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Thread: This Tax Bill Is a Trillion-Dollar Blunder

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    This Tax Bill Is a Trillion-Dollar Blunder

    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



    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


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    Re: This Tax Bill Is a Trillion-Dollar Blunder

    Quote Originally Posted by Rogue Valley View Post
    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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    Re: This Tax Bill Is a Trillion-Dollar Blunder

    It will be the albatross around the neck of the GOP in elections next year and help bring them down.
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    Re: This Tax Bill Is a Trillion-Dollar Blunder

    Quote Originally Posted by DaveFagan View Post
    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.
    Last edited by MSgt; 12-15-17 at 12:49 PM.

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    Re: This Tax Bill Is a Trillion-Dollar Blunder

    Quote Originally Posted by haymarket View Post
    It will be the albatross around the neck of the GOP in elections next year and help bring them down.
    Unless the voters buy the "Democrats did it too" and "Fake news" responses.
    "Donald Trump is a phony, a fraud... [he's] playing the American public for suckers." Mitt Romney

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    Re: This Tax Bill Is a Trillion-Dollar Blunder

    Quote Originally Posted by Dittohead not! View Post
    Unless the voters buy the "Democrats did it too" and "Fake news" responses.
    some will - but I suspect they will be a distinct minority.
    __________________________________________________ _
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    Re: This Tax Bill Is a Trillion-Dollar Blunder

    Quote Originally Posted by haymarket View Post
    some will - but I suspect they will be a distinct minority.
    Let's hope.
    "Donald Trump is a phony, a fraud... [he's] playing the American public for suckers." Mitt Romney

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    Re: This Tax Bill Is a Trillion-Dollar Blunder

    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.

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    Re: This Tax Bill Is a Trillion-Dollar Blunder

    Quote Originally Posted by Rogue Valley View Post
    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.

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    Re: This Tax Bill Is a Trillion-Dollar Blunder

    Quote Originally Posted by Fletch View Post
    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.
    Exquisitor exquisitly exquisited an exquisit exquisitorial in the exquisitorium.

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