Trumps Tax Cut Came Up Very Short Of Promised Benefit

[leftwinger]

That’s somewhere around $5.50 a day!

Wow, life changing!

Time to FILE went from weeks (or more) to 30 minutes for me *typical CA home, mortgage etc." The STD Deduction was made $27.7K MJ or ~$14K single with SALT cap at $10K. It was perfect! No more hunting receipts, copies at Kinkos, spread out over the kitchen table for weeks watching MARCH madness looking thru shoe boxes.....sucked before Trump. Only Trump improved our lives. 2017-2023 filing made easy! MT. Rushmore for the Orange man!

Best part....Coast elites finally had to pay 100% of their six-seven figure State property taxes!

 

[Oddball]

When Donald Trump came into office, he did so in an election that also gave Republicans a four-seat edge in the Senate and a whopping 47-seat advantage in the House. For two years, Republicans had nearly free rein to do whatever they wanted, and what they wanted was a massive tax cut for wealthy Americans and corporations.

Former Speaker of the House Paul Ryan sold the package as a “middle-class tax cut,” but the truth was the bill got rid of medical deductions used by millions of lower-income Americans to make room for massive corporate tax breaks. Ryan and other Republicans predicted that the tax cut would more than pay for itself, generating $1 trillion in economic growth. Trump called it “rocket fuel” for the economy.

The so-called “Tax Cuts and Jobs Act” passed with only Republican votes in the House and Senate, and almost from the beginning, it was clear that the bill was not what they had claimed. More than 60% of the savings went to people at the top of the income ladder. Revenues fell even more than the Congressional Budget Office had predicted before the law passed. Republicans behind the bill were forced to admit that it might never pay off, and Ryan was left bragging about a school secretary who was “pleasantly surprised” by a $1.50 weekly raise.

And now, after six years, the National Bureau of Economic Research has completed the most detailed, in-depth analysis of the results of the Trump tax cut. And what the nonprofit found was what seemed obvious before the bill was passed: It may have stimulated some corporate growth, but it ballooned the debt while producing a fraction of predicted benefits.

Trump’s tax cut came up very short of promised benefits

When Donald Trump came into office, he did so in an election that also gave Republicans a four-seat edge in the Senate and a whopping 47-seat advantage in the House. For two years, Republicans had ...

www.dailykos.com

There is no benefit. Imagine that.

Everybody who pays taxes got a cut in their rates, lying asshole.

 

[jc456]

The $34 trillion debt we have is because of the Reagan, Bush, Trump tax cuts

Tax cuts increase revenues, the demofks con you always.

U.S. sees biggest revenue surge in 44 years despite pandemic

Revenues jumped 18 percent in the fiscal year that just ended, analysts say — the biggest one-year increase since 1977.

www.politico.com

Loading…

www.forbes.com

 

[Oddball]

Time to FILE went from weeks (or more) to 30 minutes for me *typical CA home, mortgage etc." The STD Deduction was made $27.7K MJ or ~$14K single with SALT cap at $10K. It was perfect! No more hunting receipts, copies at Kinkos, spread out over the kitchen table for weeks watching MARCH madness looking thru shoe boxes.....sucked before Trump. Only Trump improved our lives. 2017-2023 filing made easy! MT. Rushmore for the Orange man!

Best part....Coast elites finally had to pay 100% of their six-seven figure State property taxes!

Super rich shitlibs hated losing the mortgage write-off, on their gazillion dollar McMansions in resort towns.

 

[struth]

When Donald Trump came into office, he did so in an election that also gave Republicans a four-seat edge in the Senate and a whopping 47-seat advantage in the House. For two years, Republicans had nearly free rein to do whatever they wanted, and what they wanted was a massive tax cut for wealthy Americans and corporations.

Former Speaker of the House Paul Ryan sold the package as a “middle-class tax cut,” but the truth was the bill got rid of medical deductions used by millions of lower-income Americans to make room for massive corporate tax breaks. Ryan and other Republicans predicted that the tax cut would more than pay for itself, generating $1 trillion in economic growth. Trump called it “rocket fuel” for the economy.

The so-called “Tax Cuts and Jobs Act” passed with only Republican votes in the House and Senate, and almost from the beginning, it was clear that the bill was not what they had claimed. More than 60% of the savings went to people at the top of the income ladder. Revenues fell even more than the Congressional Budget Office had predicted before the law passed. Republicans behind the bill were forced to admit that it might never pay off, and Ryan was left bragging about a school secretary who was “pleasantly surprised” by a $1.50 weekly raise.

And now, after six years, the National Bureau of Economic Research has completed the most detailed, in-depth analysis of the results of the Trump tax cut. And what the nonprofit found was what seemed obvious before the bill was passed: It may have stimulated some corporate growth, but it ballooned the debt while producing a fraction of predicted benefits.

Trump’s tax cut came up very short of promised benefits

When Donald Trump came into office, he did so in an election that also gave Republicans a four-seat edge in the Senate and a whopping 47-seat advantage in the House. For two years, Republicans had ...

www.dailykos.com

There is no benefit. Imagine that.

