Skeptics Are Wrong: A Big - But Different - Tax Cut Is Coming

Forbes ^ | 09/19/2017 | Steve Forbes

[SeekAndFind]

Republicans are promising that a substantive outline of their tax plan will be--at last--unveiled during the week of September 25. After that, they say, the appropriate congressional committees will fill in "legislative" details. Getting any details from the GOP has been akin to watching the play Waiting for Godot. That achieving a big tax cut--which should have been second nature for this party since the days of Ronald Reagan--has instead morphed into a long drawn out exercise that has raised doubts about whether any tax legislation will be cleared this year.

The good news is that a bill WILL pass, primarily because of the instinct of self-preservation. Samuel Johnson, who in 1755 wrote what was for the next 150 years the preeminent English dictionary, once observed: "When a man knows he is [soon] to be hanged, it concentrates his mind wonderfully." The same can be said of the political version of a hanging next year for Congressional Republicans.

If the US economy next year isn't booming with the exciting feeling that we experienced for much of the 80s and 90s that things are really getting better, many of these erstwhile public servants could find themselves contemplating the joys of becoming Uber drivers.

The trouble with Republican leaders, specifically Speaker Paul Ryan, is that they have became infatuated--and bogged down--with process rather than principle. They feel bound by the monumentally flawed budget estimates of the Congressional Budget Office, which notoriously underestimates the positive impact of cuts in tax rates, which, in turn, puts a dampener on such cuts. By Congress' self-imposed rules, if you want to pass a tax cut with a simple majority, there must be no deficit by year ten of a tax reduction or else the cuts expire.

[LS]

Don’t know if I would believe Forbes. He speaks with his heart more than his head.

[dljordan]

“they have became infatuated—and bogged down—with process rather than principle.”

They has become infatuated with bribes.

[DoughtyOne]

I do think some form of tax relief is going to pass.

What exact form it takes, I don’t know.

He is exactly right that there should be cuts at all levels. The idea is to free up more money for the private sector, sparking massive new economic growth.

Even if some folks only use it to make purchases, that also sparks new higher levels of economic activity.

What sense does it make to cut taxes for 50% of us, then raise them for the other 50%? That would nullify any increased private sector growth.

I want to see the death tax eliminated entirely.

Citizens invested their whole lives with after-tax moneys to purchase homes, property, and other assets. The government already got it’s pound of flesh.

Killing off family wealth is a massive sin.

[ThanhPhero]

If the economy had expanded during the past decade at its historic average, we would have no budget deficit today.

Most of the article is solid but that line is bull hockey. If the economy had expanded at boom rates over the last ten years the congress would have increased spending to at least twice the added revenue.

[ThanhPhero]

The Chamber of Commerce money and other benefits depend in part on nothing useful getting passed.

[Windflier]

"...the appropriate congressional committees will fill in "legislative" details."

BOHICA

[upchuck]

Wonder if there’ll be any cut in the capital gains rate?

[DoughtyOne]

Thanks so much for your support to this point... I personally apprecaite it...
FReepers, what the hell?  It's far beyond time to wrap up this FReep-a-thon.  Lets do it...

President Donald J. Trump and the Free Republic of the United States of America
President Donald J. Trump's address to the United Nations on 09/19/2017.

Ramirez political cartoon: United and Undaunted LARGE VERSION 09/19/2017: LINK  LINK to regular sized versions of his political cartoons (archive).
Garrison political cartoon: United and Undaunted LARGE VERSION 09/19/2017: LINK  LINK (scroll down) to regular sized versions of his political cartoons (archive).


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...this is a general all-purpose message, and should not be seen as targeting any individual I am responding to...

Just $183.00 dollars and cents to 93.00%

[bigbob]

I agree, because the GOPes are starting to realize they really just have to make a choice - support Trump even though they detest him - or risk being returned to minority status. Tax reform is a guaranteed crowd-pleaser back home and getting it done will give them something they can use to cover up their other ineffectiveness.

[gibsonguy]

The F’n CBO needs to get eliminated. It’s nothing but a Rat/Rino tool.

[karnage]

Cut ALL taxes, across the board. Less tax money = less gubmint. Cut taxes. Cut them.

[Lurkinanloomin]

The good news is that a bill WILL pass
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Don’t bet on it. Mitch and Paul have to ask Chuck and Nancy if they can.

[SeekAndFind]

You mean Chuck and Nancy had to allow someone like Justice Gorsuch to be confirmed before Paul and Mitch could act?

[SunkenCiv]

Not a chance. I'd love it, but there's no chance of that happening. Thanks SeekAndFind.