Repug tax cut

[Chucho]

Silicon Valley companies may put themselves at odds with President Donald Trump when it comes to social issues like climate change or immigration, but on taxes, the heads of tech companies have been working diligently with the administration to help shape tax reform policies, Politico reported Saturday.

http://www.politico.com/story/2017/0...-reform-243318

Of course they would, they are among the most notorious tax cheats in the country, as well as some of the biggest slave masters in the world. But trendy Leftists don't care too much about the tech sector so long they get their iPhones every year.

[boutons_deux]

Of course, the entire motivation is exactly that, enrich shareholders

TRUMP ECONOMIC DIRECTOR GARY COHN SAYS IT’S FINE FOR CORPORATIONS TO USE TAX BREAKS TO ENRICH EXECUTIVES

Gary Cohn:

So look we’ve heard that numerous times.

If that’s our worst-case scenario, that companies repatriate their money, and they use it for share buybacks and dividends, what happens?

They buy back shares, they issue dividends.

They pay the repatriation tax.

We get another 20 percent tax on capital gains or dividends.

And then the people that get that money back do what?

They reinvest it back in the economy in new investments and new capital.

We’re putting some very enticing rules into the system that will entice people to invest capital for the next five years.

We’re giving people a five-year write-off that they can instantly expense. So look, if that happens, that’s fine.

We know that that money will get invested right back into the economy,

and drive jobs,

drive economic growth,

drive wages,

and drive prosperity. ( only for the Capitalists )


What Cohn is articulating is a version of the theory of trickle-down economics.

The Center for Economic and Policy Research’s Dean Baker is skeptical of Cohn’s explanation of corporate behavior during another tax holiday.

“Cohn’s story on repatriation goes the wrong way for a supply-side tax cut,” he told The Intercept.

“Insofar as the repatriation does lead to more money being paid out to shareholders as dividends or capital gains, and they spend a portion of this money,

it leads to the higher interest rate and less investment story.

Of course, if we feel the problem is the economy doesn’t have enough demand, this is fine, but

the easiest way to generate demand with a tax cut is to give the money to low- and middle-income people who will spend almost all of it.”

https://theintercept.com/2017/10/02/...omy-gary-cohn/

The tax cut LIES are spreading far and wide.

[Chucho]

Of course, the entire motivation is exactly that, enrich sharedholders

TRUMP ECONOMIC DIRECTOR GARY COHN SAYS IT’S FINE FOR CORPORATIONS TO USE TAX BREAKS TO ENRICH EXECUTIVES

Gary Cohn:

So look we’ve heard that numerous times.

If that’s our worst-case scenario, that companies repatriate their money, and they use it for share buybacks and dividends, what happens?

They buy back shares, they issue dividends.

They pay the repatriation tax.

We get another 20 percent tax on capital gains or dividends.

And then the people that get that money back do what?

They reinvest it back in the economy in new investments and new capital.

We’re putting some very enticing rules into the system that will entice people to invest capital for the next five years.

We’re giving people a five-year write-off that they can instantly expense. So look, if that happens, that’s fine.

We know that that money will get invested right back into the economy,

and drive jobs,

drive economic growth, drive wages, and

drive prosperity. only for the wealthy


What Cohn is articulating is a version of the theory of trickle-down economics.

The Center for Economic and Policy Research’s Dean Baker is skeptical of Cohn’s explanation of corporate behavior during another tax holiday.

“Cohn’s story on repatriation goes the wrong way for a supply-side tax cut,” he told The Intercept.

“Insofar as the repatriation does lead to more money being paid out to shareholders as dividends or capital gains, and they spend a portion of this money,

it leads to the higher interest rate and less investment story.

Of course, if we feel the problem is the economy doesn’t have enough demand, this is fine, but

the easiest way to generate demand with a tax cut is to give the money to low- and middle-income people who will spend almost all of it.”

https://theintercept.com/2017/10/02/...omy-gary-cohn/

[Chucho]

Gonna try my best to give Boots the Cosmo treatment. No need for any bat crazies around here.

