GOP Unveils Bill To Make Trump Tax Cuts Permanent While Howling About Debt

[Mikeoxenormous]

We might want to be a little more precise in what we say here. It is true that taxes are necessary in the cases you shared, but what we're talking about is not tax rates but tax revenue. If we had a 150% tax rate then all revenue would stop, the government would fail, and anarchy would follow. That would be bad for all.

We're in a situation where the current rates are so excessive that increasing them would only make revenue fall and that is not what we want.

It wouldnt be bad for everyone, because some of us have been preparing for the collapse. And it will, just like it did to the Weimar Republic. Then the shooting starts. Most Joe Biden voters will regret that day.

 

[Smokin' OP]

It wouldnt be bad for everyone, because some of us have been preparing for the collapse. And it will, just like it did to the Weimar Republic. Then the shooting starts. Most Joe Biden voters will regret that day.

MAGA tards will be the first people taken out, they'll be easy to spot.
$2000 worth ill fitting of camo on, pistols on both legs, bullets draped from head to toe, combat helmet, night vision googles, carrying a Trump flag, of course.
They'll have so much crap on, they couldn't outrun a turtle.
Easy pickings.

 

[expat_panama]

A LOT of other countries pay higher rates and get way better outcomes with taxes, than the US.

July 30 2018
Some of the biggest winners from President Donald Trump’s new tax law are corporate executives who have reaped gains as their companies buy back a record amount of stock, a practice that rewards shareholders by boosting the value of existing shares.

"The tax law didn’t do anything to provide an incentive to employers to create jobs. There’s nothing in there that would suggest that employers have a particular incentive to hire more people or pay the ones that they have more money.”

Apple, as usual, is leading the pack with a record-breaking $100 billion stock buyback. That's a huge chunk of the $252 billion in foreign profits that it brought back to the U.S. because of Trump's tax bill.

November 30 2022
Corporate profits in the nonfinancial sector hit a record high of $2.08 trillion in the third quarter even as 40-year-high inflation continues to squeeze American consumers.

Following a two-quarter dip in 2020, quarterly profits have surged by more than 80 percent over the last two years, from around $1.2 trillion to more than $2 trillion, adding weight to arguments that the private sector is driving inflation by exploiting consumer expectations to keep prices elevated.

Ah, so w/o info to the countrary I'll assume that you and I agree that while a lot of other countries pay more, the U.S. is at the point where lowering rates would bring in more revenue. I'll agree on both points and it's good to understand that you agree also.

 

[expat_panama]

It wouldnt be bad for everyone, because some of us have been preparing for the collapse. And it will, just like it did to the Weimar Republic. Then the shooting starts. Most Joe Biden voters will regret that day.

You may be right and at the same time we may see something else (worse or not so bad) happening. Meanwhile we haven't reached that point yet and from what I see we got a lot of opportunities for improving.

 

[2aguy]

A group of more than 70 House Republicans introduced legislation this week that would make elements of the 2017 Trump tax cuts permanent, delivering a huge windfall to the rich and choking off more federal revenue at a time when Republican fearmongering over the national debt is at a fever pitch.

Led by Reps. Vern Buchanan (R-Fla.) and Michael McCaul (R-Texas), the TCJA Permanency Act, would cement into federal law tax cuts for individuals that are set to expire at the end of 2025.

The original 2017 tax law, the Tax Cuts and Jobs Act, made most of its corporate tax provisions permanent. In a statement Wednesday, the Biden White House said Trump and congressional Republicans "deliberately sunset portions of their tax giveaway" in order to "conceal how much their plan added to the debt."

According to a Congressional Budget Office (CBO) analysis released last year, extending the individual provisions of the Trump-GOP tax law would cost around $2.2 trillion through 2032. A separate Tax Policy Center analysis estimated that the extension would deliver an average tax cut of $175,710 to the richest 0.1%.

