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Trump's Tax Plan

Discussion in 'Politics Forum (Local/National/World)' started by searcher, Sep 27, 2017.



  1. SongSungAU

    SongSungAU Midas Member Midas Member

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    Congress is never guilty of letting the American people keep too much of their own money. What Congress is guilty of is spending too much.

    December 31, 2017
    A Closer Look at Apocalyptic Predictions on Trump's Tax Reform
    By Jeffrey L. Scribner
    On December 20, Congress passed a historic tax reform and tax cut measure that was signed into law by the president on December 22. Critics of this measure have been insisting that the reduction in taxes will exacerbate the deficit and long-term debt. Nothing of the sort will happen, even though several members of Congress and even the CBO think it might.

    We can show via historical graphs produced by the Saint Louis Federal Reserve Bank that changes in tax policy and rates since 1929 have had little effect on the amount of money collected by the federal government as a percentage of GDP. (See here.)

    [​IMG]

    Put another way using historical data, it appears that the only thing that has a great effect on federal government receipts is GDP, not the type and rate of tax levied. Thus, persons seeking to raise government revenues would be wise to do things that would promote GDP growth. Since the probable effect of the tax reform and tax cut passed by Congress is an increase in GDP, it appears that those objecting are uninformed or disingenuous.

    Moreover, while the tax reform that was enacted will improve economic growth and boost government revenues, it could have been even better in both respects. First, and most importantly, the corporate rate should have been set even lower – preferably to ten percent or lower. A zero corporate rate would pay bigger dividends in both growth and government receipts. Corporations do not really pay taxes anyway. Their employees, customers, and shareholders are the real payers of the corporate tax.

    Second, the personal income tax was left too complicated. Simplicity reduces compliance costs and lessens the drag of income taxes on economic growth. Some politicians have insisted on some form of deduction or credit for state taxes, mortgage interest, child credits, and other pet causes. All of these things complicate the tax and increase the compliance cost and the drag on economic growth. Moreover, with the increased standard deduction, very few taxpayers will really benefit from these deductions. When you hear the cry to insert this or that deduction or credit into the tax code, remind all around you that there will be a cost in terms of economic growth and government receipts.

    Lets take this a step farther. The Saint Louis Fed also published a chart showing the relationship between federal government spending and GDP. (See here.)

    [​IMG]

    From this chart we can see why there are deficits and government debt. We can also see that Congress can prevent deficits and any addition to the debt by promoting GDP growth as noted above and holding spending to some percentage of GDP that is lower than receipts.

    Since WWII, federal government receipts have averaged about 17% to 19% of GDP. If Congress would insist that total outlays cannot be greater than 17% of GDP, there could be no deficit and no growth in the debt. Picking a lower percentage of GDP would guarantee a surplus.

    While we are on the subject of simple truths about taxing and spending, let's once again consider compliance costs and tax simplification. Any tax provision that makes compliance more complicated costs the taxpayer more to pay his taxes and results in lower receipts for the government. Therefore a simple, no-deductions flat tax is the best from a revenue and compliance point of view.

    Many members of the House and the Senate profess not to know the simple facts presented above and increase spending on their pet projects rather than rein in total spending to match receipts as a percentage of GDP. Moreover, since we have practiced spend, spend, spend for several years, we are now at a point where total outlays must be curtailed while outlays for some areas such as infrastructure and defense must be increased. This will increase the desire of some senators and congressmen to make spending deals that will exceed the limits that must be met in order to stop budget deficits and additions to the already huge national debt. For more on this subject, see here and here.

    In the fall of 2018, we will elect or re-elect all of the members of the House and about one third of the Senate. Will the voters make sure that the candidates for the House and Senate stake out a position on taxation and spending that recognizes the distinctions drawn above? If not, why not? Think about it. Our security and prosperity and those of our children and grandchildren might depend on it.

    source: http://www.americanthinker.com/arti...alyptic_predictions_on_trumps_tax_reform.html
     
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  2. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Trump Tax Plan Already Causing Massive Amounts Of Horseshit To Trickle Down Into Steve Mnuchin’s Mailbox
    By Heisenberg

    2 Comments / Dec 26, 2017 at 10:54 AM

    Over the weekend, Robby Strong, a clinical psychologist with the County of Los Angeles Department of Mental Health, hand-delivered a Christmas present to the Bel-Air residence of Steve Mnuchin.

    That present: a gift-wrapped box of literal horse shit along with a greeting card that read as follows:

    Dear Mr. Mnuchin & Trump, we, the American people are returning the ‘gift’ of the Christmas tax bill. Because it’s complete and utter horseshit. Warmest Wishes, The American People.

    Prior to dropping the box off in Bel-Air, Strong posted pictures of the card (and the horse shit) on Facebook:


    [​IMG]


    “I was talking to a friend about the tax bill and we were both complaining about how it’s total horse shit,” Strong would later say, before explaining that one of his other friends who was present for the start of the revolution has a horse ranch in Sylmar. “I wrapped it up Christmas style,” he added, noting that he “wanted it to be nice and festive.”

    Before delivering the box, he posted the following message on Facebook:

    I need someone to ride along and document my Secret Santa project. I’m going to hand deliver boxes of horse shit to Steve Mnuchin over in Beverly Hills. Because if money is free speech, so is horse shit. PM me. We’ll go down in the anals of history. No disguises, no fake names. Totally owning this one. You’re only powerless if you do nothing!!!

    Well, the bomb squad was not amused and neither was the Secret Service, but ultimately, he’s not expected to face charges because hand-delivering horse shit isn’t a crime. “It was a gift-wrapped package of poo,” Strong said Sunday. “Is there a law that you can’t drop off a box of poo? Not really.”

    Yes, “not really.” And it’s a good thing, because if that were a law, it seems likely that working class families would have a case against the GOP and Donald Trump. Simply put, for low income Americans, the tax bill does indeed resemble “a gift-wrapped package of poo” (to quote Strong again).

    Here’s the thing. I don’t begrudge the wealthy the benefits that are set to accrue to them from the tax bill, nor do I think it’s some kind of crime against humanity to encourage corporations to buy back more stock and further enrich shareholders.

    Rather, the problem with this bill is the dishonesty inherent in the sales pitch. Back on November 29, in a speech to an invitation-only crowd in Missouri, Trump said this about the tax plan:

    This is not good for me. Me, it’s not so — I have some very wealthy friends. Not so happy with me, but that’s OK. You know, I keep hearing Schumer: ‘This is for the wealthy.’ Well, if it is, my friends don’t know about it.

    Obviously, that is absurd. And underscoring the absurdity was an eyewitness account of Trump telling members of his Mar-a-Lago club that “you all just got a lot richer” at a dinner on Friday night.

    This administration is mind-bogglingly tone deaf. Not only has there been no attempt to even nibble around the edges of the truth when pitching this tax plan, they’ve seemingly gone out of their way to create horrible optics.

    I would say it’s not lost on Steve Mnuchin that part of the reason he ended up with a package of horse shit on his driveway is due to the fact that last month, he let a picture of himself holding up a sheet of actual dollar bills bearing his actual signature escape onto Twitter right in the middle of the extraordinarily contentious debate about the tax plan, and that picture featured Louise Linton striking the most nefarious pose imaginable as she sneered at camera while clutching the newly-printed money with one black-gloved hand. But I’m not entirely sure that would be accurate. That is, maybe it is lost on Mnuchin.

    After all, the bad optics surrounding that photo op were apparently lost on him and when Chris Wallace gave him a chance to try and do a bit of damage control, Mnuchin literally said, on national television, that he “takes it as a compliment” when the American public compares him and his wife to “James Bond villains.”


    [​IMG]


    So again, I’m sure the biggest affront to working class families who have taken the time to understand what this tax plan actually means is the fact that by 2027, households bringing in more than $1 million (the top 0.6% of filers) will be getting 81.8% of the benefits.

    But to me (and probably to anyone else who doesn’t expect to be absolutely fucked by this plan but who nevertheless does not enjoy having their intelligence insulted), the biggest affront is the sheer brazen disregard for decorum. It reminds me of a bumper sticker I once saw while driving through the backcountry in Georgia (don’t ask what I was doing there). Turns out you can order these stickers so I have a screenshot for you:


    [​IMG]


    Apparently, this is common courtesy in the South.

    Well, there hasn’t even been a nod to common courtesy from this administration when it comes to the tax plan. Not only have they gone out of their way to rub how rich they are in everyone’s faces, they’ve also generally eschewed efforts to explain why trickle-down may actually work this time in favor of 450-word one-pagers that, unlike dollar bills, Mnuchin couldn’t even be bothered to put his signature on. In other words, they’re not even putting in the requisite effort to lie about the expected benefits of trickle-down economics.

