Trump Tax Reform

D

Danoh

New member
Trump's would be massive tax reform and wide scale deregulation will do for the super wealthy; the wealthy and the would be wealthy what Reagan's massive tax reforms and equally wide deregulation did for all three.

But on steroids, cocain, speed, and the heady acid trip it will all result in...as it all heads for the greatest financial collapse in the history of the U.S. since The Great Depression, as greed and corruption are given the unbridled reign only a Donald Trump could unleash on our beloved nation.

And countless many of the wealthy and the would be wealthy, will find themselves having completely ensnared themselves in absolute financial ruin.

But until this, last, even now being written chapter in "Trump: The Deals, The Downfall" the gravy train will be pretty sweet for the already well and would be well off.

Think I'll get in on some of that and invest in a chain of Smorgasbord restaurants with the poster Sqeaky - few on here can put together all sorts of things that normally do not go together, into one heck of an odd tasting meal :chuckle:
 
annabenedetti

annabenedetti

like marbles on glass
Sen. John Tester of Montana, 15 minutes ago:

"I was just handed a 479-page tax bill a few hours before the vote. One page literally has hand scribbled policy changes on it that can't be read. This is Washington, D.C. at its worst..."
 
J

Jonahdog

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rexlunae said:
Are you going to inherit or leave a $5 million+ estate? Because, if the answer is 'no', this doesn't effect you.
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Just one of the portions of the tax bill that will cost the Trump family more money. Oh, but it won't it will ba a windfall for them.
Of course, we cannot be really sure since he never released his tax returns.
And it won't have any impact on his billionaire cabinet members--ah wait, another issue that will benefit them.
And how will we pay for that lost revenue? Well, we can always cut back on dialysis funding for those without insurance---that'll help close the gap.
 
patrick jane

patrick jane

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Jonahdog said:
Just one of the portions of the tax bill that will cost the Trump family more money. Oh, but it won't it will ba a windfall for them.
Of course, we cannot be really sure since he never released his tax returns.
And it won't have any impact on his billionaire cabinet members--ah wait, another issue that will benefit them.
And how will we pay for that lost revenue? Well, we can always cut back on dialysis funding for those without insurance---that'll help close the gap.
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:thumb:
 
kmoney

kmoney

New member
Hall of Fame
I was trying to get more info about the foreign profit part of this bill and found this article:


https://www.cbsnews.com/news/gop-tax-plan-repatriate-offshore-profits-may-not-work/

"The experience from the 2004 tax holiday suggests that most of this money will be distributed to shareholders, not invested in U.S. business assets," says Edward Kleinbard, professor at the University of Southern California's Gould School of Law.

Especially now, Kleinbard said:

"Interest rates are low, retained earnings are high and credit is available. Most firms thus do not need the repatriated money to fund worthwhile business investments in the U.S."

Kleinbard notes that the Republican bill leaves one thing conspicuously unchanged: "A U.S. multinational looking to build a factory to serve foreign customers and choosing between a U.S. and low-taxed foreign location will still have a big incentive to locate that business abroad."

If the plan goes through, and lawmakers don't limit how the companies can spend the money — requiring them to invest in the U.S., say, or create jobs here — CFRA's Kessler expects that a "substantial amount" is going to be allocated once more to stock buybacks and dividend payments.




The GOP's desired effects may not happen.
 
drbrumley

drbrumley

Well-known member
Four Things about the Senate’s Tax Bill
Laurence M. Vance

1. It is, as David Stockman says, the smallest, not the biggest (as Trump says), individual tax cut in history.

2. It was approved in the early morning hours after lawmakers received a 500-page rewritten version that contained significant changes from the bill that was approved by two Senate committees. Sounds like the Republican version of the passage of Obamacare.

3. It has significant differences from the House tax bill that will have to be reconciled in a conference committee.

4. It is ultimately revenue neutral. Even though it supposedly cuts taxes enough to increase the deficit by $1.5 trillion over the next ten years, the bill is ultimately revenue neutral because of the increased taxes it will generate from economic growth. Said Senator Mitch McConnell: “I’m totally confident this is a revenue-neutral bill. I think it’s going to be a revenue producer.” See my article “The Implications of Revenue Neutral Tax Reform” for the problem with this.