'Absolute hypocrisy': GOP unveils bill to make Trump tax cuts permanent while howling about debt

A group of more than 70 House Republicans introduced legislation this week that would make elements of the 2017 Trump tax cuts permanent, delivering a huge windfall to the rich and choking off more federal revenue at a time when Republican fearmongering over the national debt is at a fever...

www.rawstory.com

Ain't happening. Not only does the complete package need to go away, and all of the tax cuts repealed, but after these criminals are removed from congress, the tax cuts for the corporate welfare trash needs to be repealed all the way back to 1980, and the tax rates, and regulations of the 1970's restored.

Tax cuts increase tax revenue...it doesn't decrease them.........

If raising taxes increased revenue to the government and mattered, we would have all the tax money we needed.....

Raising taxes simply gives politicians more money to steal, lose or waste, while cutting taxes allows Americans to provide for their families and businesses to create more jobs...more jobs means more tax payers, more tax payers increase the amount of taxes going to the government without stabbing the economy in the back.

 

[Toddsterpatriot]

Democrats realize taxes are necessary for a community, county, state and country to operate.

It's quicker to just say the Dems never cut middle class taxes.

 

[Toddsterpatriot]

A LOT of other countries pay higher rates and get way better outcomes with taxes, than the US.

July 30 2018
Some of the biggest winners from President Donald Trump’s new tax law are corporate executives who have reaped gains as their companies buy back a record amount of stock, a practice that rewards shareholders by boosting the value of existing shares.

"The tax law didn’t do anything to provide an incentive to employers to create jobs. There’s nothing in there that would suggest that employers have a particular incentive to hire more people or pay the ones that they have more money.”

Apple, as usual, is leading the pack with a record-breaking $100 billion stock buyback. That's a huge chunk of the $252 billion in foreign profits that it brought back to the U.S. because of Trump's tax bill.

November 30 2022
Corporate profits in the nonfinancial sector hit a record high of $2.08 trillion in the third quarter even as 40-year-high inflation continues to squeeze American consumers.

Following a two-quarter dip in 2020, quarterly profits have surged by more than 80 percent over the last two years, from around $1.2 trillion to more than $2 trillion, adding weight to arguments that the private sector is driving inflation by exploiting consumer expectations to keep prices elevated.

Stock buybacks are AWESOME!!!

 

[Indeependent]

MAGA tards will be the first people taken out, they'll be easy to spot.
$2000 worth ill fitting of camo on, pistols on both legs, bullets draped from head to toe, combat helmet, night vision googles, carrying a Trump flag, of course.
They'll have so much crap on, they couldn't outrun a turtle.
Easy pickings.

You mean not wearing a mask when they're alone in their car.

 

[ThisIsMe]

No, he actually asked for a BIGGER stimulus package. tRump like he said the king of debt. And that is so MAGA!

So, again, would you have rather that he passed a smaller stimulus bill? There would have been no move he could have made that you wouldn’t have criticized him for.

 

[Smokin' OP]

Ah, so w/o info to the countrary I'll assume that you and I agree that while a lot of other countries pay more, the U.S. is at the point where lowering rates would bring in more revenue. I'll agree on both points and it's good to understand that you agree also.

No, I don't agree.
"Lowering tax rates, brings in more revenue".
Another 42 year old lie from the Reagan era.
If tax cuts did that the Us would have at least had a balanced budget every time a republican president cut taxes.
Instead, lower taxes resulted in more debt.

 

[Smokin' OP]

It's quicker to just say the Dems never cut middle class taxes.

Democrats gave families an increased child tax credit.
Of course, republicans wanted to kill that bill, no $$$ for corporations.

 

[Smokin' OP]

You mean not wearing a mask when they're alone in their car.

Ummmm.............No.
Trump doesn't give refunds for his reading comprehension correspondence courses, sorry.........NOT.

