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GOP tax cut: Revenuse grow, rich pay more

KLATTU

KLATTU

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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!!
 
sounds like a fairy tale to me; aren't fair tales wonderful?
 
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!!
Click to expand...

What is the percentage of American workers who have experienced permanent wage/salary increases as a result of the tax cut? Of the percentage who have experienced a permanent wage/salary increase what is the average increase?
 
Risky Thicket said:
What is the percentage of American workers who have experienced permanent wage/salary increases as a result of the tax cut? Of the percentage who have experienced a permanent wage/salary increase what is the average increase?
Click to expand...
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
 
Risky Thicket said:
What is the percentage of American workers who have experienced permanent wage/salary increases as a result of the tax cut? Of the percentage who have experienced a permanent wage/salary increase what is the average increase?
Click to expand...
The cuts are only two months old so that's a loaded question. We've had many large companies raise wages and announce plans to hire - most of those new hires will be getting a raise - from nothing to something. We just hit a record for job openings and BLS reports more people coming back into the work force - when the get hired that a raise, too. At current unemployment levels demand for labor will start affecting wages upward.

The economy is a fully-loaded 18 wheeler with flat tires not an indy car - it takes a while to get moving and gain speed.
 
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!!
Click to expand...

You realize that none of the people will read the links you posted.
The problem is that most of them do not understand where tax revenues come from.

the come from economic activity. the more economic activity the more taxes are generated.
the flip side of that is that there is diminishing returns on tax percentages.

meaning the lower or higher you go on taxes the less benefit you get from those increases or decreases.
 
KLATTU said:
Excellent rebuttal!
{ Smirk}
Click to expand...

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.
 
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!!
Click to expand...

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.
 
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.
Click to expand...
No,we don't need more urban sh*tholes with a miniscule of green space. If anything I'd rather see more suburban and rural areas.
 
If its so great, why did 82% of all wealth created in 2017 go to the top 1%? And they just got even more tax breaks and the debt is exploding because of it. How is that a good thing? God, righties are so incredibly dishonest and lack actual facts and reasoning. Cite a bunch of links and make no argument, really pathetic.

World's richest 1% grabbed 82% of all wealth created in 2017, Oxfam study finds
 
ludin said:
You realize that none of the people will read the links you posted.
The problem is that most of them do not understand where tax revenues come from.

the come from economic activity. the more economic activity the more taxes are generated.
the flip side of that is that there is diminishing returns on tax percentages.

meaning the lower or higher you go on taxes the less benefit you get from those increases or decreases.
Click to expand...

You realize the OP didn't even make an argument, and neither did you Just more complete fiction. LAFFRIOT!! and a bunch of BS links with no comment how they prove them right. Typical idiotic right wing response, you guys can't even make actual arguments. Throw up links and say "nanny nanny poo poo, liberals are stupid poopyhead". Embarrassment to the human race


40 years of tax cuts for the wealthy has lead to insane wealth pooling at the top, stagnant wages, increased poverty, decreasing middle class. Undeniable facts.

The economy was booming when the tax rate on the rich was extremely high, becuase it incentivized them to reinvest in their company and workers, not just horde their tax cuts.

Sorry, nobody but dumb, delusional right wingers are buying this tax cuts creates jobs. Last months jobs was much lower than expected. WHat happened to tax cuts doing any good?

KLATTU said:
Excellent rebuttal!
{ Smirk}
Click to expand...
Rebuttal to what? This is all you actually posted.


LAFFRIOT!!
 
Last edited:
Sampson Simpson said:
If its so great, why did 82% of all wealth created in 2017 go to the top 1%? And they just got even more tax breaks and the debt is exploding because of it. How is that a good thing? God, righties are so incredibly dishonest and lack actual facts and reasoning. Cite a bunch of links and make no argument, really pathetic.

World's richest 1% grabbed 82% of all wealth created in 2017, Oxfam study finds
Click to expand...

Yet, the right wing alleges, Income Redistribution via Public Policy, is Bad.
 
KLATTU said:
CBO says the economy will grow 3.3% this year, the most since 2005
Click to expand...
So you're good with CBO numbers? Oh, goodie. This should be fun.


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

2016 report, estimate for 2017-2026
Revenues: $42tn
Outlays: $51tn
Deficit: $9.4tn

2017 report, 2018-2027
Revenues: $43tn
Outlays: $52tn
Deficit: $9.4tn

2018 report, estimate for 2019-2028
Revenues: $44tn
Outlays: $56tn
Deficit: $12.4tn

CBO also did a specific analysis of the tax cut bill, including dynamic scoring. The tax cut alone increases the deficit by $1.8 trillion between 2018 and 2028. Without dynamic scoring, it's $2.4 trillion. (The truth will likely lie somewhere in between.)

First of all, it sure looks like revenues are projected to increase each year anyway. (This is probably due to inflation.)

Second, the CBO attributes most of the increase in the deficit to the tax cut.

Third, what you're saying is that we can increase the economy's performance by 0.3% by going into debt by an additional $3 trillion? How Keynesian of you.

Fourth, there is no reason to believe that the tax cuts will offset the lost revenues. And that's including with dynamic scoring.


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.
Click to expand...
Uh huh

2016 report
GDP growth rate estimate, 2016 to 2026
Real: 2.0% average
Nominal: 4.1%

2017 report
GDP growth rate estimate, 2017 to 2027
Real: 1.9%
Nominal: 4.0%

2018 report
GDP growth rate estimate, 2018 to 2028
Real: 1.7%
Nominal: 3.9%

And that's with the estimated 3.3% growth in 2018 and dynamic scoring on the tax cut. So, the CBO projects slower growth over the next decade than previous estimates. While the reasons are complicated, it should be clear that cutting taxes will not boost long-term growth rates. What a surprise.


