My point is that tax revs grew at roughly the same rate as they did the prior 2 years before the tax cuts. Roughly a 2% rate of growth if I recall correctly. I have a post somewhere on here about it. The massive increase in deficit came from Republicans not following thru with at least minimizing spending increases. They went relatively bonkers with spending. FWIW spending under Obama consistently lagged the projected rate of growth from the CBO long term projections. Further, they still haven't done any of the necessary adjustments to Social Security. So the tax cut wasn't the problem. Also, portions of the tax cut were not simply for the rich. The big increase to the standard deduction was good and I felt like it should have been greater and indexed for inflation. I feel like this is an idea that the Democrats should have pushed. The corporate tax cuts were long overdue and I feel will be beneficial in the long run. Also the tax on passive investments was left in place so it wasn't a complete repeal of the Obama tax changes. Also, I just did a little research on the stimulus and I guess it was more effective than I had always thought, however I think the actions from the Fed were of far greater effect than the stimulus plan. https://www.brookings.edu/opinions/...-middle-class-income-losses-in-the-recession/ That's my quick assessment, but I think there are other things that couple be done tax-wise to help the middle and lower class in recessions. And yes I agree the Republicans should not have gone nuts with spending at this point in the economic cycle.
this is but a sleight-of-hand to divert attention from from the fact that insofar as tax revenue, Trump's tax welfare program for the uber rich will not be in effect until tax retutrns are filed / tax payment made in 2019. https://smartasset.com/taxes/when-the-new-tax-plan-will-take-effect a baseless / convenient claim, as explained above we don't know the extent of the impact until 2019 a bit disingenuous. Trump's tax welfare disproportionately benefits the top 1%; because of the limit placed on SALT and mortgage interest deductions, the middle class, in particular homeowners in Calif, NYC and DC area get the short end of the stick how so ? if history is any indication, insofar as tax revenue and the Gov budget, the Trump tax welfare will not work out well for the US economy, recent eg include the Reagan tax cut he was smart enough to later modify his tax cut and raise tax in other areas but not enough to offset rising Gov expenditures the GWB tax cut he was not smart enough to modify the tax cut stupidity is doing the same thing and expecting different outcome !
Ok we will wait and see. I'm not trying to be a liar or put forth an agenda. It's just my opinions from how I see things. How could anyone else but the top 1% benefit disproportionately from tax cuts? They are the ones that pay practically all the taxes at the federal level. SALT and mortgage interest deduction changes weren't the cause of the tax cuts disproportionately benefiting the 1%, but you are correct they did stick it to people in those states with high state and local income taxes. I know you are trying to disagree with everything I wrote, but you do agree the increase in the standard deduction was a good idea? Do you think it should have been done awhile back? Hell, I didn't even start thinking about this idea until old Bernie started praising the Scandinavian countries. I think Denmark has the first $50k free from federal taxes. I saw that and thought that would be a pretty good idea to have here. I'm guessing you think it was a good idea since you didn't quote it. I think this would have been an excellent thing for the Democrats to campaign on. Unrelated, but I think major adjustments to IRAs and retirement plans are LONG overdue. This helps the middle and upper middle income earners. If you're worried about low income people and taxes then campaign to eliminate lotteries and taxes on cigarettes and other vice taxes. Because our corporate taxes weren't very competitive with the rest of the world anymore to put it simply. It's part of the reason why we were seeing corporate inversions. Again this will be another thing that we have to wait and see on but my feeling is that this will be beneficial in the long run. I've seen analysts from outside the US who feel this was a good move and I know Canada is explicitly worried that it will hurt them. I don't know how the cash repatriation change will ultimately affect the economy but it did result in a large amount of capital being brought back to the US. I don't see this as a negative. We can argue about stock buybacks (which I think are often bs) and other corporate uses of the money and if they are effective and if it will ultimately improve the economy, but at least it gave the major companies greater flexibility to bring money back. I guess I'm saying I don't think it was a negative at the very worst. Are you trying to say all federal tax changes are bad?