 

[expat_panama]

No, I don't agree.
"Lowering tax rates, brings in more revenue".
Another 42 year old lie from the Reagan era.
If tax cuts did that the Us would have at least had a balanced budget every time a republican president cut taxes.
Instead, lower taxes resulted in more debt.

Ah, looks like I got lost when u changed the subject to what's happening in other countries. So, back in the U.S.

However we can also be in total agreement that lowering tax rates can be followed by more debt, and this has happened many times in the past. What I was saying is that lowering tax rates can raise revenue. If we raise revenue and then increase spending even more, then of course debt will increase. Do you understand how it's possible for tax rates to be so high that they lower revenue. Please imagine a 120% tax rate. Nobody could afford to earn anything so revenue would stop. The next step is to understand how that can happen at lower rates. Naturally if the rate was too low then lowering the rate would also lower revenue.

We should be able to agree that the big question is determining just where are we w/ these rates.

 

[Aldo Raine]

So, again, would you have rather that he passed a smaller stimulus bill? There would have been no move he could have made that you wouldn’t have criticized him for.

Simply pointing out that HE asked for a bigger stimulus package when a poster blamed it all on the Dims. Batter up!

 

[Indeependent]

Simply pointing out that HE asked for a bigger stimulus package when a poster blamed it all on the Dims. Batter up!

I don’t mind a stimulus that stays in the US.

 

[Smokin' OP]

Ah, looks like I got lost when u changed the subject to what's happening in other countries. So, back in the U.S.

However we can also be in total agreement that lowering tax rates can be followed by more debt, and this has happened many times in the past. What I was saying is that lowering tax rates can raise revenue. If we raise revenue and then increase spending even more, then of course debt will increase.

Republicans NEVER have cut taxes and SPENDING, when they were in power.
They wait for democrats to get in office, then demand spending cuts, and of course, more tax cuts.

Do you understand how it's possible for tax rates to be so high that they lower revenue. Please imagine a 120% tax rate.

Sure, it was like that 75 years ago, the top rate was at 90%, which no one ever paid, because companies would invest and expand their facilities to offset their tax rates.

Nobody could afford to earn anything so revenue would stop. The next step is to understand how that can happen at lower rates. Naturally if the rate was too low then lowering the rate would also lower revenue.

We should be able to agree that the big question is determining just where are we w/ these rates.

 

[Toddsterpatriot]

Sure, it was like that 75 years ago, the top rate was at 90%, which no one ever paid, because companies would invest and expand their facilities to offset their tax rates.

The corporate tax rate was 90%? Link?

 

[expat_panama]

Republicans NEVER have cut taxes and SPENDING, when they were in power.
They wait for democrats to get in office, then demand spending cuts, and of course, more tax cuts.

It would some time be interesting to actually look at the full record but what I said was

...However we can also be in total agreement that lowering tax rates can be followed by more debt, and this has happened many times in the past. What I was saying is that lowering tax rates can raise revenue. If we raise revenue and then increase spending even more, then of course debt will increase....

--and this is what we need to set aside, agree on, or revise.

Sure, it was like that 75 years ago, the top rate was at 90%, which no one ever paid, because companies would invest and expand their facilities to offset their tax rates.

There's something else, it's the fact that the rich aren't hurt as much because they just cut back on working. This means they lay off employees who are the ones who suffer more.

 

[ThisIsMe]

Simply pointing out that HE asked for a bigger stimulus package when a poster blamed it all on the Dims. Batter up!

we’ll, you all are blaming it on trump. So, are you saying trump was wrong for asking for more stimulus? Are you saying he should have asked for less?

 

[Smokin' OP]

The corporate tax rate was 90%? Link?

Taxes on the Rich Were Not Much Higher in the 1950s​

https://taxfoundation.org › taxes-on-the-rich-1950s-not...


Aug 4, 2017 — [1] The top federal income tax rate was 91 percent in 1950 and 1951, and between 1954 and 1959. In 1952 and 1953, the top federal income tax ...