Jump to content
Washington Football Team Logo
Extremeskins

Tax Bill


LadySkinsFan

Recommended Posts

This is the game they play.  Throw the crumbs, let the masses squabble over them, meanwhile the wealthy just got a more wealthy and percentage-wise, their revenue, benefits, and wealth just went up a hell of a lot more. 

 

Simple math says this tax bill doesn't work in the long run.  I don't think most Dems ever said no one would see a tax cut in the middle class, it was more a philosophical question about what the trade off was for making that happen. Contrast that with the GOP who is banking on the masses not being able to see the forest through the trees and instead scream to the rooftops "I GOT $50 MORE ON MY CHECK!!!" That is how the scam works every time with trickle down economics. 

 

You already see Paul Ryan pressing immediately for entitlement reform. Why? Well for one, he is an Ayn Rand disciple, but also because continuing to give these massive cuts to the wealthiest Americans means the benefits and programs for everyone else need to be cut or go away completely in order to balance the books.  

Edited by NoCalMike
  • Like 2
  • Thanks 1
Link to comment
Share on other sites

17 minutes ago, MartinC said:

 

That rather depends what happens to inflation. 

 

A combination of large tax cuts and increased public spending in an already hot economy with a very tight labor market (unemployment now at 4%) is, to say the least, not a conventional approach!

 

If inflation kicks in and prices start to rise those relatively small tax gains for lower and middle earners will soon get eaten up. 

 

And if there was no tax cut and inflation kicked in?

But we didn't have that worry with the recovery ,right?

 

Link to comment
Share on other sites

13 minutes ago, twa said:

 

And if there was no tax cut and inflation kicked in?

But we didn't have that worry with the recovery ,right?

 

 

Without a tax cut AND big increases in public spending there would be far less chance that inflation would kick in. And no during the recovery we didn't have that worry because there was slack in the economy - higher unemployment and excess manufacturing capacity.

 

Conventional macroeconomics encourages increased public spending and tax cuts in a recession - but not when you pretty much have full employment and not much slack in terms of increased domestic manufacturing capacity.

 

In other (related) news the US trade deficit rose by 12% in 2017. MAGA and all that ...

 

https://www.marke****ch.com/story/us-trade-deficit-in-trumps-first-year-soars-to-9-year-high-of-566-billion-2018-02-06

  • Like 1
Link to comment
Share on other sites

15 minutes ago, MartinC said:

 

Without a tax cut AND big increases in public spending there would be far less chance that inflation would kick in.

 

So you are saying we should have passed the House spending bill that the Dems in the senate wouldn't pass?

I agree that would have been less risky and far lower impact on deficit.

Link to comment
Share on other sites

https://www.washingtonpost.com/news/politics/wp/2018/02/12/white-house-budget-proposes-increase-to-defense-spending-and-major-cuts-to-safety-net-programs-but-federal-deficit-would-remain/?hpid=hp_no-name_no-name%3Apage%2Fbreaking-news-bar&utm_term=.b30e199ff03b

 

Quote

[White House Budget] also calls for major spending reductions in Medicare, Medicaid, food stamps and other social programs, reductions that have long been targeted by conservatives.

 

But even with these reductions, which combine for more than $3 trillion in cuts over 10 years, it would not bring the budget into balance because of tax revenue lost to the recent tax cut and higher spending on other programs.

 

Hmm, so 1.5 trillion in tax cuts over 10 years, vast majority of which goes to the top earners and corporations.  3 trillion in spending cuts over 10 years, which are paid for by cuts to social programs (cuts to social programs would actually be more than 3 trillion because we have net spending cuts after factoring in defense spending increase).   And still no balanced budget.

 

Yeah, GOP still has some ways to go before they can turn this tax bill into a positive.   

  • Like 2
Link to comment
Share on other sites

5 minutes ago, bearrock said:

https://www.washingtonpost.com/news/politics/wp/2018/02/12/white-house-budget-proposes-increase-to-defense-spending-and-major-cuts-to-safety-net-programs-but-federal-deficit-would-remain/?hpid=hp_no-name_no-name%3Apage%2Fbreaking-news-bar&utm_term=.b30e199ff03b

 

 

Hmm, so 1.5 trillion in tax cuts over 10 years, vast majority of which goes to the top earners and corporations.  3 trillion in spending cuts over 10 years, which are paid for by cuts to social programs (cuts to social programs would actually be more than 3 trillion because we have net spending cuts after factoring in defense spending increase).   And still no balanced budget.

 

Yeah, GOP still has some ways to go before they can turn this tax bill into a positive.   

 

But my paycheck went up $25/month!

  • Haha 2
Link to comment
Share on other sites

19 minutes ago, twa said:

 

So you are saying we should have passed the House spending bill that the Dems in the senate wouldn't pass?

I agree that would have been less risky and far lower impact on deficit.

 

I think both sides are playing politics rather than doing their jobs and thinking about appropriate economic strategy for the current position of the US economy. Its less an economic strategy we have and more a round of horse trading about who gets funding for whatever special interest they have.

 

Now the GOP have majorities in both Houses and the White House. Its incumbent on them to bring forward sensible economic policy which can be debated and negotiated with the Dems working for changes they might want to secure votes needed to pass. So horse trading is built into the process, but its the GOP right now who define from where that starts.

