Posted on 12/27/2017 10:11:07 AM PST by Kaslin
Good thinking, but I do question giving the Democrats a chance to hog credit for the tax cuts. Which you know they would do, before the election, with big MSM support. So the timing should perhaps be after the November election. With the planned vote on the matter announced in late October, perhaps. Why give the Dems any chance to put their fingerprints on a good Republican law???
Good thinking, but I do question giving the Democrats a chance to hog credit for the tax cuts. Which you know they would do, before the election, with big MSM support. So the timing should perhaps be after the November election. With the planned vote on the matter announced in late October, perhaps. Why give the Dems any chance to put their fingerprints on a good Republican law???
When have tax cuts not increased revenue to the treasury?
Absolutely tax cuts always increase revenue to the treasury; the “revenue neutral” comment is strictly limited to the quid pro quos in the bill.
You and I both know that neither Democrats, nor the eGOP, EVER countenance the stimulated increases in future revenues when they argue, fret, spit, lament, scratch, kick, moan and seethe about tax reductions. The rhetoric is ALWAYS “OMG!! Flaming economic Hell is going to EAT US ALL ALIVE!!”
And, if by “US” they mean themselves, I wish it would!
The leftist-prognosticated doom never comes, but that only fuels their ambition to rewrite history in the rearview mirror for the next generation. Look at the eternal damnation they’ve been heaping upon Reaganomics for nearly 40 years, now. It’s despicable! And it is who the Dems are; all the way to the abominable, death-eating core.
“These tax cuts have to be paid for,” is The Swamp crying out for preservation of the establishment-dominated status puke, and it’s a philosophy embedded in this bill as a sop to the Democrats and the eGOP. BUT, with the full knowledge that they’re full of crap, and future revenues will far outstrip “costs” of the tax reductions the bill enacts.
Even Bernie Sanders has the wits to understand, and now openly admit, that “...we should’ve made the tax cuts for the middle class permanent.” He’s NEVER going to say that if he doesn’t already know that there’s a tidal wave of revenue coming that is being stimulated by private-sector growth driven by tax cuts in this bill.
So, EXCLUSIVE of burgeoning future growth-based revenues, this bill is revenue neutral.
In Realville; it’s a boon to the Treasury and the citizenry alike.
And The Swamp already has big plans to squander it, and then paint the negative FedGov balance sheet economics of that as a failure of this in hopes of never seeing any more of this sort of bill, ever again.
Very good point
And yet Congress couldn’t bring itself to make the tax cuts permanent.
The truth of the wealth redistribution of the tax reform. What, nobody read the bil before going full tilt for it, huh? Lol... the billions of dollars the people who pay zero, will be much, much, much more. Read the details, instead of the spin version.
There are some great things in it, but it has too much redistribution of middle class money for me. Did you really think Dems voted for something less than their dream tax scheme?
The devil is in the details. And I haven’t even looked at it’s 2027 timeline.
Now just a cotton pickin’ minit here. Let’s be fair. Sure, the poor and the middle class got a few crumbs from the table. But the bottom line is, THE RICH HAVEN’T BEEN BROUGHT LOW! yet. This is unacceptable. What’s good for General Motors is bad for America, because it means capitalism is alive and well and the means of production are out of the hands of the proletariat. How much longer can we all suffer? When will we have a worker’s paradise like Cuba and Venezuela do. Your Joe six pack goes on his vacation to his in-laws, or buys a new laptop and says to Fuhrer Trump, “thank you, milord, for your generosity this year.” And THAT is the real disaster that Nancy Pelosi is warning us of. Unfortunately, Joe six pack’s vote is not canceled out by the votes of all the dead and fictitious people that the DNC in its wisdom knows absolutely nothing about. And if things keep going this way, Fuhrer Trump will win a second term. None of the slanders have stuck. And now it’s the economy, stupid. Where are the four horsemen when we need them to win an election? Why hasn’t Beelzebub rewarded our sacrifices of crack babies and aborted fetuses? Why won’t any TEA partiers go postal?
Caveat: All “just a cotton pickin’ minit” posts are intrinsically sarcastic in nature. No sarc tab should be necessary, and if I were to put one at the bottom of the post, the dramatic effect for which I’m striving would be marred. This caveat will be repeated as needed; i.e., whenever a post is so over the top that it might get me zotted if taken seriously.
