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The Tax Plan has been released
3 years ago  ::  Dec 02, 2017 - 3:56PM #151
Max
Posts: 42,830

The Republican tax bill will hurt U.S. military according to top generals 


www.newsweek.com/tax-plan-military-war-n...

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3 years ago  ::  Dec 02, 2017 - 5:13PM #152
ArtVandelay
Posts: 34,732

great day for WORKING Americans!  I'm feeling MAGA today!!!!

3 years ago  ::  Dec 02, 2017 - 6:06PM #153
MajorYankFan
Posts: 32,868

Dec 2, 2017 -- 5:13PM, ArtVandelay wrote:


great day for WORKING Americans!  I'm feeling MAGA today!!!!




Yeah, if you love having your wealth redistributed


to a lazy, good-for-nothing corporate welfare queen


like Commie Donnie.......MAKING AMERICA A THIRD-


WORLD COUNTRY AGAIN.

3 years ago  ::  Dec 02, 2017 - 6:16PM #154
craner7
Posts: 23,298


Tax reform is on track and Democrats want to derail it. Don't believe these myths about the Senate’s bill


Democrats are desperate to derail long-overdue tax relief that is heading to the Senate floor for a vote this week – even if by doing so they take money from the pockets of their own constituents.


There are no good arguments against allowing hardworking Americans to keep more of their money. But that hasn’t stopped Democrats, who are intent on denying President Trump a victory at any cost – including lying about the Senate tax bill’s impact in an attempt to block its passage.


This deceit was on full display at a CNN Town Hall debate this week, where career politicians Sens. Bernie Sanders of Vermont and Maria Cantwell of Washington state leaned on shopworn Democratic talking points as the basis for the their opposition to the tax bill. These include the following five myths that have been making the rounds among Democrats and their media allies. 


MYTH 1: The tax bill is a tax increase on the middle class.


Cantwell: “Raising taxes on the middle class is wrong, and that’s what this bill does.”


Recognizing the popularity of a middle-class tax cut, Democrats are trying to use the Bizarro-world argument that the tax cut bill is actually a tax increase. They cite a Tax Policy Center report claiming the bill would raise taxes on 87 million middle-class families.


What the Democrats don’t mention is that the Tax Policy Center is a project of the left-wing Brookings Institution and Urban Institute, funded by donors like George Soros who want to disrupt President Trump’s agenda by any means necessary.


The Tax Policy Center can only arrive at this eyebrow-raising conclusion by making the unrealistic assumption that the tax cuts would expire after 10 years.


In reality, the tax bill would provide significant relief for the middle class by doing the following: doubling the income threshold under which families pay no taxes at all to $24,000; doubling the child tax credit to $2,000; and eliminating the 15 percent tax rate in favor of an expanded 12 percent rate, among other provisions.


The above changes would save ordinary families thousands of dollars a year. 


MYTH 2: The majority of the tax bill’s benefits go to the top 1 percent of earners.


Sen. Sanders: “60 percent of the tax benefits in the Republican plan would go to the top 1 percent.”


Democrats are trying to distract from the bill’s middle-class tax relief by claiming most of the benefits go to the super-rich. But in reality, the bill is targeted at the middle class.


In addition to the middle-class provisions mentioned above, consider the bill’s relief for Main Street small businesses. The bill offers a 20 percent small business tax deduction for all small businesses earning less than $500,000 a year. 


This 20 percent tax deduction would allow small business owners to keep more of their earnings, helping them to compete with their big business and international competitors – as well as hire more employees, raise wages and expand.


According to the Tax Foundation, 97 percent of small businesses earn less than this $500,000 threshold, meaning the overwhelming majority of small businesses would see relief from this provision.


But who would see little-to-no relief from it? The top 1 percent, with annual incomes of roughly $500,000 and higher.


Given this clear middle-class relief, how do Democrats back up their 1 percent claim? By pointing to the tax bill’s provision to bring the corporate tax rate in line with international standards.


However, survey and economic evidence demonstrates that corporate tax cuts benefit the middle class in the form of higher wages, better workplace benefits, new job opportunities and lower consumer prices.


Even higher dividend payouts benefit the middle class, because the majority of corporate stock is owned by retirement plans, including IRAs, 401ks and government pension plans that help ordinary Americans save.


MYTH 3: The tax bill will grow deficit by $1.4 trillion.


Sen. Sanders: “This legislation will grow the deficit by $1.4 trillion. Mark my words.”


Democrats are suddenly pretending to care about the nation’s fiscal state by pointing to the tax bill’s $1.4 trillion of lost revenues on a static basis over 10 years. What isn’t said is that this is only a 3 percent drop from the $43 trillion Congressional Budget Office (CBO) revenue projection over this timeframe.


But in the real world – outside of simplistic Excel spreadsheets – people respond to incentives. With more money in their pockets and in their communities, consumers, businesses and investors will spend more, creating economic growth that will more than pay for the $1.4 trillion in lost revenues.


