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GOP considers letting tax cuts for families expire sooner

JANFU said:
And debt increased?
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Yes, debt did increase, 307 billion from Trump I'm 8 months and 360 billion from Obama in 4 months. Trump has already cut WH staff, First Lady staff, and submitted a lower 2018 budget than Obama showing he is serious about cutting spending. The tax cuts will stimulate strong economic activity and thus more govt. revenue.
 
Conservative said:
The tax cuts will stimulate strong economic activity and thus more govt. revenue.
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The vast majority of economists state otherwise. A brief burst of economic growth (2 years max) and then retrograde numbers.

Besides massively increasing the deficit, this will almost certainly result in a recession, perhaps severe.
 
Rogue Valley said:
The vast majority of economists state otherwise. A brief burst of economic growth (2 years max) and then retrograde numbers.

Besides massively increasing the deficit, this will almost certainly result in a recession, perhaps severe.
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Lol another economic genius who doesn't understand the economy. Keep it up and keep losing elections.

Sent from my SAMSUNG-SM-G930A using Tapatalk
 
Rogue Valley said:
The vast majority of economists state otherwise. A brief burst of economic growth (2 years max) and then retrograde numbers.

Besides massively increasing the deficit, this will almost certainly result in a recession, perhaps severe.
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Absolutely! Only 23% of Americans want this Billionaire-favoring tax plan. Write your Congressman and Senators, and tell them that if they vote for this, they will lose your vote.
 
iguanaman said:
First of all U.S corporations are not making record profits by being non-competitive. The effective tax rate is already close to the world average. This nothing but a give-away to the wealthy and will not result in faster GDP growth. It is also not simplification of the tax code as it actually makes it MORE complex.

https://www.cnbc.com/2017/10/03/warren-buffett-corporate-tax-rate-is-not-hurting-our-businesses.html
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Given that you have not provided rebuttals to most of the points I have made in several exchanges, I assume that this straw man argument and link to an ersatz "authority" is the totality of your "informed" opinion?

It does not matter if, 8 years after "recovery", the US corporations are now making record profits - what matters is that after the worst recession in the US since the great depression AND the slowest and most anemic recovery recorded for a rescission , that US corporations must sustain record profits, and record lower losses in economic downturns (which are inevitable).

And it does not matter what Warren Buffett thinks. He is not an economist. He (and his staff) are talented hedge stock investor/speculators whose entire job is to find the profitable nuggets in the gravel of mediocre and less profitable stocks (international and domestic) - which has NOTHING to do with the competition (and consequences) of Chinese, European, or other Brick from corporate tax advantages.

You need to wean yourself from the trope of corporate-stockholder business as some kind of hobgoblin; otherwise, it will keep forcing you to make facile observations, that are unmoored to economic laws and tax theory.

In the meantime, here is some homework (containing both left and right skeptics of the Corporate Income Tax).

The Grumpy Economist: https://johnhcochrane.blogspot.com/2017/01/corporate-tax.html
The Atlantic (Megan Mcardle): https://www.washingtonpost.com/opin...4417592cf72_story.html?utm_term=.46ff294754f9
Business Insider: 6 Reasons To Get Rid Of The Corporate Income Tax - Business Insider
Daily Kos (Robert Reich): https://www.dailykos.com/stories/2014/8/25/1324505/-Eliminate-corporate-tax-seriously
New York Times (Laurence J. Kotlikoff): https://www.nytimes.com/2014/01/06/opinion/abolish-the-corporate-income-tax.html
Washington Post: https://www.washingtonpost.com/opin...4417592cf72_story.html?utm_term=.46ff294754f9
 
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maxparrish said:
Given that you have not provided rebuttals to most of the points I have made in several exchanges, I assume that this straw man argument and link to an ersatz "authority" is the totality of your "informed" opinion?

It does not matter if, 8 years after "recovery", the US corporations are now making record profits - what matters is that after the worst recession in the US since the great depression AND the slowest and most anemic recovery recorded for a rescission , that US corporations must sustain record profits, and record lower losses in economic downturns (which are inevitable).

And it does not matter what Warren Buffett thinks. He is not an economist. He (and his staff) are talented hedge stock investor/speculators whose entire job is to find the profitable nuggets in the gravel of mediocre and less profitable stocks (international and domestic) - which has NOTHING to do with the competition (and consequences) of Chinese, European, or other Brick from corporate tax advantages.

You need to wean yourself from the trope of corporate-stockholder business as some kind of hobgoblin; otherwise, it will keep forcing you to make facile observations, that are unmoored to economic laws and tax theory.

In the meantime, here is some homework (containing both left and right skeptics of the Corporate Income Tax).

The Grumpy Economist: https://johnhcochrane.blogspot.com/2017/01/corporate-tax.html
The Atlantic (Megan Mcardle): https://www.washingtonpost.com/opin...4417592cf72_story.html?utm_term=.46ff294754f9
Business Insider: 6 Reasons To Get Rid Of The Corporate Income Tax - Business Insider
Daily Kos (Robert Reich): https://www.dailykos.com/stories/2014/8/25/1324505/-Eliminate-corporate-tax-seriously
New York Times (Laurence J. Kotlikoff): https://www.nytimes.com/2014/01/06/opinion/abolish-the-corporate-income-tax.html
Washington Post: https://www.washingtonpost.com/opin...4417592cf72_story.html?utm_term=.46ff294754f9
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It is distressing that all those links do not provide even one reason that lowering corporate taxes will cause workers to receive even one dime more in wages yet they all use that as an excuse to cut or eliminate corporate taxes. What is the incentive for corporations to raise their wages instead of using the extra cash for stock buybacks or executive bonuses? There is none and there will be none. Meanwhile it is the middle class that will pay for those cuts in reduced Govt. spending while those that benefit will see huge FIT cuts to go with this windfall. It is a blatant kick in the nuts to the middle class in every meaningful way.

A prominent survey of top economists from across the ideological spectrum — the IGM Economic Experts Panel — found this week that almost no economists agreed with the notion that the size of the American economy “will be substantially higher a decade from now than under the status quo” if the tax bill passed.

Critics note that wage growth has remained relatively sluggish over the past several years, even as corporate profits hover near all-time highs as a share of the economy, and the unemployment rate continues to fall to levels that economists normally associate with rapid increases in worker pay.

“Perhaps the most intuitive reason we know these cuts will fail to spark wage growth is that corporate profit rates have been historically high since 2007, while business investment has been historically low,” Josh Bivens, an economist at the liberal Economic Policy Institute, wrote this week.

In a letter sent this week to the top executives of Verizon, AT&T and six other companies, the communications union asked them to pledge a $4,000 annual pay increase for employees for every year that the corporate rate rests at 20 percent. The union, which has called the tax measure “an outrageous money grab” and urged lawmakers to reject it, also asked the companies to say that they will not take advantage of other changes in the corporate code to send American jobs to other countries.

The companies largely declined to comment or dismissed the letter as a stunt.
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https://www.nytimes.com/2017/11/23/us/politics/corporate-tax-cut-pay.html
 
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