What's incredible to me is that the yahoos here who still trumpet how great trump and his policies are will simply ignore the truth and parrot whatever crap comes from Fox and fringe sources online. They are getting screwed over themselves, as is the country, unless they are very wealthy. Based on their post history, that is extremely unlikely. Yet they either pretend that they don't know what is happening, or are more dense than a chunk of uranium.
You know what the republicans are going to blame this on Entitlements and not their rich donor friends. It is sick,
My in-laws are visiting... and my MIL who is simply parrots what she hears is trying to convince my wife that all the Democrats want to do is set taxes at 70%. And turn our government socialists.
The idea that that is what Democrats want to do is utterly ridiculous, but "they" buy the lies from Fox, hook, line, and sinker. The most prominent "do or die for trump, no matter what" fellows here also inhabit what I consider the fringe sites, but Fox, especially the evening talking heads, are bad enough, pumping out lies and slanted material like there's no tomorrow. I watch enough to keep up with what Fox is doing. Know thy enemy, although in this case, it's the enemy of the country. Your post brings to mind a tax cut I'm old enough to have been around at the time, being able to recall the tax cut and experience the impact. The difference between what trump, and yes, what Reagan did, is astonishing, although I don't want to get off on a tangent about Reagan and his policies. Today's GOP, as you are well aware, has for all practical purposes little to no resemblance to the GOP of the early to late '80's of Reagan's era. This makes for an interesting contrast. Read it, and then weep at the madness trump has uncorked in comparison, and remember - this was a Democratic bill, instigated by one Democratic president, and passed under another Democratic president by a Congress with a Democratic majority. This bill, proposed by Jack Kennedy, is sometimes used by more recent Republicans as justification for the enormous tax cuts they have pushed through time and again, although they are almost nothing alike. Proposed by Kennedy in January,1963. Passed under the leadership of Lyndon Johnson and signed into law in February of 1964, after Jack Kennedy's murder. Revenue Act of 1964 The United States Revenue Act of 1964 (Pub.L. 88–272), also known as the Tax Reduction Act, was a tax cut act proposed by President John F. Kennedy, passed by the 88th United States Congress, and signed into law by President Lyndon B. Johnson. The act became law on February 26, 1964. Kennedy proposed the bill on the advice of Keynesian economist Walter Heller, who believed that temporary deficit spending would boost economic growth. The act was initially blocked by conservatives like Senator Harry F. Byrd, but Lyndon Johnson was able to guide it through Congress after the assassination of Kennedy in November 1963. The act cut federal income taxes by approximately twenty percent across the board, and the top federal income tax rate fell from 91 percent to 70 percent. The act also reduced the corporate tax from 52 percent to 48 percent and created a minimum standard deduction. Summary of provisions The Office of Tax Analysis of the United States Department of the Treasury summarized the tax changes as follows:[1] reduced top marginal rate (on income over $100,000, roughly $770,000 in 2015 dollars, for individuals; and over $180,000; roughly $1,380,000 in 2015 dollars, for heads of households) from 91% to 70% reduced corporate tax rate from 52% to 48% phased-in acceleration of corporate estimated tax payments (through 1970) created minimum standard deduction of $300 + $100/exemption (total $1,000 max) Passage On the advice of Walter Heller, the Chairman of the Council of Economic Advisers, President John F. Kennedy proposed a tax cut designed to help spur economic growth.[2] Kennedy believed that the tax cut would stimulate consumer demand, which in turn would lead to higher economic growth, lower unemployment, and increased federal revenues.[3] Kennedy's support for a tax cut reflected his conversion to Keynesian economics, which favored temporary deficit spending in order to boost economic growth.[4] In January 1963, Kennedy presented Congress with a tax proposal that would reduce the top marginal tax rate from 91 percent to 65 percent, and lower the corporate tax rate from 52 percent to 47 percent; in total, the cut was projected to decrease income taxes by about $10 billion and corporate taxes by about $3.5 billion. The plan also included reforms designed to reduce the impact of itemized deductions, as well as provisions to help the elderly and handicapped.