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GOP tax cut: Revenuse grow, rich pay more

Critter7r said:
That's a post full of dumb. The economy doesn't need the help right now. We should be pulling back spending. Conservatives say they want the government to spend less, here's their chance to do so while the economy is singing along. Yet you're defending unnecessary deficit spending during record lows in unemployment.
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Actually we should have not cut taxes.. and continued steady spending on infrastructure. Which would have helped long term economic growth.
 
danielpalos said:
so what; the rich got richer faster. The private sector is still trying to find a profit motive to go to the Moon.

Our infrastructure still needs an upgrade and we can use, several new cities.
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HUH?? Why in God's name would we need new cities?? How about fixing the ones we have?
 
KLATTU said:
Geez, not what I 'm hearing on CNN and MSNBC.

CBO says the economy will grow 3.3% this year, the most since 2005

https://www.wsj.com/articles/tax-cut-growth-dividend-1523400498

Revenues over 10 years are estimated at $44.1 trillion, which is about $1 trillion more than CBO’s estimate before the tax cuts. ( LIBERALS :" HUH, That's not what Krugman said" ?"}

CBO also says the tax cut will make the economy grow faster -- to 3.3% this year and 2.4% in 2019. The last time the economy grew this fast was in 2005 ( { ME: and not 2008-2016 } which was after President George W. Bush’s tax cuts). This produces more revenue that CBO previously estimated.

Revenues over 10 years are estimated at $44.1 trillion, which is about $1 trillion more than CBO’s estimate before the tax cuts.

CBO also says the tax cut will make the economy grow faster -- to 3.3% this year and 2.4% in 2019. The last time the economy grew this fast was in 2005 (which was after President George W. Bush’s tax cuts). This produces more revenue that CBO previously estimated.

https://www.americanthinker.com/blo...x_cuts_will_more_than_pay_for_themselves.html
An analysis by the nonpartisan Tax Policy Center (TPC) estimates that under the Republican bill, high-income Americans will pay an even larger percentage of the country’s overall income taxes in 2018 than they did before, while people in lower brackets will pay a smaller amount.

Specifically, the TPC estimates that the 20 percent of Americans that earn $150,000 or more will account for 52 percent of the country’s income, unchanged from last year, but will pay about 87 percent of total income taxes, up from 84 percent in 2017. Isn’t that a “fair share”?

The bottom 60 percent of Americans, with earnings below roughly $86,000, will account for 27 percent of the country’s income but will not pay any income tax at all. In 2017, that lower tier contributed 2 percent of income taxes


Trump tax plan makes rich pay larger share; why is the left against it? | TheHill
Whew boy-pass the lemon juice around the NY TIMES and Wa PO ?

LAFFRIOT!!
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Wow, thanks for reporting this. I was wondering if I could trust the CBO anymore. You know, what with all of the lies CBO

told for 8 years under Obama. Nice to know CBO is back on the right wing reservation because I mean with the deficit

slated to only about double to $804 billion for 2018 slated to be only $981 billion in 2019 and a paltry $1 trillion in 2020,

I am sure your kids are relieved to know they will only have to pay back just a few trillion more so you can party now.

Oh and the only reason there is any measurable tax rev. (not rate) increase is because it is they who are making any damn

real money. Let's go to the report.

Tax rates down and yet paying more in tax. Gee, I must have made a billion$ instead of a million$.

You see blogroids, this the tax code from the 1040 tables...is a ruse.

Most of the income for the rich is something called capital gains. that has a tax rate of 20% and the reason

they are paying so much tax, is because the top 5 % get 95% of that income. I call that a great deal...for the rich.

So when 95 % of the people only get 5% of all income growth, they don't pay much.

The rich (Warren Buffet) have an effective tax rate of 17% before the tax cut.

So are they making the trillion$ or what ?

It will cost and cost big for your kids and their kids and their kids and.....!! $7 trillion MORE debt over 10 years.

