That graph also excludes payroll tax, the one tax you could cut that would put money into the hands of the poor and middle class, who would spend it and thus increase demand for products and services, resulting in more economic growth.
This is a lie. Tax cuts have decreased revenue every time they have been implemented after the Kennedy tax cuts. The Kennedy cuts merely resulted in flat revenue rather than a decrease. Here is revenues after the Reagan cuts (inflation adjusted). Note revenues didn't really start going up again until the Reagan tax increases kicked in... Here is revenues after the Bush cuts (also inflation adjusted). Revenues went down for three consecutive years after those cuts...
I thought so, but then you posted another apparently sarcastic post below that one and I just wanted to make sure the facts were seen along with the lies.
GOP tax plan is out: https://www.washingtonpost.com/busi...6d061d56efa_story.html?utm_term=.a4b0530ec07b 20% corporate tax, deductions to be eliminated not yet identified. Easier to repatriate cash. Some candy in there for home owners, etc. Again not a bipartisan deal, and they're looking to parliamentarian tricks to be able to pass this without Dem cooperation.
We are WORRIED about the nation's debt! We will HELP everyone with emergency rebuilds, on coasts and islands! Oh, and we NEED to create a lot more debt, given the chance, w huge tax cuts! Loud noises!!
Oh and we have tens of millions of boomers going to start drawing entitlements in mass ....... TAX CUTS!!!111!!!1
Mr. trump wants to get rid of the estate tax before he's thrown out of... uh, before the end of his time in office. That, and huge tax cuts might make him feel that his misery with being completely over his head in the White House (when he is there), along with having a near total lack of knowledge about history, when he has a job that demands knowing history, and then there is the constant humiliation he receives, well deserved. Yeah, I think Mr. trump wants his money. That's really all he's ever wanted. That, and leaving his kids a pile, just like Daddy left him. He wants to make sure he gets his. I honestly think he doesn't give a damn about healthcare, or infrastructure, or the Republican Party, or all the idiots who still sing his praises. Mr. trump doesn't give a good god damn about any of that. Not in my opinion. The man makes noise, he lies, and he cheats. That's Little Man trump.
yip too, altho he claims that the tax cuts are for working folks and bad for him, millionaires/ billionaire will benefits the most, as his proposal does include the end of "carried interest", a most generous tax loophole tailored for the wealthy---particularly those in real estate
tax relief is always good no matter who gets what. the middle-class and poor get relief they deserve keeping more of their own earned rightful money. the rich don't get free unearned money. again, just get to keep more of their own money even if they don't need it but that's not the government or anyone's business.
Obviously you didn't even read the plan. Taxes are increasing for lower income earners, single parents, and families with multiple children. That's not liberal bias... that's just a fact of the "proposed bill". Go read it before you spread false information. Also please show me what economic growth the middle class got from the Bush Tax Cuts? There is a lot to discuss with this proposal but luckily it's a moot point because this will never pass. At least I'd hope the deficit hawks that couldn't shut up about the deficit for 8 years who have something to say about a proposal that would cost trillions for rich people to incorporate themselves to get down to 20% and be able to make their spoiled kids that much more rich by not paying a dime when daddy transfers his fortune to his kids.
Except that much of the time, "tax relief" consists of cutting the taxes paid by the wealthy and (either at the same time or down the road) raising that taxes paid by the middle class and poor.
I just think it's a poor time to do tax cuts with an aging population, major ongoing military engagements, and aging infrastructure. Lastly, the wealthy do not need a single penny cut. Corporations are still sitting on trillions on cash (buying back shares), money is still cheap to borrow, and they have made the most of the wealth gains in the 21st century. We need to focus on demand over supply.
Aside from the accuracy of your characterization of this tax reform, which I will leave to others, my big stumbling block is that I have not been presented the case for why our taxes are a problem in the first place. I've heard my whole life the economic argument -- taxes create a dead weight loss for business, raising the hurdle on what is a profitable venture -- and the 'moral' argument -- that money belongs to the people that 'earned' it --but I'm not really understanding the practical argument. We have a government that does lots of things and costs lots of money. It must be funded, so we levy taxes. In tax reform, we're just shifting around the burdens of how much each entity pays. What is 'always good' about shifting your current funding burden to someone else?
from what i read everyone is getting a massive/double standard/marriage/child exemptions. that is right in the middle class and poor wheelhouse who rely on those more so than the wealthy who really utilize a different set credits/deductions. So that's great for middle/poor class who really need those. also rewards larger families(huge for minorities) who also struggle the most. Regarding the lowest bracket being eliminated, I'm not sure that lower bracket was ever needed. I'm for consolidating brackets and they've done that. And don't forget the 10% bracket was EVERYONE's first bracket and now the wealthy lose that 10% too! So in reality only those who stay in 10% bracket are impacted but as I mentioned, massive increases in standard/child/marriage credits which more than offset. Point is those that stay in 10% are not paying any taxes at all more than likely this plan likely creates an even larger net for 0% taxes than currently exists. Not sure you're aware but individual income tax is only ~47% of government revenue. Also, just like us they are responsible for living within their means which they don't. Wasteful spending shouldn't be rewarded with more money.
