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This Tax Bill Is a Trillion-Dollar Blunder

Rogue Valley

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This Tax Bill Is a Trillion-Dollar Blunder


Congress and President Trump put politics ahead of smart reform.....
By Michael R. Bloomberg
Bloomberg
December 15, 2017

kongress-640x360.jpg


Last month a Wall Street Journal editor asked a room full of CEOs to raise their hands if the corporate tax cut being considered in Congress would lead them to invest more. Very few hands went up. Attending was Gary Cohn, President Donald Trump's economic adviser and a friend of mine. He asked: "Why aren't the other hands up?" Allow me to answer that: We don't need the money. Corporations are sitting on a record amount of cash reserves: nearly $2.3 trillion. The Treasury Department claimed to have more than 100 professional staffers "working around the clock" to analyze the tax cut. If true, their hard work must have been suppressed. The flimsy one-page analysis Treasury released -- which accepts the White House's reality-defying economic projections in order to claim that the tax cuts will pay for themselves and then some -- is a politically driven document that amounts to economic malpractice. So does the bill itself.

The largest economic challenges we face include a skills crisis that our public schools are not addressing, crumbling infrastructure that imperils our global competitiveness, wage stagnation coupled with growing wealth inequality, and rising deficits that will worsen as more baby boomers retire. The tax bill does nothing to address these challenges. In fact, it makes each of them worse. To what end? To hand corporations big tax cuts they don't need, while lowering the tax rate paid by those of us in the top bracket, and allowing the wealthy to shelter more of their estates. To be clear: I'm in favor of reducing the 35 percent corporate tax rate as part of a revenue-neutral tax reform effort. Right now, the corporate code is so convoluted, and rates so high relative to other nations (thereby creating an incentive to keep profits offshore), that the real rates companies pay can be wildly divergent. This is neither fair nor efficient. Republicans in Congress will have to take responsibility for the bill's harmful effects, but blame also falls on its cheerleader-in-chief, President Trump. A president's job is to get the two parties in Congress to work together. Yet Trump is making the same mistake that Barack Obama made in his first two years in office -- believing that his party's congressional majority gives him license to govern without the other side. The tax bill is an economically indefensible blunder that will harm our future. The Republicans in Congress who must surely know it -- and who have bucked party leaders before -- should vote no.

The GOP tax 'reform' package will do significant long-term harm to most Americans and their descendants. It will not pay for itself, instead increasing an already massive deficit. Many Americans [rightfully] believe that funding sorely needed infrastructure repair and replacement should have been the initial Congressional bipartisan endeavor. The GOP however, is ramming through a horrible tax package first for a specific reason. After passage, the GOP will then disingenuously bemoan the fact that the deficit is increasing [an unavoidable consequence of their tax legislation] and demand deep cuts in America's safety-net programs -- Social Security, Medicare, and Medicaid. While the rich get wealthier, everyone else gets the dregs with emaciated safety-net programs when the economy bottoms out from the deep recession that the GOP 'revenue-negative' tax legislation virtually guarantees. There is an underlying rationale why the Republican House/Senate leadership changes their reconciliation tax package on a daily basis. They do not want their legislation scored [by the CBO and independent economic analysis] before a quick floor vote. They do not want to provide the public/media any checks and balance. Such a tactic speaks volumes of the lengths the GOP will travel to pass their pro-wealth agenda in this specific order.

Related: Republicans Despise the Working Class - The New York Times
 
This Tax Bill Is a Trillion-Dollar Blunder


Congress and President Trump put politics ahead of smart reform.....


The GOP tax 'reform' package will do significant long-term harm to most Americans and their descendants. It will not pay for itself, instead increasing an already massive deficit. Many Americans [rightfully] believe that funding sorely needed infrastructure repair and replacement should have been the initial Congressional bipartisan endeavor. The GOP however, is ramming through a horrible tax package first for a specific reason. After passage, the GOP will then disingenuously bemoan the fact that the deficit is increasing [an unavoidable consequence of their tax legislation] and demand deep cuts in America's safety-net programs -- Social Security, Medicare, and Medicaid. While the rich get wealthier, everyone else gets the dregs with emaciated safety-net programs when the economy bottoms out from the deep recession that the GOP 'revenue-negative' tax legislation virtually guarantees. There is an underlying rationale why the Republican House/Senate leadership changes their reconciliation tax package on a daily basis. They do not want their legislation scored [by the CBO and independent economic analysis] before a quick floor vote. They do not want to provide the public/media any checks and balance. Such a tactic speaks volumes of the lengths the GOP will travel to pass their pro-wealth agenda in this specific order.