Thanks for the reply. Reaganomics was called the completely made-up term “trickle-down economics.” The size of the economy tripled and the started calling the 80’s the “decade of greed.” The stupidity of their voters is shocking. Without misplaced envy they have no argument.
BOOM shaka laka laka BOOM
The media deliberately and intentionally ginned up anxiety over this. They never explained how this was going to put pressure on high tax states to stop raising taxes so much.
Currently, high tax states are forcing the entire country to lighten the load on their taxpayers. This will make it harder for the states to keep raising taxes and pushing the tax burden onto unsuspecting residents of other states. I wonder if the public is able to understand this. Afer all, it’s a two part idea and that seems to be too hard for the folks to understand.
Also, the media deliberately and intentionally refused to say that this feature of the new tax law would make high-earners pay more. They couldn’t reveal this truth because they have been saying “tax cuts for the rich.” Filthy liars.
This is a fallacy. The Federal burden on individual taxpayers has nothing to do with local and state taxes. The person in Texas will pay their taxes to the Federal and the amount will not be determine by what someone in New Jersey pays in state/local income taxes.
That "point" you refer to has name, it is called the Laffer Curve inflection point which the we are to the extreme right of at the present . There is no danger of passing to the left of that point in out lifetimes. Point "B" is the inflection point where revenues would decrease. No danger of that happeneing!
“Only in Washington DC could they brag about a tax cut that wouldn’t even cover a dinner out for the pol and his wife.”
Say what? You consider peoples’ tax break should be used to fund a politician’s dinner?
I ran a new tax law calculator on my income and I’m saving $4,643 in taxes next year. IOW, I’m getting a $4,643 pay raise starting in February solely due to this tax law.
Forty-six hundred. This pays for our seven day Eastern Caribbean Daddy-Daughter cruise on Harmony of the Seas next June.
Pretty safe to say my tax law benefit beats the c@#$ out of your imaginary dinner benefit for a politician.
(see what ya get for pimping BS on FR?)
Two enemies of free people, Bernie and CBS, forced to state the obvious.
I am repeatedly shocked at how ignorant some people are on basic economic principles.
The statement you took exception with “This will make it harder for the states to keep raising taxes and pushing the tax burden onto unsuspecting residents of other states.” refers to elimination of the state and local tax payment deduction for federal tax calculation. IOW, the MA taxpayer with $25k in state and local taxes can no longer deduct that $25K from their ITEMIZED federal tax return. This places their federal taxes in a +25K bracket. However, since that bracket’s rate was cut it it’s not a full bracket increase.
The itemized deduction for state and local taxes applies to high tax states. Low tax states do not see a benefit in this deduction and in effect are subsidizing high tax states as they’re paying full tax.
The poster is absolutely correct. This strips wealthy residents of liberal blue states (huge dem donor base) of a substantial itemized tax benefit. In doing so it lays bare the exorbitant- state and local taxes required to support Leftist governments and policies. At the inevitable next tax hike those blue states might see some of their wealthier Dems bolting the state and even the party. In effect defunding leftist governments.
Lemme break it down further.
If I lived in MA at my income level I would file an itemized federal return, adding in as many expenses as I could to work down my taxable income prior to federal tax calculation. In high tax states the itemized deductions, such as state and local taxes, are much more than the standard deduction of non-itemized federal returns. So high-tax states compensate their taxpayers by providing them a means of writing down their federal tax bill.
But since a live in FL, a no-income tax state, the itemized deductions for state and local taxes (SALT) is less than potential itemized deductions so I file a non-itemized return.
The overall effect of not itemizing or having high taxes which I could deduct is that I am careful to keep an eye on my local and state spending because it’s a direct charge placed upon me. I receive no benefit from them raising taxes unlike blue states. So I make sure our government spending is kept in check in FL. So across the country the elimination of the SALT itemized deduction makes it hard for American Leftists to raise state and local taxes to fund their political initiatives while also making their existing spending and taxes subject to greater public review and accountability.
Armageddon (for the American Left) indeed!
Don’t listen to her. She’s a bitter never-Trumper who can’t get over the primaries.
I am defined as an upper income earner in a blue state that will be hit hard... and I am as conservative as they come...
Regardless, I don’t give a freaking rats a$$ about the “supply” of the mostly illegal government. I care about the American People keeping most of their hard-earned money - THEIR supply. You dismantle the unconstitutional 80% of the feds and have flat tax of 10%-15%, and we’d be well on our way to what should be the goal of the Right: the restoration of our Free Constitutional Republic.
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