The CBO's last forecast in September expected the 2018 budget deficit to be $563 billion; the update includes the new tax plan

and the $1.3 trillion spending bill passed in March. "The legislation has significantly reduced revenues and increased outlays

anticipated under current law," the CBO said.

The rest are only very rosey estimates by TPC but also said

[URL="http://www.taxpolicycenter.org/taxvox/trumps-campaign-rhetoric-may-have-been-populist-his-tax-plan-isn't"
 
gdgyva said:
the magic of compounding....doesnt mean much at 25, 35, even 45

means a hell of a lot at 55, 65, and 75

and investing means you have years and years to see returns

dont worry about what the market does on a daily, weekly, or even annual basis

too many see losses and get caught up in the panic....and lose it all
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I have always maintained that the key to building wealth is long term savings and investment.
For people that don't want the hassle of individual stocks i have always recommended large cap
growth mutual funds.

the average return is between 10-15% a year over the long term.
 
Pedestrian said:
Wow,



they are paying so much tax, is because the top 5 % get 95% of that income. I call that a great deal...for the rich.

So when 95 % of the people only get 5% of all income growth, they don't pay much.
n't"
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Wow they just 'get' income. How can I get some?
 
ludin said:
I have always maintained that the key to building wealth is long term savings and investment.
For people that don't want the hassle of individual stocks i have always recommended large cap
growth mutual funds.

the average return is between 10-15% a year over the long term.
Click to expand...

actually, i have changed my view

you can get better returns with lower FEES using same type ETFS

and it will make a huge difference over a number of years
 
faithful_servant said:
That's because we can't seem to control spending, not because of tax revenue.
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But they want to be successful Keynesian (huge) deficit spenders and get the votes to do it.

Repubs love to spend our money on their causes and friends and reduce what's spent on the 2/3 of the

great unwashed out here. This is without any new good jobs or industrial policy as their goal to expand ]

the economy and fix the land or to actually raise middle class pay. So tax REVENUE (not tax liability) \

is a favorite pleasure center for the right and their sponsors.

Single mothers and upper middle earners will see a tax increase. The richest 1% will get 75% of the

tax cut and the top .1% (1/10 of 1%) will 25% of relief. So your basic math skills tell that if in fact,

they are paying a greater % of all taxes, they are making more money than the top 5%...ever has

in the history of record keeping and...by a wide margin.


Ex: Bloomberg went from $3.3 billion to $33.3 while mayor of NY. Nice 'work' if you can get it and not really have to do anything.

After all, he had a very high pressure full time job being mayor of our biggest city.

Now he's at $40 billion net worth just since leaving the mayor office. I call that making some real money.

Is your net worth up 1300% OOP sorry, Bloomberg must be 'waiting' (investing) as fast as he can.

Just checked and in only a couple years now up from $40 to $50 billion. So is your net worth

up almost 1700% since 2002 ? Gee how could Bloomberg afford to pay a high tax rate like me ?

He didn't.

So [he] paid a whole lot more in total taxes than I did but not as much as I did on each dollar

Trump, making America great again and really helping the little guy. What gullible people bought this crap.

Now of course, not everybody but almost everybody who had a net worth of $100,000 in 2002

is now surely up to $1.7 million right ?

Bloomberg - jobs created since becoming mayor...0.

America is Sodom and Gomorrah as in biblical admonishments and if you really believe that people

can go to hell, then most such wealthy Americans are going...straight to hell. Thing is only a few

Americans really show such blatant avarice and I m guessing now but many millions of wealthy people

didn't want the tax cut. Not in their interest but in the country's interest.
 
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bearpoker said:
The problem is that we've heard this fairy tale before and it never comes true. The deficits grow and the debt explodes. It happens every time.
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Debt and deficit are different issues. If you want to deal with those, you have to deal with Congressional spending...not the economy.
 
KLATTU said:
Unknowable.

Geez, the economy grows, tax revenues increase, and the rich pay more.