Related: Republicans Despise the Working Class - The New York Times

I see. The "bend 'em over and put it to 'em" special for the working class. More of the same. It's OK because the morons can't figure it out or they would have voted all the scoundrels in office "out" before this. We need politicians that want to revoke the Patriot Act, Citizens United, surveillance, Permanent War, Military Offense budget, and restore Net Neutrality.
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It will be the albatross around the neck of the GOP in elections next year and help bring them down.
 
We need politicians that want to revoke the Patriot Act, Citizens United, surveillance, Permanent War, Military Offense budget, and restore Net Neutrality.

You are not wrong. But the problem with this, as history is quite clear on, is that this will only harm the military while protecting the unnecessary and very gross military contracts to civilian companies, that create factories for workers. Senators will protect their states and their employment rates before they ever target the actual waste.

While Clinton was dealing with the economy, he wound up taking it out of the military's hide. Mass amounts of equipment sat on lots "awaiting parts" for years. Routine training often involved borrowing (Temp Loaning) equipment from other units. Ranges rationed ammunition. When 9/11 happened, there was a shortage of body armor. But you know what wasn't affected? All those fat-ass contracts to civilian companies that provided jobs for Senators. So much of that money that went to the Pentagon, simply flushed itself to existing contracts and even new ones as Senators and lobbyists went to work for their individual state.

The way it works is that "Lockheed" or "OSHKOSH" will lobby a Senator with promises of jobs while attending fairs. Getting a General or an Admiral onboard, who will eventually have a job in these companies, always help. The Senator turns around and declares that "nothing is to good for our troops." He finds a legion of other supporting Senators, who are either a part of the same racket, are eager to get their own turn, or simply agrees that "nothing is to good for our troops." In the mean time, troops head to the Internet before going to Iraq to buy body armor.
 
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Why is anyone surprised? The GOP represents rich people. Therefore, their policies will benefit rich people. This is not a great mystery. If their policies help poor people, so much the better. But the bottom line is to make those at the top better off. All the rhetoric about “job creators” and other stuff is smokescreen. Trickle trickle.
 
This Tax Bill Is a Trillion-Dollar Blunder


Congress and President Trump put politics ahead of smart reform.....


The GOP tax 'reform' package will do significant long-term harm to most Americans and their descendants. It will not pay for itself, instead increasing an already massive deficit. Many Americans [rightfully] believe that funding sorely needed infrastructure repair and replacement should have been the initial Congressional bipartisan endeavor. The GOP however, is ramming through a horrible tax package first for a specific reason. After passage, the GOP will then disingenuously bemoan the fact that the deficit is increasing [an unavoidable consequence of their tax legislation] and demand deep cuts in America's safety-net programs -- Social Security, Medicare, and Medicaid. While the rich get wealthier, everyone else gets the dregs with emaciated safety-net programs when the economy bottoms out from the deep recession that the GOP 'revenue-negative' tax legislation virtually guarantees. There is an underlying rationale why the Republican House/Senate leadership changes their reconciliation tax package on a daily basis. They do not want their legislation scored [by the CBO and independent economic analysis] before a quick floor vote. They do not want to provide the public/media any checks and balance. Such a tactic speaks volumes of the lengths the GOP will travel to pass their pro-wealth agenda in this specific order.

Related: Republicans Despise the Working Class - The New York Times

Not sure what your beef is. Deficits don't matter, remember.
 
Not sure what your beef is. Deficits don't matter, remember.

Sure they do, they just haven't mattered yet, and if we get control soon enough it'll cost a bundle to get it paid back, but, then true this would not matter, but if we get to the point where we can't afford to borrow anymore then the debt will matter, or go bankrupt, then it won't matter except what we did to the faith and credit of the United States.
 
Donald Trump does not understand that the United States is no longer where it was politically during the 1980's, and that he is not Ronald Reagan. Reagan's voodoo economic scam does not work any more.

My hope is that there is an immediate backlash against this, leading to the Democrat domination of the United States, and substantial tax increases for the well to do.
 
This Tax Bill Is a Trillion-Dollar Blunder


Congress and President Trump put politics ahead of smart reform.....


