suggests that he doesn’t know how taxation works. Most of those middle income earners will benefit from the higher standard deductions, it makes no difference whether they lose a couple of $$ on the employee business expense side. The only ones who lose out on this are NY and California cops with their six figure salaries and million dollar homes.-
What’s the math? It’s not all the simple especially considering the coming deficits. The only way we’ll be sure of effects is some months in & definitely next tax date.
[link=https://www.msn.com/en-us/money/personalfinance/this-is-how-the-republican-tax-bill-affects-eight-us-families/ar-BBH3qnn]https://www.msn.com/en-us…us-families/ar-BBH3qnn[/link]
Overall, the average taxpayer should see their after-tax income rise by 2.2 percent.
But we should note these statistics can be misleading. Many lower- and middle- income taxpayers will get a tax cut, sure, but it will be so small they might not [link=https://www.bloomberg.com/news/articles/2017-12-11/gop-s-taxing-question-will-middle-class-folks-notice-their-cut]notice it[/link], and middle-income taxpayers earning $48,600 to $86,100 will get just a 1.6 percent bump, on [link=http://www.taxpolicycenter.org/publications/distributional-analysis-conference-agreement-tax-cuts-and-jobs-act]average[/link].
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So how are the supply-side tax cuts benefiting jobs and the economy these days? Raking in the additional income from “winnningggg” more than covers the deficits caused by the tax cuts, doesn’t it? And all the corporations are taking the tax cuts and creating more and more jobs for Americans!
We are winnninggg!
And corporations are winnninggg too, taking their tax cuts and buying back their stocks.
No one saw that coming.
Apple for example, using the tax cuts to buy back $100B of their stock. Not exactly a windfall for job seekers and wages but will be very good for my investment bottom line.
Apple said it would buy back an additional $100 billion in stock, by far the largest increase in its already historic record of returning capital to investors. The company didnt provide a timeline for the repurchases. Apple also increased its dividend by 16 percent to 73 cents a share, pushing past Exxon Mobil to become the largest dividend payer, according to S&P Dow Jones Indices.
Apples stock buyback fits into [link=https://www.nytimes.com/2018/02/26/business/tax-cuts-share-buybacks-corporate.html]a broader trend of companies using the financial windfall[/link] from President Trumps tax cut to reward shareholders. Share buybacks, which are reaching record levels, are great for investors, including executives and employees, because they reliably lift stock prices by limiting the supply of shares for sale.
[link=https://www.nytimes.com/2018/02/26/business/tax-cuts-share-buybacks-corporate.html]https://www.nytimes.com/2…uybacks-corporate.html[/link]
President Trump promised that his tax cut would encourage companies to invest in factories, workers and wages, setting off a spending spree that would reinvigorate the American economy.
Companies have announced plans for some of those investments. But so far, companies are using much of the money for something with a more narrow benefit: buying their own shares.
The tax overhaul is the cornerstone of Mr. Trumps economic plan. It has been a big win for companies, offering lower corporate rates and a permanent break on overseas profits. Warren E. Buffett said in his annual letter to investors on Saturday that his company, Berkshire Hathaway, enjoyed [link=https://www.nytimes.com/2018/02/24/business/dealbook/buffetts-annual-letter-berkshire.html]a $29 billion gain[/link] thanks to the new tax law.
Almost 100 American corporations have trumpeted such plans in the past month. American companies have announced more than $178 billion in planned buybacks the largest amount unveiled in a single quarter, according to Birinyi Associates, a market research firm.
Cisco said this month that in response to the tax package, it would bring back to the United States $67 billion of overseas cash, [link=https://www.bloomberg.com/news/articles/2018-02-14/cisco-gives-bullish-outlook-adds-25-billion-to-buyback-program]using $25 billion[/link] to finance additional share repurchases. Alphabet, the parent company of Google, [link=https://blogs.wsj.com/moneybeat/2018/02/23/stock-buybacks-are-having-a-last-hurrah/]authorized up to $8.6 billion in stock purchases[/link]. PepsiCo announced a fresh $15 billion in planned buybacks. Chip gear maker Applied Materials disclosed plans for a $6 billion program to buy shares. Late last month, home improvement retailer Lowes unveiled plans for $5 billion in purchases.
Nice to know that American taxpayers are sacrificing by increasing national deficits and debt by subsidizing stock buybacks for corporations!