The only Republican senator to vote against the bill was Bob Corker of Tennessee.
 
J

Jonahdog

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drbrumley said:
4. It is ultimately revenue neutral. Even though it supposedly cuts taxes enough to increase the deficit by $1.5 trillion over the next ten years, the bill is ultimately revenue neutral because of the increased taxes it will generate from economic growth. Said Senator Mitch McConnell: “I’m totally confident this is a revenue-neutral bill. I think it’s going to be a revenue producer.” See my article “The Implications of Revenue Neutral Tax Reform” for the problem with this.

The only Republican senator to vote against the bill was Bob Corker of Tennessee.
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I'm not sure that any tax cut ever has ever paid for itself.
McConnell is just another hack who wants to keep his own $
 
drbrumley

drbrumley

Well-known member
Jonahdog said:
I'm not sure that any tax cut ever has ever paid for itself.
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The tax burden doesn’t need to be shifted, the tax base doesn’t need to be broadened, tax loopholes don’t need to be closed, the “rich” or the “poor” don’t need to pay their “fair share,” and the tax code doesn’t need to be reformed, revised, or replaced—it needs to be repealed and government spending slashed to the bone.

:up:
 
annabenedetti

annabenedetti

like marbles on glass
drbrumley said:
Four Things about the Senate’s Tax Bill
Laurence M. Vance

1. It is, as David Stockman says, the smallest, not the biggest (as Trump says), individual tax cut in history.

2. It was approved in the early morning hours after lawmakers received a 500-page rewritten version that contained significant changes from the bill that was approved by two Senate committees. Sounds like the Republican version of the passage of Obamacare.

3. It has significant differences from the House tax bill that will have to be reconciled in a conference committee.

4. It is ultimately revenue neutral. Even though it supposedly cuts taxes enough to increase the deficit by $1.5 trillion over the next ten years, the bill is ultimately revenue neutral because of the increased taxes it will generate from economic growth. Said Senator Mitch McConnell: “I’m totally confident this is a revenue-neutral bill. I think it’s going to be a revenue producer.” See my article “The Implications of Revenue Neutral Tax Reform” for the problem with this.

The only Republican senator to vote against the bill was Bob Corker of Tennessee.
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I agree with 1-3. I don't believe 4, and I don't believe McConnell.
 
annabenedetti

annabenedetti

like marbles on glass
drbrumley said:
So your saying it isn't revenue neutral?
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I don't believe it will be, no.

well, neither do I. McConnell believes like all good Republicans and Democrats that my income isn't really mine but the governments and they are entitled to a portion of it and they can decide how much I can keep.
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Interesting that McConnell's part of the swamp that Trump voters wanted drained, yet apparently many have no problem with the continuing work of the establishment GOP. As for taxes: we won't be agreeing on this. Citizens making over a certain amount should pay a portion of income in taxes: for infrastructure, for defense, for necessary social programs. But I don't like that my taxes were used to finance unjust/unnecessary wars which cost lives, untold misery and trillions of dollars that could have been put to better use elsewhere.

One thing I'd like to see cut to the bone: lobbyists. Why are lobbyists writing our bills?
 
R

rexlunae

New member
drbrumley said:
So your saying it isn't revenue neutral?
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Even using "dynamic scoring", taking into account projected growth, they can't get anywhere near revenue neutral. So to believe that it is, you have to dismissed the analyses of Republican-controlled organizations in Congress itself using as much wishful thinking as they can justify.
 
J

Jonahdog

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drbrumley said:
So your saying it isn't revenue neutral?



well, neither do I. McConnell believes like all good Republicans and Democrats that my income isn't really mine but the governments and they are entitled to a portion of it and they can decide how much I can keep.
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Yep, that's the way it works. Part of your $ goes to benefit others. Very unChristian, huh?
 
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