The GOP tax 'reform' package will do significant long-term harm to most Americans and their descendants. It will not pay for itself, instead increasing an already massive deficit. Many Americans [rightfully] believe that funding sorely needed infrastructure repair and replacement should have been the initial Congressional bipartisan endeavor. The GOP however, is ramming through a horrible tax package first for a specific reason. After passage, the GOP will then disingenuously bemoan the fact that the deficit is increasing [an unavoidable consequence of their tax legislation] and demand deep cuts in America's safety-net programs -- Social Security, Medicare, and Medicaid. While the rich get wealthier, everyone else gets the dregs with emaciated safety-net programs when the economy bottoms out from the deep recession that the GOP 'revenue-negative' tax legislation virtually guarantees. There is an underlying rationale why the Republican House/Senate leadership changes their reconciliation tax package on a daily basis. They do not want their legislation scored [by the CBO and independent economic analysis] before a quick floor vote. They do not want to provide the public/media any checks and balance. Such a tactic speaks volumes of the lengths the GOP will travel to pass their pro-wealth agenda in this specific order.

Related: Republicans Despise the Working Class - The New York Times

Awesome.... :applaud

We can bundle this mistake with the many trillions the democrats added over the past 8 years and go down in a blaze of glory.
 
Donald Trump does not understand that the United States is no longer where it was politically during the 1980's, and that he is not Ronald Reagan. Reagan's voodoo economic scam does not work any more.

that's because Trump was handed an economy where interest rates and inflation are at historic lows, and employment is at historic highs. I'm actually not sure what it is that is being "fixed" in the economy with this bill.

My hope is that there is an immediate backlash against this, leading to the Democrat domination of the United States, and substantial tax increases for the well to do.

preach on
 
Awesome.... :applaud

We can bundle this mistake with the many trillions the democrats added over the past 8 years and go down in a blaze of glory.

Except Republicans were running Congress for the last 6 out of 8 years, remember? When we talk about the good things that happen in the economy, you seem to remember that.
 
I'm not the one whining about a tax bill.

I disagree that calling out this insanity is "whining". Unless you think that all of your protests against Obama policies were "whining". Then I'm ok with it. But if you think all your "whining" is legitimate and everyone else's is just bitching, then you're just being a hypocrite.
 
This Tax Bill Is a Trillion-Dollar Blunder


Congress and President Trump put politics ahead of smart reform.....


The GOP tax 'reform' package will do significant long-term harm to most Americans and their descendants. It will not pay for itself, instead increasing an already massive deficit. Many Americans [rightfully] believe that funding sorely needed infrastructure repair and replacement should have been the initial Congressional bipartisan endeavor. The GOP however, is ramming through a horrible tax package first for a specific reason. After passage, the GOP will then disingenuously bemoan the fact that the deficit is increasing [an unavoidable consequence of their tax legislation] and demand deep cuts in America's safety-net programs -- Social Security, Medicare, and Medicaid. While the rich get wealthier, everyone else gets the dregs with emaciated safety-net programs when the economy bottoms out from the deep recession that the GOP 'revenue-negative' tax legislation virtually guarantees. There is an underlying rationale why the Republican House/Senate leadership changes their reconciliation tax package on a daily basis. They do not want their legislation scored [by the CBO and independent economic analysis] before a quick floor vote. They do not want to provide the public/media any checks and balance. Such a tactic speaks volumes of the lengths the GOP will travel to pass their pro-wealth agenda in this specific order.

Related: Republicans Despise the Working Class - The New York Times

The people do not matter in american society, but boy you should see our aristocracy. However, to suggest this corruption is not utterly bipartisan is pure unadulterated BS.

Privatized gains versus socialized losses for the Wall Street bankster class
Internalized profit versus externalized risk and expense for the "job creator" class
Socialism for the aristocracy versus laissez-faire capitalism for the masses

This scam does exactly what it was designed to do, redistribute even more wealth out of the hands of the people into the hands of the corporate state overlords.
 
The people do not matter in american society, but boy you should see our aristocracy. However, to suggest this corruption is not utterly bipartisan is pure unadulterated BS.

Privatized gains versus socialized losses for the Wall Street bankster class
Internalized profit versus externalized risk and expense for the "job creator" class
Socialism for the aristocracy versus laissez-faire capitalism for the masses

This scam does exactly what it was designed to do, redistribute even more wealth out of the hands of the people into the hands of the corporate state overlords.

How can you say this is bipartisan?

Did any Democrats vote for it?

No, Democrat lawmakers will cling to their Republican piers as lawmakers for their lot and they were one third responsible for the crash in 2008, but you can't say the Democrats are connected to this unless they vote for it.
 
Donald Trump does not understand that the United States is no longer where it was politically during the 1980's, and that he is not Ronald Reagan. Reagan's voodoo economic scam does not work any more.