for a finance guy, ur ill-informed on this, perhaps intentionally so. you do know about carried interest, the elimination of AMT, no ? that's because their income is higher than the other 99% from another perspective, the effective tax rate for the top 1% approximates that of the other 99%; in some cases, some members of the top 1% (such as Trump, in some years ) pay zero taxes for the middle class, who is not rich enough to qualified for carried interest or other tax loophole, they are the cause of the disparity. A majority of the middle class itemize, so this doesn't impact the middle class. increasing the std deduct helps those who don't itemize on their tax returns. u understand what effective income tax rate is, no? the effective tax rate, after applying all the tax loopholes, for US Corp is much lower than the nominal corp tax rate. nowhere else in the world are there as many huge tax loopholes available to Corp as in the US the effective tax rate. after applying all the tax loopholes, for US corp has been lower than their counterparts in the EU, Japan and China what a competitive advantage !
I don't know much about carried interest or AMT. I know carried interest is a nice loophole. I've never dealt with them and I've never know anyone who has dealt with them. Do you encounter these on your taxes? I don't know all aspects of the tax code and how to take advantage of it. I don't know why you keep taking pot shots at me but feel free to continue doing so since this is the Internet. However, if you are gonna take shots at least know what you are talking about. https://taxfoundation.org/high-inco...e-16-times-higher-low-income-households-2010/ So what exactly are you trying to say? What you wrote in your post doesn't reflect reality. https://www.taxpolicycenter.org/publications/itemized-deductions/full It seems there is another discrepancy from what you stated. So tell me how the standard deduction increase doesn't help lower and middle income people. Like I kind of implied I'd like to see the standard deduction be even higher than the level it is at now and have it indexed. https://www.npr.org/2017/08/07/5417...e-the-highest-corporate-tax-rate-in-the-world Well at least you got Japan right.
Trump Engaged in DubiousTax Schemes as He Reaped Riches From His Father Donald Trump has long sold himself as a self-made billionaire, but a Times investigation found that he received at least $413 million in today’s dollars from his father’s real estate empire, much of it through tax dodges in the 1990s. The Times’s investigation, based on a vast trove of confidential tax returns and financial records, reveals that Mr. Trump received the equivalent today of at least $413 million from his father’s real estate empire, starting when he was a toddler and continuing to this day. Much of this money came to Mr. Trump because he helped his parents dodge taxes. He and his siblings set up a sham corporation to disguise millions of dollars in gifts from their parents, records and interviews show. He helped his father take improper tax deductions worth millions more. He also helped formulate a strategy to undervalue his parents’ real estate holdings by hundreds of millions of dollars on tax returns, sharply reducing the tax bill when those properties were transferred to him and his siblings. These maneuvers met with little resistance from the Internal Revenue Service, The Times found. Trump’s parents, Fred and Mary Trump, transferred well over $1 billion in wealth to their children, which could have produced a tax bill of at least $550 million under the 55 % tax rate then imposed on gifts and inheritances. tax records show Trumps' parents paid a total of $52.2 million, or about 5 %, The reporting makes clear that in every era of Mr. Trump’s life, his finances were deeply intertwined with, and dependent on, his father’s wealth. https://www.nytimes.com/interactive/2018/10/02/us/politics/donald-trump-tax-schemes-fred-trump.html
thru the dubious tax scheme / outright fraud, at age 8, DJ Trump was earning ~$200,000 a year (in today's dollars), compounded annually, and by age 40, he was earming ~ 4-5 million a year
Trump didn't like former Fed Chair Yellen keeping the interest rate low. He proceeded to pick a more hawkish J Powell to replace her. he hawkish Powell has already raised interest rate twice this year, w a third hike expected in Dec. the flip-lopping Trump didn't like it. he proceeded to bash the Fed, saying that it is his greatest threat the Fed Chair , using the most scholarly words possible, effectively gave Trump the finger, saying "Participants generally anticipated that further graduating increases in the target range for the federal funds rate would most likely be consistent with a sustained economic expansion, strong labor market conditions, and inflation near 2 % over the medium term," there might be a period where the Fed even will need to go beyond normalization of rates and into a more restrictive stance. https://www.cnbc.com/2018/10/17/fed-points-to-more-rate-hikes-amid-criticism-from-trump.html Gary Cohn, Trump's former Economic Advisor, chimed in, It's data-driven; the Fed is doing its job, making decisions, being independent, in the best interest of the US economy
For someone calling someone else uninformed, you make some bold claims. Your statement that the effective tax rate for the top 1% approximates that of the other 99% is ridiculous. A large portion of our populace pay zero in federal income taxes. Many actually get paid by the government. If you are a relatively high wage earner, but don't have a lot of amassed wealth, and simply pay taxes on your income, you pay a heck of a lot in taxes percentage wise. There certainly are the very wealthy who have teams helping them reduce/delay their taxes, but applying that to all or even most 1% is a gross exaggeration.