All eaten up by xidenflation

 

[jc456]

Tax cuts increase revenues, the demofks con you always.

U.S. sees biggest revenue surge in 44 years despite pandemic

Revenues jumped 18 percent in the fiscal year that just ended, analysts say — the biggest one-year increase since 1977.

www.politico.com

Loading…

www.forbes.com

Mr Natural, truth is funny to you. oh well. You couldn't debate a raisin. It would win.

 

[jc456]

All eaten up by xidenflation

Understand the argument, demofks increase spending to offset the revenue coming in. Therefore, they conflict the numbers. tax cuts will always bring in more revenue, undisciplined politicians don't know how not to increase spending.

Loading…

www.forbes.com

Deficits logically followed the Reagan tax cuts, but not because tax revenues declined after the cuts. This is the implied view of McArdle and the Dems. It’s flawed. As supply-siders have correctly pointed out for decades, tax revenues rose substantially in the years after the Reagan tax cuts

To which traditional Republicans and more than a few supply-siders will respond that what happened in concert with the Reagan tax cuts was a surge of spending that brought on deficits. Republicans and supply-siders are right, but yet again for the wrong reasons. So are Democrats who blame Reagan for the spending..

 

[Mr Natural]

Mr Natural, truth is funny to you. oh well. You couldn't debate a raison. It would win.

You could buy a box of raisins per day with your tax cut.

 

[jc456]

You could buy a box of raisins per day with your tax cut.

tax cuts increase revenue. Just a fact. I posted the link. prove me wrong! the fact you didn't proves my point and the raisins are safe.

 

[jc456]

You have to be a total fool to believe those tax cuts helped anybody other than the morbidly rich

how did it help them?

 

[jc456]

Everybody who pays taxes got a cut in their rates, lying asshole.

that cuck has no idea about taxes.

 

[John Edgar Slow Horses]

The facts are Trump/GOP tax reforms raised ALL boats in ALL demographics<snip>

That statement is a fraud. It helped the rich forever and is cut back for the middle and lower classes, so their yachts are sinking again.

 

[jc456]

That statement is a fraud. It helped the rich forever and is cut back for the middle and lower classes, so their yachts are sinking again.

how did it help the rich more than the middle class? funny how you cucks can't explain your rant.

 

[Mr Natural]

tax cuts increase revenue. Just a fact. I posted the link. prove me wrong! the fact you didn't proves my point and the raisins are safe.

Yes!

Because when you go into the boss’s office and ask for a cut in pay, you’ll take home more money.

 

[jc456]

Yes!

Because when you go into the boss’s office and ask for a cut in pay, you’ll take home more money.

Apples and oranges

 

[struth]

Yes!

Because when you go into the boss’s office and ask for a cut in pay, you’ll take home more money.

That maybe the dumbest analogy I’ve read on this board

 

[initforme]

The Uber wealthy and average real Americans cannot win at the same ti.e.

 

[jc456]

The Uber wealthy and average real Americans cannot win at the same ti.e.

Explain

 

[john doe 101]

When Donald Trump came into office, he did so in an election that also gave Republicans a four-seat edge in the Senate and a whopping 47-seat advantage in the House. For two years, Republicans had nearly free rein to do whatever they wanted, and what they wanted was a massive tax cut for wealthy Americans and corporations.

Former Speaker of the House Paul Ryan sold the package as a “middle-class tax cut,” but the truth was the bill got rid of medical deductions used by millions of lower-income Americans to make room for massive corporate tax breaks. Ryan and other Republicans predicted that the tax cut would more than pay for itself, generating $1 trillion in economic growth. Trump called it “rocket fuel” for the economy.

The so-called “Tax Cuts and Jobs Act” passed with only Republican votes in the House and Senate, and almost from the beginning, it was clear that the bill was not what they had claimed. More than 60% of the savings went to people at the top of the income ladder. Revenues fell even more than the Congressional Budget Office had predicted before the law passed. Republicans behind the bill were forced to admit that it might never pay off, and Ryan was left bragging about a school secretary who was “pleasantly surprised” by a $1.50 weekly raise.

And now, after six years, the National Bureau of Economic Research has completed the most detailed, in-depth analysis of the results of the Trump tax cut. And what the nonprofit found was what seemed obvious before the bill was passed: It may have stimulated some corporate growth, but it ballooned the debt while producing a fraction of predicted benefits.

Trump’s tax cut came up very short of promised benefits

When Donald Trump came into office, he did so in an election that also gave Republicans a four-seat edge in the Senate and a whopping 47-seat advantage in the House. For two years, Republicans had ...

www.dailykos.com

There is no benefit. Imagine that.

But all the billionaires on USMB love it.

 

[Woodznutz]

That’s somewhere around $5.50 a day!

Wow, life changing!

It can be. From 1984 until 1994 I was only able to save $2000/year. By then I had saved $20,000, borrowed another $20,000 from my boss and bought an apartment building (paid him back in two years with interest). Self-managed it for 18 years, saved and invested the income as well as the gain when I sold it. Today I'm a millionaire. So, yeah, $2000/year can be life changing.