[boutons_deux]

Grover MoreTwisted

http://www.ozy.com/pov/the-promised-...a04bf10a595031

[ducks]

President Donald Trump and House Republicans are open to keeping the top tax rates if that is what it takes to pass the rest of their tax overhaul legislation, Politico reported Tuesday.

Several members of the conservative House Freedom Caucus told Politico they were open to keeping the top rate at 39.6 percent rather than reducing it to 35 percent as Trump has proposed.

[SnakeBoy]

Gonna try my best to give Boots the Cosmo treatment. No need for any bat crazies around here.

Won't do anything to slow down Boo tbh.

Besides I'm doing my best to encourage Cosmo to post more

[boutons_deux]

SENATE REPUBLICANS ARE COMING FOR MEDICARE AND MEDICAID, THIS TIME THROUGH TAX REFORM

Their 2018 budget proposal paves the way for a $1.5 trillion tax cut to be offset by massive cuts to Medicaid and Medicare,

president and Republicans are going to try to pay for some of those tax cuts by slashing programs seniors and middle-class Americans rely on,”

The proposed fiscal 2018 budget resolution Senate Republicans announced last week would lead to a $1 trillion cut to Medicaid and $473 billion cut to Medicare over the next decade,

"Donald J. Trump
✔@realDonaldTrump

I was the first & only potential GOP candidate to state there will be no cuts to Social Security, Medicare & Medicaid. Huckabee copied me.
10:38 AM - May 7, 2015"

Sanders’s report predicts that if the cuts are applied proportionately,

Republicans in total would cut at least $5 trillion over the next decade from education, health care, affordable housing, child care, nutrition assistance, transportation, and other programs.

“But it’s not only cuts to Medicaid and Medicare,

it is cuts to nutrition programs,” Sanders said.

“The [Women, Infants, and Children] program, designed to provide help to low-income pregnant women and newly born babies, will be cut

when we have more infant mortality, higher infant mortality, than any other country.

Head Start programs will be cut,

child care programs will be cut,

affordable housing programs will be cut.”

https://theintercept.com/2017/10/04/...d-health-care/

[ducks]

CUT TAXES NOW USA USA USA USA USA USA USA

[boutons_deux]

House Republicans Just Used A Shady Trick To Ram Through Trump’s Tax Breaks For The Wealthy

Using every trick in the Republican playbook, the U.S. House of Representatives today passed a complicated $4.1 trillion budget plan for 2018 along party lines,

To shield the deficit-busting plan from a Democratic filibuster in the Senate, the House bill is carefully constructed to allow for a “reconciliation” vote, which means the two chambers legislation will be so similar that it can be passed by a simple majority of Senators.

The House bill is full of expenditures like a big increase for defense and big cuts for programs that help people who are not rich – including

trillions to be taken out of everything from social programs to federal employee pensions.

The biggest magic trick in the Republicans effort to camouflage what is really happening is that the version just passed calls for a tax overhaul that will cut the national debt.

The House budget passed today also includes a controversial plan to

convert Medicare into a voucher-like program that would kick in for future retirees.

Democrats are incensed over parts of the House bill that would

cut more than $5 trillion over the coming decade (and less in the Senate version), mostly from programs that benefit families, the poor and the elderly.

Even Fox News reports, “Republicans controlling the chamber have no plans to actually implement those cuts.”

this House bill is smoke and mirrors as part of the plan to stuff Trump’s tax plan down the throat of all Americans.

“The spending levels in both the House and Senate plans stand little chance of actually becoming enacted,” reports The Hill. “The House’s planned $621.5 billion for defense spending in 2018 busts through a mandatory spending cap laid out in the 2011 Budget Control Act.

“The motivating force behind the budget measures is the Republican party-defining drive to cut corporate and individual tax rates and rid the tax code of loopholes,” reports conservative-friendly Fox News.

“The real-world trajectory of Washington, however,” adds Fox News,

“is for higher deficits as Republicans focus on tax cuts,

a huge hike in the defense budget, and

a growing disaster aid tally that is about to hit $45 billion.”

the Republicans see tax reform as the thing that will prove they are not impotent after all, but in the process,

they will screw with everyone who isn’t rich or who runs a big multi-national corporation.