Trump's latest tweet which appears to blame ""Bomb" stuff" for slowing Republican momentum in early voting. Gov. Cuomo slams Trump over bomb tweet which appears to blame"Bomb" stuff" for slowing Republican momentum in early voting. http://www.rheaheraldnews.com/news/video_cf8c2752-e713-5aa7-bf4e-ad0f214909b8.html
Trump is a traitor to this country, and anyone that supports him is complicit in traitorous activity. DD
the dotard continues to tell more lies attacking Florida gubernatorial candidate Andrew Gillum, who once again responded by telling Trump him to tag him directly and urging Floridians to vote early.
Macron rebukes nationalism---giving the dotard the significant finger on a global stage---as Trump observes Armistice Day Trump and dozens of his global counterparts gathered at the Arc de Triomphe in central Paris to mark 100 years since the nightmares of World War I ended, a conclusion brought about partly by the entry of the United States into the bitter, nationalism-fueled conflict. In his address, French President Emmanuel Macron -- who has emerged as Europe's most vocal sentry against a global tide of nationalism -- repeated his warnings. "Patriotism is the exact opposite of nationalism," he said through a translator. "Nationalism is a betrayal of patriotism. By saying our interests first, who cares about the others, we erase what a nation holds dearest, what gives it life, what makes it great and what is essential: its moral values." "I know there are old demons which are coming back to the surface. They are ready to wreak chaos and death," he said. "History sometimes threatens to take its sinister course once again." It was impossible to view his remarks as anything less than a rebuke of Trump, a self-proclaimed nationalist https://www.cnn.com/2018/11/11/poli...-11T13:37:25&utm_medium=social&utm_term=image
On Saturday, the dotard tweeted that “there is no reason for these massive, deadly and costly forest fires in California except that forest management is so poor. Billions of dollars are given each year, with so many lives lost, all because of gross mismanagement of the forests. Remedy now, or no more Fed payments.” California Professional Firefighters President Brian K. Rice has promptly called Donald Trump’s threat to withhold federal aid as the California fires continue blazing “ill-informed, ill-timed and demeaning to those who are suffering as well as the men and women on the front lines.” “At a time when our every effort should be focused on vanquishing the destructive fires and helping the victims, the president has chosen instead to issue an uninformed political threat aimed squarely at the innocent victims of these cataclysmic fires.” dotard got the message and later pack-pedaled
On Saturday, Trump and first lady Melania were slated to visit the Aisne-Marne American Cemetery at the site of the Battle of Belleau Wood in northern France. they did not attend the event Sir Nicholas Soames, British politician and grandson of Winston Churchill, criticized Donald Trump with a harsh message, calling him “pathetic,” “inadequate,” and “not fit to represent this great country” after the president did not attend a cemetery visit honoring fallen soldiers of World War I. https://ktla.com/2018/11/10/churchi...r-skipping-wwi-cemetery-event-due-to-weather/