 

For a party that supposed to be about fiscal responsibility, small Government and reducing the deficit the plans they brought forward were bizzare (unless you view them as a kick back to large corporate donors and sound bites to sell to their base as we approach the 2018 midterms of course ...)

  • Thanks 1
Link to comment
Share on other sites

The GOP is putting into place their plan.  Tax cuts and gov't spending cuts (besides Military, which usually gets increased).  Bleed the gov't of revenue and then turn around and start gutting. 

 

The GOP plan is an easy sell on the surface.  "Keep more of your money, shrink the bloated Gov't"  It's extremely easy for the common man to be on board with that message in theory, which is why people tend to fall for it over and over.  It's once you get into the details of what is being cut and/or how the gov't programs intertwine in every day life often out of necessity when the issue becomes much more gray. 

  • Thanks 2
Link to comment
Share on other sites

6 minutes ago, The Evil Genius said:

Again, all one has to do is look at Kansas. That's exactly the GOP economics game plan.

 

I've never really thought that as a country we were in trouble. That's changed in the last two months. Between this insane fiscal policy, the pending trade wars, the ****ing over the poor and middle class and the gutting of regulations and consumer protections I think we are in serious long term trouble as a country. Throw in there the mess with immigration including attempts to slash legal immigration...I've never seen us move in such a wrong/dumb direction. 

  • Thanks 1
  • Sad 1
Link to comment
Share on other sites

Speaking of taxes...getting crazy fed and state refund this year. Both incredibly grateful and mad (at myself for poor withholdings).

 

I can take solace that this will be the last refund I see in many years with the new 10k limit in SALT deductions. ?

 

Had a little over 2x that amount in 2017 SALT deductions.

Edited by The Evil Genius
Link to comment
Share on other sites

Here we go. Trumps 2019 budget expected to include $1.7 trillion dollars of entitlement cuts (including medicare).

 

http://www.redskins.com/news/article-1/Still-Rehabbing-Chris-Thompson-Optimistic-Hell-Return-To-Last-Years-Form/2fba23d3-26eb-43d0-a195-285fdb8616ec

 

Meanwhile the amount spent by corporations who benefit from the massive corporate tax cuts is massively going on share buy backs not extra money to employees - just as anyone who was half awake and being remotely realistic knew would be the case. Also look for a big spike in M&A activity as companies use funds they are bringing back into the US not to invest in new ideas or plant but to buy competitors or vehicles to enter new markets. M&A activity tends to cost jobs not grow them and it can make balance sheets look better but does little to boost GDP.

  • Thanks 1
Link to comment
Share on other sites

1 hour ago, MartinC said:

Here we go. Trumps 2019 budget expected to include $1.7 trillion dollars of entitlement cuts (including medicare).

 

http://www.redskins.com/news/article-1/Still-Rehabbing-Chris-Thompson-Optimistic-Hell-Return-To-Last-Years-Form/2fba23d3-26eb-43d0-a195-285fdb8616ec

 

Meanwhile the amount spent by corporations who benefit from the massive corporate tax cuts is massively going on share buy backs not extra money to employees - just as anyone who was half awake and being remotely realistic knew would be the case. Also look for a big spike in M&A activity as companies use funds they are bringing back into the US not to invest in new ideas or plant but to buy competitors or vehicles to enter new markets. M&A activity tends to cost jobs not grow them and it can make balance sheets look better but does little to boost GDP.

 

I'm not sure that was the link you meant to put in this post. 

Edited by Hersh
Link to comment
Share on other sites

8 minutes ago, Hersh said:

 

I'm not sure that was the link you meant to put in this post. 

Good spot! (Though that story IS more uplifting). Try this one.

 

https://www.cnbc.com/2018/02/12/trump-budget-calls-for-renewed-effort-to-gut-obamacare.html

 

https://www.cnbc.com/2018/02/12/trump-budget-will-call-for-2-percent-reductions-in-discretionary-spending-after-2019.html

 

 

Link to comment
Share on other sites

1 hour ago, MartinC said:

 

Do you think Trump even knows what's in the budget? I don't think he has any idea other than what he gets for the wall. 

  • Like 1
Link to comment
Share on other sites

20 minutes ago, Hersh said:

 

Do you think Trump even knows what's in the budget? I don't think he has any idea other than what he gets for the wall. 

 

I doubt he has any idea (or interest) about the detail - at best he’s read a one page summary, or more likely had someone read it to him.

  • Like 3
Link to comment
Share on other sites

11 hours ago, MartinC said:

 

I doubt he has any idea (or interest) about the detail - at best he’s read a one page summary, or more likely had someone read it to him.

 

Or Kelly and Kellyanne just acted it out for him with shadow puppets............

  • Like 1
  • Haha 2
Link to comment
Share on other sites

12 hours ago, MartinC said:

 

I doubt he has any idea (or interest) about the detail - at best he’s read a one page summary, or more likely had someone read it to him.

I suspect he has inkling of all the pork being sliced off just for him. The rest of it... he doesn't give a damn about.

  • Like 2
Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...