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”?
Click to expand...
Yeah, about that.

I can't find any source for that data on TPC. The WSJ says the data comes from them, but provides no link to any such report from TPC. Every other article points to the WSJ article. The author cited (Roberton Williams) hasn't published anything for TPC in years.

The closest I can get is an estimation from March 2017.
T17-0056 - Share of Federal Taxes - All Tax Units, By Expanded Cash Income Percentile, 2018 | Tax Policy Center

The bigger issue, though, is that TPC consistently estimated that the upper income earners were going to receive a disproportionately larger share of the tax cut. Thus, until I actually see the TPC publication, I don't buy it.
 
Sampson Simpson said:
You realize the OP didn't even make an argument, and neither did you Just more complete fiction. LAFFRIOT!! and a bunch of BS links with no comment how they prove them right. Typical idiotic right wing response, you guys can't even make actual arguments. Throw up links and say "nanny nanny poo poo, liberals are stupid poopyhead". Embarrassment to the human race


40 years of tax cuts for the wealthy has lead to insane wealth pooling at the top, stagnant wages, increased poverty, decreasing middle class. Undeniable facts.

The economy was booming when the tax rate on the rich was extremely high, becuase it incentivized them to reinvest in their company and workers, not just horde their tax cuts.

Sorry, nobody but dumb, delusional right wingers are buying this tax cuts creates jobs. Last months jobs was much lower than expected. WHat happened to tax cuts doing any good?


Rebuttal to what? This is all you actually posted.


LAFFRIOT!!
Click to expand...

this is the perfect example of what i was talking about.
this proves my point exactly.

This person didn't read the article and doesn't understand how taxation is supposed to work.
nor do they understand diminishing returns.

so they have to invent deflection and strawmen arguments instead of actually addressing the issue, because they can't actually address the issue.
 
danielpalos said:
Yet, the right wing alleges, Income Redistribution via Public Policy, is Bad.
Click to expand...

how does one gain wealth?

stock market, real estate, other real assets less any debt accumulated to purchase them

so as equities rise in value, people that own them get wealthier

as real estate prices rise, people that own it get wealthier

if you have no assets, and never save...you will never be a part of those accumulating wealth

i have 700 employees....and only 126 take advantage of the 6% corporate match on the 401k plan

every year the owner gets up in front of all 700 and implores them to save....implores them to help themselves

"you can lead a horse to water, but you cant make it drink"

that is why 82% of the wealth went to the top 1%....because way too many people think they cant afford to save

when in reality, they cant afford NOT to....
 
KLATTU said:
CBO says the economy will grow 3.3% this year, the most since 2005
Click to expand...

I love how CBO projects are flawless when you think they help your argument and damn dirty lies when they don't.

The sources of all your links require subscriptions so I can't analyze them.

Deficit spending is well known to improve the economy. That's why President Obama allowed them when trying to get us out of the recession. The question is why do we need it right now when the economy is already humming a long just fine. We don't want an overheated economy. That just leads to inflation and economic bubbles. Something that also followed Bush's tax cuts in 2005 remember?
 
Sampson Simpson said:
If its so great, why did 82% of all wealth created in 2017 go to the top 1%? And they just got even more tax breaks and the debt is exploding because of it. How is that a good thing? God, righties are so incredibly dishonest and lack actual facts and reasoning. Cite a bunch of links and make no argument, really pathetic.

World's richest 1% grabbed 82% of all wealth created in 2017, Oxfam study finds
Click to expand...

why are you worried about what someone else makes. that has 0 affect on you.
yet they paid 40% of all income taxes collected by the government

https://taxfoundation.org/summary-latest-federal-income-tax-data-2016-update/

and they paid about 40% of the income tax. the top 10% paid about 56 or so.
 
gdgyva said:
how does one gain wealth?

stock market, real estate, other real assets less any debt accumulated to purchase them

so as equities rise in value, people that own them get wealthier

as real estate prices rise, people that own it get wealthier

if you have no assets, and never save...you will never be a part of those accumulating wealth

i have 700 employees....and only 126 take advantage of the 6% corporate match on the 401k plan

every year the owner gets up in front of all 700 and implores them to save....implores them to help themselves

"you can lead a horse to water, but you cant make it drink"

that is why 82% of the wealth went to the top 1%....because way too many people think they cant afford to save

when in reality, they cant afford NOT to....
Click to expand...

it is buy it now vs later.

I know we were struggling a bit when we first got married.
we attended a Dave Ramsey financial peace class.

It turned out entire financial world the opposite direction.

from that class we have paid off 2 credit cards (we only have 1 for emergancy purchases)
we have at least a 1 thousands dollar emergancy fund
and enough savings for at least 2 maybe 3 months of bills.

the only debt we have left is a little bit when we had to get a new washer and dryer which will be paid off.
My student loans and the mortgage on my home.
 
ludin said:
it is buy it now vs later.

I know we were struggling a bit when we first got married.
we attended a Dave Ramsey financial peace class.

It turned out entire financial world the opposite direction.

from that class we have paid off 2 credit cards (we only have 1 for emergancy purchases)
we have at least a 1 thousands dollar emergancy fund
and enough savings for at least 2 maybe 3 months of bills.

the only debt we have left is a little bit when we had to get a new washer and dryer which will be paid off.
My student loans and the mortgage on my home.
Click to expand...

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
 
MrWonka said:
I love how

Deficit spending is well known to improve the economy. That's why President Obama allowed them when trying to get us out of the recession. The question is why do we need it right now when the economy is already humming a long just fine. ?
Click to expand...

Oh so it doesn't improve the economy when it's going good. Makes sense.

LAFF
 
KLATTU said:
Oh so it doesn't improve the economy when it's going good. Makes sense.

LAFF
Click to expand...

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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