MAGA! Invest in corporations!
Now all the public taxpayers need is some sort of dividend plan to go with the investments.
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3 cheers for House chaplain Patrick Conroy! Petty petty Paul Ryan.
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Haven’t heard Republicans running on their tax cut much at all. The ghost tax cut. Why the heck not since it is the single solution of the Republican Party for decades now, cures the common cold and all that?
Maybe because the tax cut went to the high earners & everyone got pennies in their paychecks if that. Everyone says, “What? Where?”
And Trump is talking again about a new tax cut for the high income people again living the bill for everyone else to pay off. Everyone else being our children.
Borrow and spend Republicans.
[b] [/b][b]REPUBLICANS ARENT CAMPAIGNING ON TAX CUT:[/b] The New York Times [link=https://www.nytimes.com/2018/07/27/us/politics/economy-politics-midterms.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=first-column-region®ion=top-news&WT.nav=top-news]reports that in races across the country, Republicans are saying little about the Trump/GOP tax cut[/link]. But guess who is talking about it:
[blockquote] Democrats are weaponizing the tax law which is mired in only middling popularity against Republican opponents in some key races. Their critiques have been fed by government statistics showing that wages for typical American workers have not risen over the past year, after adjusting for inflation, even though Republicans promised the tax cuts would unleash rapid wage growth.
[/blockquote] Remember how the tax cut was supposed to juice the GOP base?
And deficits as far as the eye can see. But Reagan did prove, as far as Republicans are concerned but ONLY with Republican Presidents, is that deficits don’t matter. So as long as the government can borrow & pay high earners, who cares?
For the Republican base voters? Bread and circuses.
[link=https://reason.com/blog/2018/07/26/house-gop-wants-permanent-tax-cuts-they]https://reason.com/blog/2…ermanent-tax-cuts-they[/link]
Without a balanced budget in sight, the national debt, currently $21 trillion, will continue to [link=https://reason.com/archives/2018/02/08/making-the-federal-government-lean-again]rise[/link], and the rate of increase will also rise. According to Congressional Budget Office projections, the 2017 Tax Cuts and Jobs Act will add $1.5 trillion to the national debt over the next ten years, even after economic growth is accounted for. But that’s only if Congress lets the tax cuts expire in 2025. If that does not happen, higher deficits will plunge us into further unsustainable debt well after 2025.
“The further we go down this road, the more catastrophic the inevitable U-turn will be,” Maya MacGuineas, president of the Committee for a Responsible Federal Budget, a Washington, D.C., group that favors balanced budgets, said in a [link=http://www.crfb.org/press-releases/further-debt-financed-tax-cuts-beyond-irresponsible]statement[/link]. “The irresponsibility is just baffling.”
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Looks like with all attention on Kavanaugh Paul Ryan had the house pass a 3.8 trillion dollar cut that would kick in the year 2025. Sneaky.
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Now will come further discussions about how we can’t afford Social Security and Medicare/Medicaid because our deficits are already so high and growing faster. And privatizing more of government for the same reason.
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Looks like 2019 growth number is at 2.3%. Basically the same growth as under Obama but with a $2T tax giveaway to the rich.
“The U.S. economy grew 2.3% last year, the [link=https://www.bea.gov/news/2020/gross-domestic-product-fourth-quarter-and-year-2019-advance-estimate]Commerce Department said[/link] Thursday. That’s a slowdown from the previous year, when the economy grew 2.9%. And it’s well short of the 3% growth target set by the White House.”
[link=https://www.npr.org/2020/01/30/800985774/u-s-economy-slowed-in-2019-to-2-3]https://www.npr.org/2020/01/30/800985774/u-s-economy-slowed-in-2019-to-2-3[/link]-
When we had a Republican president and House and Senate, we kept on spending massively and adding almost a trillion dollars a year to the national debt. Now we say this is outrageous adding so much to the debt? They say we did the same thing when we were in charge. It does show that you have to be consistent in your arguments.
Sen. Mitt Romney (R-UT), in an interview with the [link=https://www.google.com/url?q=https://www.sltrib.com/news/politics/2021/02/02/exclusive-utah-politics/&source=gmail-imap&ust=1612896896000000&usg=AOvVaw2Ho3-6YuOBbCx37okIMwYn]Salt Lake Tribune[/link].
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Wow! A rational Republican. Rare as chickens teeth.