According to the CBO, every 0.1 percent increase in the gross domestic product adds over $250 billion in revenue over 10 years. This means that even returning to 2.5 percent economic growth – still well below the U.S. historical average – would more than pay for the tax cut.


MYTH 4: The tax bill won’t create economic growth.


Sen. Cantwell: “No, I don’t think (the tax bill) will grow (the economy).”


Given the dynamic effects on tax revenue from even minor economic growth, Democrats are at pains to deny the growth created by tax cuts. They cite left-wing economists to make their case – but historical evidence and commonsense undermine it.


 The tax cuts enacted under Presidents Coolidge, Kennedy and Reagan, among others, all generated several years of supercharged economic growth. The principle is simple: More money in the wealth-creating hands of the private economy – and less in the wealth-destroying hands of government – creates economic growth.


Some 100 economists wrote an open letter to Congress with the following message: “Economic growth will accelerate if the Tax Cuts and Jobs Act passes, leading to more jobs, higher wages, and a better standard of living for the American people.”


MYTH 5: The tax bill will cause 13 million people to lose health insurance.


Sen. Sanders: “This bill… will result in 13 million people losing their health insurance.”


Given this scare tactic worked so well to kill health-care reform, Democrats are trotting it out in an attempt to do the same to tax reform. But the facts are very different this time around.


Far from kicking people off health insurance as Democrats imply, the tax bill would simply eliminate the health-care tax on those who choose not to purchase health insurance. This tax is borne mostly by working- and middle-class Americans: Nearly 80 percent earn $50,000 a year or less. In fact, this provision would reduce the middle-class tax burden even further.


The tax-cut bill currently before the Senate offers ordinary Americans the best opportunity for tax relief in a generation. But Democrats are putting their narrow political interests ahead of what’s good for the country and lying to try to sink it. Their agenda should be exposed.

3 years ago  ::  Dec 02, 2017 - 6:19PM #155
craner7
Posts: 23,298

Image result for maga

3 years ago  ::  Dec 02, 2017 - 7:52PM #156
MajorYankFan
Posts: 32,868

Image result for trump draft dodger meme

3 years ago  ::  Dec 02, 2017 - 8:09PM #157
MajorYankFan
Posts: 32,868

Tax reform is on track and Democrats want to derail it. Don't believe these myths about the Senate’s bill


That is the kind of right-wing fairy tales one


expects from supply-side socialists over at


Fox Fake News.  The economic illiterate who


wrote the fairy tale article is lucky he works


for Fox Fake News; see what happened to Brain


Ross over at ABC over this kind of shoddy reporting. 


The writer is so out-of-much with reality he failed to


mention that good ole Bernie is not even a Democrat.



ABC News suspends Brian Ross for a month with no pay over error in Flynn story

3 years ago  ::  Dec 02, 2017 - 8:17PM #158
MajorYankFan
Posts: 32,868

Now let's get away from right-wing


fairy tales and get back to reality.



FACT CHECK: How Does Paul Ryan's Case For Tax Cuts Match The Facts?


In an NPR interview Thursday, Ryan offered a detailed defense of the tax bill. What follows are some of Ryan's statements, in bold — and some of the facts behind them.


"We wanted a middle-class tax cut. We wanted to have a system that's more fair, much simpler."


There is no reason to doubt that this was one of Ryan's goals. Helping the middle class is the lodestar for politicians in both parties. Ryan rarely misses a chance to note his roots in blue-collar Janesville, Wis., and the bill does reduce tax rates for the middle class.


However, Ryan was working with President Trump, who wanted a tax cut for corporations. Ryan said the bill was "designed" as a middle-class tax cut, but the core of the resulting bill is really the corporate tax cut. Republicans also were determined to lower tax rates for the wealthiest individuals and abolish the estate tax, paid only by individuals who leave more than $5.49 million to their heirs.


Because congressional rules limit the overall size of the tax cut, tax relief for businesses and the wealthy leaves fewer savings to spread around to everyone else.


"The average tax cut for a middle-class family is going to be $1,182."


The key word is "average." Some middle-class families will indeed see a tax cut. Others in the very same income brackets will not. Why the difference? It's because of how the House went about that goal of making the tax code "much simpler."


The bill increases the standard deduction for taxpayers who do not itemize deductions. That amounts to a tax cut for them. But the bill also eliminates deductions taken by many who itemize. Those people may face higher tax bills.


For example, NPR recently reported on the effect of eliminating a tax deduction for medical expenses. In our interview, Ryan downplayed the effects of this change.


"[The person claiming it] is typically a higher-income person. ... You have to make a pretty good amount of money before you can even enjoy the ability to use that tax deduction."


NPR health policy correspondent Alison Kodjak has reported otherwise. In a Nov. 17 report, Kodjak noted that the deduction — which can only be claimed when medical expenses not covered by insurance exceed 10 percent of your income — is commonly used by many parents of disabled children and the elderly on fixed incomes.


"The IRS says about 9 million people take the deduction," she reports. "And their median income is about $55,000 a year."


Eliminating deductions like this are what make room for big items like the corporate tax cut — and remember, it's all connected. