No.
Republican Rewrite of US Taxcode
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floridays
Well-Known Member
dope smoking, was just a poke at the laid back lifestyle designation, I've known many laid back scofflaws.
Oh. No. My laid back is youth sports and driving junky vehicles.
BrownArmy
Well-Known Member
Paul Ryan is a lying liar when he calls this middle-class tax relief.
I like how the corporate tax cuts are permanent, but the cuts for the middle class 'sunset'.
Just like the Bush tax-cuts that had a sunset, no Republican ten years from now is going to actually let those cuts sunset, in which case this is a cynical 'grab-and-run'...the $1.5T added to the deficit under current rules will balloon to twice that number.
In either case, 80-90% of these tax cuts go to corporations and the 2-3%ers.
There's literally no way to call this a 'middle-class' tax cut with a straight face.
Families making less than $75K and $150K will subsidize massive tax cuts for everyone above them, for literally no good reason.
In a pointed bit of irony, this nonsense is being rammed through so quickly, but it's going to have almost the reverse effect that Trump desires (trade deficit will get larger, workers will lose jobs, etc...).
I like how the corporate tax cuts are permanent, but the cuts for the middle class 'sunset'.
Just like the Bush tax-cuts that had a sunset, no Republican ten years from now is going to actually let those cuts sunset, in which case this is a cynical 'grab-and-run'...the $1.5T added to the deficit under current rules will balloon to twice that number.
In either case, 80-90% of these tax cuts go to corporations and the 2-3%ers.
There's literally no way to call this a 'middle-class' tax cut with a straight face.
Families making less than $75K and $150K will subsidize massive tax cuts for everyone above them, for literally no good reason.
In a pointed bit of irony, this nonsense is being rammed through so quickly, but it's going to have almost the reverse effect that Trump desires (trade deficit will get larger, workers will lose jobs, etc...).
Now imagine the top corporations, the multinationals. Think they intend to squeeze a good portion of that money from every smaller corporation they do business with?
floridays
Well-Known Member
It is a huge excrement sandwich.
BrownArmy
Well-Known Member
Part of me hopes it passes, and everyone will realize what a fiction it is when they get reamed.
Trump voters and blue-staters will be the losers.
We tried this with Reagan, and with Bush JR., and it didn't work.
Why people think 'trickle-down' can work is a mystery to me.
Trump voters and blue-staters will be the losers.
We tried this with Reagan, and with Bush JR., and it didn't work.
Why people think 'trickle-down' can work is a mystery to me.
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floridays
Well-Known Member
You won't read this, but here's a submission for your education.
Trickle Down and Tax Cuts
By Walter E.Williams
October 3, 2012 5 Min Read
A- A+
Dr. Thomas Sowell's "'Trickle Down Theory' and 'Tax Cuts for the Rich'" has just been published by the Hoover Institution. Having read this short paper, the conclusion you must reach is that the term "trickle down theory" is simply a tool of charlatans and political hustlers.
Sowell states that "no such theory has been found in even the most voluminous and learned histories of economic theories." That's from a scholar who has published extensively in the history of economic thought. Several years ago, Sowell, in his syndicated column, challenged anyone to name an economist from any economic school of thought who had actually advocated a "trickle down" theory. To date, no one has quoted any economist who ever advocated such a theory. Trickle down is a nonexistent theory. Those who use it simply argue against a caricature rather than confront an argument actually made.
President Barack Obama recently criticized Mitt Romney and Paul Ryan for trying to sell a tax plan, which he called "trickledown snake oil." Criticizing tax cuts as trickle down is a way not to confront the argument; however, there's empirical evidence about the effects of tax cuts. Sowell shows that during the Warren Harding administration, in 1921, Secretary of the Treasury Andrew Mellon advocated tax rate cuts, which were enacted into law by Congress. Afterward, there was rising output; unemployment plummeted; and the resulting higher income produced greater federal tax revenues, even though the tax rate had been lowered. There were somewhat similar results in later years after high tax rates were cut during the John friend. Kennedy, Ronald Reagan and George W. Bush administrations.
The facts about the 1920s tax rate cuts are unmistakably clear for those who bother to check the facts. In 1921, when the tax rate on people earning more than $100,000 a year was 73 percent, the federal government collected a little more than $700 million in income taxes, of which 30 percent was paid by those earning more than $100,000. By 1929, after the tax rate had been cut to 24 percent on incomes higher than $100,000, the federal government collected more than $1 billion in income taxes, of which 65 percent was collected from those with incomes higher than $100,000.
In 1962, Democratic President John friend. Kennedy pointed out that "it is a paradoxical truth that tax rates are too high today and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now." Both Presidents Ronald Reagan and George W. Bush made similar arguments, and the tax rate cuts had the effect of stimulating economic growth while increasing federal tax revenue and shifting a greater percentage of the tax burden on to wealthier individuals.
One very insightful part of Sowell's paper is the discussion about what Mellon called the "gesture of taxing the rich" — namely, tax-exempt securities that he tried unsuccessfully to put an end to. Tax-exempt securities and other tax breaks are valuable tools in the politics of class warfare and envy. Politicians have it both ways. They get votes by raising taxes on the wealthy — or threatening to do so — and at the same time provide the wealthy with a way out of high taxes through tax-exempt securities. This explains how President Obama can raise tens of millions of dollars in campaign contributions from Hollywood millionaires and Wall Street's rich and powerful. "Tax cuts for the rich" demagoguery is simply the height of deceit perpetrated on the gullible people and useful idiots.
You can bet that the White House has people reading every bit of the news, including this column and Dr. Sowell's article. You can bet some people in the news media will read it, as well. Despite the facts that Sowell has marshaled, they will continue to use trickle down theory and "tax cuts for the rich" demagoguery, even though they now have hard evidence to the contrary, because they can count on widespread gullibility and inability to do critical thinking.
Walter E. Williams is a professor of economics at George Mason University. To find out more about Walter E. Williams and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate Web page at www.creators.com.
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BrownArmy
Well-Known Member
I did read it, and, hot dog, I think we're in agreement.
What were you trying to educate me on?
The fact the 'trickle-down/voodoo' economics don't work?
I said that.
Possibly the only time Mssr. Sowell and I are in agreement.
bottomups
Bad Moon Risen'
It will be fine
Well-Known Member
TLDR: trickle down works. Lol
floridays
Well-Known Member
You obviously didn't read it.
floridays
Well-Known Member
Tldr is one reason you will remain uneducated. Boy, you sure showed me.
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floridays
Well-Known Member
Finally someone (thing) with bigger balls than hillary.Go scratch your balls.
BrownArmy
Well-Known Member
From your post:
"Sowell states that "no such theory has been found in even the most voluminous and learned histories of economic theories." That's from a scholar who has published extensively in the history of economic thought. Several years ago, Sowell, in his syndicated column, challenged anyone to name an economist from any economic school of thought who had actually advocated a "trickle down" theory. To date, no one has quoted any economist who ever advocated such a theory. Trickle down is a nonexistent theory. Those who use it simply argue against a caricature rather than confront an argument actually made."
"Despite the facts that Sowell has marshaled, they will continue to use trickle down theory and "tax cuts for the rich" demagoguery, even though they now have hard evidence to the contrary, because they can count on widespread gullibility and inability to do critical thinking..."
Maybe you're the one who didn't read it.
bottomups
Bad Moon Risen'
floridays
Well-Known Member
You said had, have I missed something?At least she had balls.
It will be fine
Well-Known Member
It says lower tax rates create greater tax revenue. That's trickle down and it doesn't work, never has.
It might create more revenue but it certainly does not pay for itself or even hint at reducing the debt.
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