My hope is that there is an immediate backlash against this, leading to the Democrat domination of the United States, and substantial tax increases for the well to do.


preach on

The New York Post October 11, 2017

WASHINGTON – As President Donald Trump promotes a tax plan that critics say would raise the federal deficit by slashing corporate rates and eliminating some taxes paid by the rich, some three-quarters of Americans believe the wealthiest should pay more, Reuters/Ipsos polling shows.

An additional 23 percent “somewhat agree” the wealthiest should pay higher tax rates, according to the poll of 1,504 people, which had a credibility interval, a measure of accuracy, of plus or minus 6 percentage points.

Trump’s tax framework proposed cutting the corporate tax rate to 20 percent from 35 percent and creating a new category for pass-through income earned by partners and sole proprietors, which would be taxed at 25 percent, instead of the 39.6 percent top individual rate currently paid by some.
https://nypost.com/2017/10/11/most-americans-want-to-raise-taxes-on-the-rich-poll/
 
This Tax Bill Is a Trillion-Dollar Blunder


Congress and President Trump put politics ahead of smart reform.....


The GOP tax 'reform' package will do significant long-term harm to most Americans and their descendants. It will not pay for itself, instead increasing an already massive deficit. Many Americans [rightfully] believe that funding sorely needed infrastructure repair and replacement should have been the initial Congressional bipartisan endeavor. The GOP however, is ramming through a horrible tax package first for a specific reason. After passage, the GOP will then disingenuously bemoan the fact that the deficit is increasing [an unavoidable consequence of their tax legislation] and demand deep cuts in America's safety-net programs -- Social Security, Medicare, and Medicaid. While the rich get wealthier, everyone else gets the dregs with emaciated safety-net programs when the economy bottoms out from the deep recession that the GOP 'revenue-negative' tax legislation virtually guarantees. There is an underlying rationale why the Republican House/Senate leadership changes their reconciliation tax package on a daily basis. They do not want their legislation scored [by the CBO and independent economic analysis] before a quick floor vote. They do not want to provide the public/media any checks and balance. Such a tactic speaks volumes of the lengths the GOP will travel to pass their pro-wealth agenda in this specific order.

Related: Republicans Despise the Working Class - The New York Times

Without the ability to see into the future, you are just shoveling gas. You title should be "Democrats say Tax Bill A Trillion Dollar Blunder". Unless Klaatu from Klaatuvill in the future wrote that, you all gotta have some proof that you are in fact able to see in the future.
 
I disagree that calling out this insanity is "whining". Unless you think that all of your protests against Obama policies were "whining". Then I'm ok with it. But if you think all your "whining" is legitimate and everyone else's is just bitching, then you're just being a hypocrite.

What is insane is thinking the government needs more of my hard earned money.
If you want the government to keep more of your money then you can send you tax break back to them.

They will be more than happy to take it. The same goes for everyone else that is complaining about paying less in taxes.

You are 100% free to send it straight back to the government. My thoughts you will never do is and neither will anyone else that is whining about it.
 
The New York Post October 11, 2017

WASHINGTON – As President Donald Trump promotes a tax plan that critics say would raise the federal deficit by slashing corporate rates and eliminating some taxes paid by the rich, some three-quarters of Americans believe the wealthiest should pay more, Reuters/Ipsos polling shows.

An additional 23 percent “somewhat agree” the wealthiest should pay higher tax rates, according to the poll of 1,504 people, which had a credibility interval, a measure of accuracy, of plus or minus 6 percentage points.

Trump’s tax framework proposed cutting the corporate tax rate to 20 percent from 35 percent and creating a new category for pass-through income earned by partners and sole proprietors, which would be taxed at 25 percent, instead of the 39.6 percent top individual rate currently paid by some.
https://nypost.com/2017/10/11/most-americans-want-to-raise-taxes-on-the-rich-poll/

They are already paying pretty much all of the income tax collected.
The top 20% of earners pay pretty much 80% of the income tax.

The reason they say this is the myth of the "their fair share" BS that get thrown around by liberals.

If people knew facts their view would change.
 
The party of "fiscal responsibilty" has been complaining bitterly about the oppressive debt weighing down the country for eight years now seeks to add A TRILLION DOLLARS to the debt to give to corporations.
 
The party of "fiscal responsibilty" has been complaining bitterly about the oppressive debt weighing down the country for eight years now seeks to add A TRILLION DOLLARS to the debt to give to corporations.

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.
 
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