@intparent, speaking of Kansas
http://www.kansascity.com/opinion/editorials/article186974513.html
Toto, I don’t wanna be in Kansas anymore.
This NYT author disagrees with you, Dave.
https://www.nytimes.com/2017/04/05/business/dealbook/tax-cuts-job-growth-trump.html
perhaps too political:)
You are aware that the conclusion of that article is that there is little to no evidence that tax cuts spur growth.
This was my favorite article on the expected impact.
The 38th misread the question and said he agreed with the others, too.
“ One of President Donald Trump’s top outside economic advisers says the individual side of the GOP tax plan never should have happened and threatens to “hurt a lot of different people.”
https://www.politico.com/story/2017/11/29/trump-tax-reform-kudlow-194187
On the other thread, I called these proposals a failure of democracy and the beginning of oligarchy. I stand by that.
More evidence:
https://fivethirtyeight.com/features/the-gop-tax-cuts-are-even-more-unpopular-than-past-tax-hikes/
This is such a lopsided tax give-a-way to the wealthy that I can’t even listen to the talking heads on TV anymore. All this talk about how well off the average American will be once the tax cuts are passed and GDP starts growing at 4-5-6%. Everyone will be rich!
What a crock.
There is no shame anymore. The majority is just going to ram this down our throats. Does not matter how much the average Joe hates it and will not benefit. They just continue to spin the lies. So sickening.
Egads! If Larry Kudlow says it is a rotten deal…
@BunsenBurner yes that’s very telling.
Kudlow also says that the corporate tax cuts will “lift growth and fatten paychecks …”
His opposition is based on the structure of the reductions to individuals, primarily the elimination of SALT.
The whole point is to cut corporate taxes while the times are really good with the economy rolling along and then starve the government when the next recession hits. There will be no will to raise taxes back up because the economy is doing horrible and you don’t raise taxes then. So the call will be to cut government spending or not provide deficit causing stimulus packages to get the economy rolling. There are a few agencies that the current administration would like to kill all together like the EPA, CFPB, IRS, etc. They all know they can just cut the budget to such a degree as to make them irrelevant. Once they are irrelevant then you might as well just shut the whole thing down. Dismantle the administrative state.
The really sad part is that when one looks at the federal budget, the actual operating budget is not that much of the whole. Cutting it makes for great theater but will not really amount to too much. The biggest areas are entitlements and interest on debt.
“Major companies including Cisco Systems Inc., Pfizer Inc. and Coca-Cola Co. say they’ll turn over most gains from proposed corporate tax cuts to their shareholders, undercutting President Donald Trump’s promise that his plan will create jobs and boost wages for the middle class.”
Now Senators are talking about automatic spending cuts if their tax bill causes too much deficit, which it will.
Cut taxes on rich people and corporations => not enough money for Social Security and Medicare => cut Social Security and Medicare. That’s the plan, and now it’s explicit.
Well, looks like something is going to pass. I’m guessing it would be smart to prepay the second half of our property tax bill in December (due in 2018) so it can be included in itemized deductions for 2017. Have to convince DH that we’ll save more in taxes than we’d earn in a few months interest on that amount.
It’s hard to determine the effect of the probable changes since we’ve had fluidity in itemized deductions and unearned income in recent years. 2017 is the first year we’ve been on Medicare all year so we might not beat the floor on medical expenses (retirement plan premiums were expensive, not to mention tons of $$ dental work in 2016!). And we previously had a lot of in kind charitable contributions both from when we moved in 2015 and donations from my mom’s estate in 2015 and 2016. And 2017 is the first full year where my inheritance moved completely under my name so I’m still getting a handle on how much income that generates.
So there hasn’t been a “normal” year to analyze re taxes - 2017 was going to be it! Also I have no idea what changes to corporate taxes means for my investments, largely mutual funds. Sigh.
We were thinking of paying the second half of the property taxes in December also and get the deduction. We’ll wait to see exactly what passes though.
Having and ACA deja vu moment…
Drown out those with concerns, keep reassuring the ‘average American family’ that this is in their best interest, hope no one looks at the underlying financial fundamentals, promise 'the average American family will save - oh let’s say $2500, hope you have grabbed what you can before the thing breaks down.
Tell everyone…Let’s pass it and then tweak it as needed. :-j
Called both my senators today. And yesterday. Today I got one live person.
I’m going to call every day. I think I’ll branch out and call the local offices too. This isn’t getting as much pushback as the various attempted guttings of the ACA and it’s worse!
@greenwitch agreed
I will be shocked if either of my senators votes for this mess.