    And speaking of trickle-down economics, have a look at this chart from Pavlina Tcherneva:


    [​IMG]


    Someone needs to remind Trump and Mnuchin (and the rest of them) that if you’re going to go ahead and supercharge the dynamic illustrated in that chart (which, incidentally, shows that this is not a phenomenon that’s confined to Republican administrations), you’ve at least got to put in an honest effort when it comes to lying to the public (did you catch the oxymoron there?).

    You can’t just trot out the billionaire President in front of an invitation-only crowd and have him say things like “rich people don’t like me” and “this isn’t good for me, believe me.” Especially not when the Treasury Secretary’s wife is poor-shaming people on the ‘Gram and finger fucking actual dollar bills when the ink on her husband’s signature isn’t even dry.

    For now, America is just calling it horse shit. But if Robby Strong decides he really wants to make a difference, he’ll drop off photocopies of the dictionary definition of “Kleptocracy” on the driveways of low income Americans. That’s when things get really interesting.

    https://dealbreaker.com/2017/12/heisenberg-mnuchin-horses-tax-plan/
     
  3. nickndfl

    nickndfl Midas Member Midas Member Site Supporter ++

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    Many of the people who make < $40k will not receive a huge deduction. Why is that? Because they don't pay that much in taxes, if any anyway. I don't see a problem of making people pay less than they have been and in fact believe everybody should pay at least something so they have a stake in government.

    I have been giving one paycheck every quarter for years to the Treasury to cover taxes in addition to the regular payroll taxes I pay. How many wage slaves out there can give up one entire check every 3 months and still pay at the end of the year despite the fact they pay every 2 weeks too? Can they even do it? Yes, we small business owners have been taxed into oblivion. Now it's time for redemption.
     
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  4. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    From the I shit you not file...............

    It got us tax cuts! The White House defends President Trump's golf's diplomacy, insisting it helps him develop 'deeper and better relationships with members of Congress'
    • Press Secretary Sarah Huckabee Sanders was asked what President Trump has accomplished for the American people during his time on the golf course
    • The spokeswoman said golf has helped Trump develop 'deeper and better relationships with members of Congress'
    • The White House often won't confirm if the president is golfing, even if he's at a Trump golf property, nor will they name his partners
    • Reporters have pushed for greater transparency as the president marked his 91st trip to a golf club on Monday
    • Huckabee Sanders said the tax bill's passage was aided by his golf game, though pool reports indicate the president has only played with a handful of lawmakers


    Read more: http://www.dailymail.co.uk/news/article-5230051/White-House-says-Trumps-golf-game-got-tax-cuts-passed.html#ixzz5386PxNPT
    Follow us: @MailOnline on Twitter | DailyMail on Facebook
     
  5. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Republicans passed their tax bill. Now they're spending $10 million to promote it.

    The Washington Post
    Mike DeBonis
    6 hrs ago

    Two weeks ago, Republicans passed their massive rewrite of the federal tax code. Now a GOP group is spending millions to convince voters they will benefit from it.

    The American Action Network, a nonprofit group with close ties to Republican congressional leaders, is launching a $2 million round of TV ads promoting the tax bill Wednesday, the first salvo in a $10 million campaign to give key House Republicans a boost going into November’s midterm elections.

    The ads, running in 23 districts, feature a couple sitting on their couch extolling the benefits of the bill — “will save a typical family more than $2,000”; “helps create jobs and boost middle-class income” — and thanking the local lawmakers for their votes.

    So far, the public is not sold. Several public polls released last month, including surveys from CNN and the Wall Street Journal/NBC News show that pluralities of Americans oppose the GOP tax bill, citing its benefits for corporations and the wealthy. Many Americans, the polls show, believe they will see a tax hike under the bill — not a tax cut.

    The centerpiece of the $1.5 trillion bill is a dramatic cut in the corporate tax rate from 35 percent to 21 percent. Many business owners, meanwhile, will be entitled to a new 20 percent deduction on their business income, and wealthy Americans will see more of their assets sheltered from the federal estate tax. Wage earners see comparatively scant benefits — a larger standard deduction and child tax credit, as well as modestly lower income-tax rates, all of which will expire after 2025.