What more do you want?

Oh and you can keep your doctor!! LAFFRIOT
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So why don't we just reduce the tax rates to 0 and see how much tax revenue we collect?
 
KLATTU said:
Unknowable.

Geez, the economy grows, tax revenues increase, and the rich pay more.

What more do you want?

Oh and you can keep your doctor!! LAFFRIOT
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Tax revenues may be higher than estimated but don't double the deficit at the same time

and...via the same link as in the OP.

Oh and BTW, it was the employers who could change your dr....and they did.
 
bearpoker said:
The problem is that we've heard this fairy tale before and it never comes true. The deficits grow and the debt explodes. It happens every time.
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.....and it is again, to $1 trillion by 2020.
 
imagep said:
So why don't we just reduce the tax rates to 0 and see how much tax revenue we collect?
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Because then there would be growth but no tax revenue collected. Evidently this tax cut increases growth AND revenue.
 
bearpoker said:
Either one costs money which we haven't got because of the tax cut.
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..........A lw squawk point that was crushed by my post! LAFF
 
imagep said:
So why don't we just reduce the tax rates to 0 and see how much tax revenue we collect?
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still don't understand diminishing returns do you?
 
KLATTU said:
Because then there would be growth but no tax revenue collected. Evidently this tax cut increases growth AND revenue.
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So as tax rates are reduced, we get less tax revenue. Thanks for clarifying that. History also has proved you correct.
 
ludin said:
still don't understand diminishing returns do you?
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Yes, diminishing returns are involved here, but I'm not sure you understand the Laffer Curve. When tax rates are on the right of the apex of the Laffer Curve, reducing tax rates increases government revenue. However, no economist believes that our tax rates are on the right side of the curve, thus reducing tax rates decreases tax revenue.
 
KLATTU said:
Oh so it doesn't improve the economy when it's going good. Makes sense.

LAFF
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Nah, one just bought a little bungalow and now they are using our 'huge' tax cut to buy a mansion.

0 jobs. 0 GDP increase, just more opulent consumption.

What's lost in all of this, is that in capitalism, for anybody to get richer, somebody has to get poorer or...further in debt.

There is no other way. The rich get richer and 3 generations of our kids, get further in debt thanx to repub fiscal child abuse.
 
faithful_servant said:
That's because we can't seem to control spending, not because of tax revenue.
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The so-called conservatives since WWII, have never been small govt. or fiscally responsible.

Conservatives have spun their economics for all of those by creating ridiculous meaningless expressions like dynamic scoring.

Corp. America did long ago, (50's - 60's) contribute $1.50 in federal taxes for every $1 of income tax on labor. Corp. taxes being at a

60 year low contributed about 9 cents for every dollar before this tax cut. Now I think they will contribute about a nickel.

Where are all of jobs that theoretically created ? They left or were killed. The fortune 500 has not created one new net job in America

since the 60's which is when they began to leave every major city in America and deserves no such flattery. even IBM

left Wash., DC and other major cities in the 60's without eliminating a single job.
 
jaeger19 said:
Actually we should have not cut taxes.. and continued steady spending on infrastructure. Which would have helped long term economic growth.
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Well what real conservatives know, is that taxes were never cut in 38 years and are not cut until you cut spending.

The repubs since Reagan have only cut tax revenue...not taxes. They were kicked into the future for 3 generations of our children.
 
ludin said:
I have always maintained that the key to building wealth is long term savings and investment.
For people that don't want the hassle of individual stocks i have always recommended large cap
growth mutual funds.

the average return is between 10-15% a year over the long term.
Click to expand...

I like that term...hassle. It couldn't be that they have no money to buy stocks, bonds

other than the tax-favored IRA etc. where it goes to a mutual fund most of which (according

to Wharton business research lose money but still get collectively Billion$ a pay check in fees.

Wharton wrote a paper that concluded that 1 of 9 mutual funds beat the S & P 500.
 
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