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[link=https://www.bloomberg.com/opinion/articles/2021-03-25/budget-deficit-size-doesn-t-matter-to-republicans?srnd=opinion-politics-and-policy]Jonathan Bernstein[/link]:
[h1]Budget Deficit Size Doesnt Matter to Republican Deficit Hawks[/h1] [b]Budget balance plays no role in determining GOP policy preferences, and hasnt for decades.[/b]
What Republicans want is to spend at levels they think appropriate (more on defense and some domestic programs, less on others) and to tax at levels they think appropriate (generally less, especially for the wealthy). They are consistent in those preferences. They dont care at all about how the revenues the government receives from those taxes compares to overall government spending. Republican preferences dont add up, which is why deficits leap up every time they get to control policy.
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It is true that Republicans have tended to talk more about deficits when Democrats are in the White House. But their preferences on spending and taxes dont change. At no point do they treat the balance of federal budget revenues and outlays as any kind of factor in their preferences. It doesnt constrain them at all. Whether one thinks this is good policy or bad, its impossible to understand how Republicans approach budgeting without understanding their actual policy preferences.
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Been downhill since Reagan gutted the middle class in favor of the wealthy.
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“The Republican warnings about what would happen with Obama’s spending … the economy would crash, the dollar would collapse …. none of that turned out to be remotely true” ~Rich Lowry
[link=https://www.politico.com/news/magazine/2021/04/28/how-republicans-lost-interest-in-fighting-big-spending-484973]https://www.politico.com/…ng-big-spending-484973[/link]
[h2]How Republicans Lost Interest in Fighting Big Spending[/h2] The relatively muted reaction to Bidens almost incomprehensible spending ambitions is testament to the fact that, no, Republicans simply arent as interested in fiscal issues anymore.
The conventional wisdom was that after the free-spending Trump years, Republicans would snap back to being deficit hawks when out of power. Theres been some of that, but the relatively muted reaction to Bidens almost incomprehensible spending ambitions is testament to the fact that, no, Republicans simply arent as interested in fiscal issues anymore.
[b]What happened to the GOP? The short answer is Donald Trump.[/b]
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Indeed, the failure of the parade of horribles to come about after the Obama years is one reason the center-left now believes all such admonitions should be ignored, and theres almost no upper bound on deficit spending.
Meanwhile, Republican politics has become focused on culture war issues, another change symbolized by Trump. There was some tutting among fiscal hawks at the time Bidens $1.9 trillion Covid relief bill passed that conservatives seemed more upset about Dr. Seuss Enterprises ceasing the publication of several of the legendary children authors books than about an off-the-charts spending measure that, it turns out, was just the appetizer.[/QUOTE]
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Cheney’s bragging truth,
“Reagan proved, deficits don’t matter!”
Bidens tax program, including an enforcement effort to make it harder for corporations and the well-to-do to evade what they owe, is designed to break a vicious cycle. Since the early 1990s, Democrats coming into office after a GOP era have had to raise taxes just to ease deficits Republican tax cuts created in previous administrations. Then, when Republicans came back into power, they enacted more tax cuts (often accompanied by higher levels of military spending). One of the problems the Democrats have in fixing the budget, Scott said, is if we fix it and a Republican administration comes in, theyll wreck it.
This process has contributed to a revenue shortfall over time. Federal revenue as a share of gross domestic product [link=https://www.taxpolicycenter.org/briefing-book/what-are-sources-revenue-federal-government]has dropped from[/link] 20 percent in 2000 to 16.3 percent in 2019. [b]A calculation the Center on Budget and Policy Priorities (CBPP) made at my request found that if federal revenue returned to 20 percent of GDP a long way from socialism, you might notice the government would collect some $680 billion more in 2022 than it would under current law.[/b]
Bidens tax increases amount to just 1.2 percent of GDP over the next decade, and they are confined to the very rich for good reason: The income gains at the top of the economy over the past four decades dwarf those of everyone else (and this was likely aggravated during the pandemic).
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[b]GOP Tax Law Didnt Stop Corporate Tax Dodgers[/b]
A key selling point of the 2017 Tax Cuts and Jobs Act was that it would discourage multinational corporations from funneling billions in profits to offshore tax havens, bringing that money back to the U.S. where it could create jobs and boost economic growth, CBS News reports.
But a recent analysis concludes that the tax overhaul failed to stem the flow of corporate earnings overseas.