    Democrats have been eagerly pointing to the outsize benefits for corporations and top earners, but Republican leaders believe that the public will warm to the bill once they see the benefits. For instance, employers are expected to start withholding less income tax from employee paychecks starting in February. “If we can’t sell this to the American people we ought to go into another line of work,” Senate Majority Leader Mitch McConnell (R-Ky.) said after the Senate vote.

    But sell it they must, said Corry Bliss, who runs the American Action Network and its affiliated super PAC, the Congressional Leadership Fund. Amid major head winds for Republican candidates this year, his theory for doing so is simple: Lawmakers must make the case to voters that they have made a difference in everyday lives, and “grand economic theory” about boosting economic growth won’t get it done.

    “It has to be connected to the individual,” he said Tuesday. “People care about themselves and their family, and they will reward people who are looking out for them and they will punish people who are not looking out for them.”

    Bliss, whose super PAC is expected to raise more than $100 million for GOP House candidates, warned that outside groups alone won’t be able to sell the tax bill to the public.

    “Every member of the Republican Party has an obligation to now sell this bill,” he said. “At the American Action Network, we’re going to spend at least 10 million dollars over the next two months to begin the process of educating the American voters on why this bill benefits them, but the entire party has to do this. And we have to do this for the entire year. This is just the very beginning of this project.”

    http://www.msn.com/en-us/news/polit...to-promote-it/ar-BBHO08f?li=BBnb7Kz&ocid=iehp
     
  6. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  7. Ensoniq

    Ensoniq Midas Member Midas Member Site Supporter ++

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  8. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

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    bring it on, I got places to be...........
     
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  9. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    California Democrats Propose Business Tax Hike To Mitigate Tax Cut's Impact
    [​IMG]
    by Tyler Durden
    Sun, 01/21/2018 - 14:31


    The Trump tax plan is going to hammer taxpayers and small businesses in states like California and New York where curbs on so-called SALT deductions and mortgage interest deductions will likely lead to a net tax increase for many.

    To try and mitigate - or even negate - its impact, New York Gov. Andrew Cuomo, California Gov. Jerry Brown and a handful of other governors have mused about workarounds that would help compensate taxpayers in the state for the changes.

    Taking this one step further, Assemblymen Kevin McCarty of Sacramento and Phil Ting of San Francisco introduced Assembly Constitutional Amendment 22 Thursday, an amendment that would raise corporate taxes on California companies with revenues higher than $1 million. The increase would be for an amount equivalent to half what they received from the federal tax cut, according to the Los Angeles Times.

    "I’ve seen enough billionaire justice in the first 11 months of this presidency to last my lifetime," McCarty said in a statement. "At a time when reckless federal tax policy favors billionaires over middle-class workers, ACA 22 will help ensure that California can continue to grow and support middle-class families throughout the state."

    But with several high-profile state lawmakers recently felled by sexual harassment scandals, Democrats in the state assembly no longer hold a super majority.

    Here's the San Francisco Chronicle:

    ...Two Assembly Democrats, Matt Dababneh of Encino (Los Angeles County), and Raul Bocanegra of San Fernando Valley (Los Angeles County) amid sexual misconduct allegations. Another Assembly Democrat, Sebastian Ridley-Thomas of Los Angeles, resigned citing health issues. In the Senate, Democrat Tony Mendoza of Artesia (Los Angeles County) is taking a leave of absence pending an investigation into sexual misconduct allegations.

    Because of this, McCarty and Ting are facing an uphill battle: The amendment would require a supermajority to pass. Then - assuming Gov. Jerry Brown signs the amendment - it would then need to be confirmed by voters in the fall.

    But in a state like California, this definitely isn't something to rule out entirely.

    https://www.zerohedge.com/news/2018...se-business-tax-hike-mitigate-tax-cuts-impact
     
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  10. Ensoniq

    Ensoniq Midas Member Midas Member Site Supporter ++

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    image.jpeg
     
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  11. Buck

    Buck Gold Member Gold Chaser

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    and all those business' who can't afford the extra tax go bye bye
    and there go the service jobs

    LOL:belly laugh:
     
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  12. Buck

    Buck Gold Member Gold Chaser

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    but the illegals can stay




    but for what?

    LOL:belly laugh:
     
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  13. Joe King

    Joe King Gold Member Gold Chaser

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    All they needs to do is to allow for fed taxes to be a deductible on the State tax people pay.

    There. I solved their problem for them.
     
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