Unless you are a relative of Robert Mercer, one of the Koch brothers, or on the Forbes 400, this is a carefully staged show that will have a very unhappy ending for you and everyone else in the middle and lower economic classes.

http://verifiedpolitics.com/house-republicans-just-used-shady-trick-ram-trumps-tax-breaks-wealthy/

[ducks]

Americans for Tax Reform President Grover Norquist Wednesday accused Senate Minority Leader Chuck Schumer, D-N.Y., of "lying" with his claims President Donald Trump's tax plan drops rates for the nation's wealthiest while raising them for working class families.

"There are eight rates now," Norquist told Fox News' "Fox & Friends." "They are going to go down to four. The bottom rate is zero. The 10 percent rate goes down to zero. The 15 percent rate goes down to 12. All of the rates come down . . . everybody who pays taxes sees lower rates."

[ducks]

“My Council of Economic Advisers estimates that this change, along with a lower rate, would likely give the typical American household a $4,000 pay raise,” Trump will say, according to a speech excerpt.

Actually, Kevin Hassett, the economist who chairs Trump’s CEA, said last week that if U.S. companies no longer left their foreign earnings offshore, “workers in 2016 would have received a raise of nearly 1 percent.”

“What if these firms didn’t do that for the next eight years?” Hassett said in a speech sponsored by a pair of Washington tax-policy groups. “The median U.S. household income would get a $4,000 real income raise.”

At the same time, though, Hassett said that merely cutting the corporate tax rate to 20 percent “would boost wage growth almost fourfold,” from about 0.6 percent a year to as much as 2 percent. As a result, it would “provide up to $7,000 of additional income over the medium term,” he said in his speech.

Trump’s administration has tended to emphasize the benefits that corporate tax cuts bring to individuals more than other economists do. For example, Treasury Secretary Steven Mnuchin has said that workers bear 70 percent or more of the corporate tax burden -- which is expressed through lower wages.

The Congressional Budget Office uses a figure that’s closer to 25 percent.

[boutons_deux]

https://www.facebook.com/NowThisPoli...0681829296633/

[Spurminator]

This lying acting like the majority of Americans would get anywhere close to the $4K average.

[CosmicCowboy]

$4000? Damn. Think I will buy a new jet ski. Makin jobs for muricans!

[baseline bum]

This lying acting like the majority of Americans would get anywhere close to the $4K average.

Did any reporter bother to ask her what the median American family would get out of this piece of plan?

[DMX7]

And how much will the average American lose in Social Security and other benefits when we default after these tax cuts blow an even larger hole in the budget?

[Spurtacular]

The lowest federal income tax bracket for individuals will sit at 12 percent, an increase from 10 percent, but will be offset by an expansion of the child tax credit.

Poor people without children pay more?

Why you worried? You just got done saying that whatever the president presents has no sway.

[Pavlov]

Why you worried? You just got done saying that whatever the president presents has no sway.

he wants the poor to pay more.

[Spurtacular]

he wants the poor to pay more.

Which won't matter b/c what he presents is inconsequential you said.

[Pavlov]

Which won't matter b/c what he presents is inconsequential you said.

The proposed tax cut and the proposed budget are two different things. Don't you know that?

[Spurtacular]

The proposed tax cut and the proposed budget are two different things. Don't you know that?

I do know that. Can you explain the magic that apparently makes a president have sway on a proposed tax cut and not a proposed budget?

[Pavlov]

I do know that. Can you explain the magic that apparently makes a president have sway on a proposed tax cut and not a proposed budget?

History. I'll be slightly surprised if a proper budget is even passed. Congress goes without them for years at a time.

You do know that, don't you?

[Pavlov]

"Almost every president's budget proposal that I know of is basically dead on arrival," Sen. John Cornyn, R-Texas, said bluntly Monday, just hours before the budget release.

http://www.cnn.com/2017/05/23/politi...ess/index.html

[Spurtacular]

"Almost every president's budget proposal that I know of is basically dead on arrival," Sen. John Cornyn, R-Texas, said bluntly Monday, just hours before the budget release.

http://www.cnn.com/2017/05/23/politi...ess/index.html

Obama's political posturing budgets were certainly DOA. But responsible budget outlines that aren't enacted become millstones around the necks of legislators.