[5] Conservatives revolted at giving Kennedy a key legislative victory before the election of 1964 and blocked the bill in Congress.[6] Lyndon B. Johnson succeeded Kennedy as president after the latter was assassinated in November 1963. After agreed to decrease the total federal budget to under $100 billion, powerful conservative Senator Harry F. Byrd dropped his opposition to a tax cut, clearing the way for its passage as the Revenue Act of 1964.[7] Johnson signed the bill into law on February 26, 1964.[8] Passage of the long-stalled tax cut facilitated efforts to move ahead on the Civil Rights Act of 1964.[9] Impact The stated goals of the tax cuts were to raise personal incomes, increase consumption, and increase capital investments. Evidence shows that these goals were exceeded by large degree with the combination of tax cuts and domestic spending programs President Johnson advocated, such as Medicare.[10] Unemployment fell from 5.2% in 1964 to 4.5% in 1965, and fell to 3.8% in 1966.[10] [11] Initial estimates predicted a loss of revenue as a result of the tax cuts, however, tax revenue increased in 1964 and 1965.[10][12] https://en.wikipedia.org/wiki/Revenue_Act_of_1964#Impact
Another quote from Jack Kennedy for the trump supporters here to chew on. JFK, the Democratic President the GOP loves portray as a Democrat who was a "tax cutter" similar to Reagan, and presumably Mr trump, of the kind that supposedly the Democratic Party has left behind. The idea that Jack Kennedy was anything remotely like today's Republican Party, or the GOP of Ronald Reagan, is absurd. Kennedy, who wanted to cut the top marginal tax rate from 91 percent to a "more sensible" 65 percent top rate. A rate that would make today's Republican Party apocalyptic. Here's a quote from his first address as President. "If a free society cannot help the many who are poor, it cannot save the few who are rich." - John F. Kennedy That, folks, is a Democrat.
w all due respect, Deckard, that's just piecemeal info, cherry-picking you need to factor in all of JFK's econ policies from his inaugural to his assassination to get the big picture Between 1961 and 1963, Kennedy added $23 billion to the national debt. It was a moderate 8 % increase to the $289 billion debt level from the end of Eisenhower's last budget. His deficit spending ended the recession and contributed to an expansion that lasted until 1970. It didn't add much to the U.S. debt when compared to other presidents, such as Reagan, W, and Obama in 1962, when the highest tax rates was 91%, JFK began work to lower it to a measely 65% https://www.thebalance.com/president-john-f-kennedy-s-economic-policies-3305560
Breaking: The U.S. deficit will soar to $1 trillion by next year, two years sooner than estimated, CBO says. U.S. budget gap set to top $1 trillion in 2020, two years sooner than expected The U.S. budget deficit will expand faster than thought after recent legislation that raised spending levels, according to the Congressional Budget Office. latimes.com
I won't be surprised if Trump goes in on cutting payroll taxes. It would benefit working middle class Americans. The House Dems will refuse because they don't want to do anything to delay the recession. Then Trump can accuse them of hurting the middle class because they all so hell-bent on causing a recession to get an electoral victory in 2020.
Won't work for him. A payroll tax cut is a great recession fighting tax cut, but you'd have to raise taxes on the wealthy to offset them. If not for Trump's already existing tax cut, there would be some great tax cut policies available, but alas... Best strategy will be that infrastructure he said was crumbling...
So I bet this will shock people... trump (via his economics adviser, promising another tax cut... timed to help his campaign...
A weakness of the US system with Presidential elections every four years and having such a competitive two party system is the lack of focus on the long term. Most (almost all) politicians are not willing to sacrifice short term prosperity for long term growth and that is because those same politicians know that the US people will not re-elect them. The economic and political issues with China should have been addressed starting 20 years ago. I do not believe that President Trump has handled this the proper way but at least he has admitted it is a problem and tried to address it. Not shocking.
Why not get rid of federal income tax? I mean wouldn't that be great? Who need these federal agencies and defense spending anyway? Or we can just borrow up to couple hundred quadrillions, the Japanese, Chinese, whomever will surely lend the money to us right?
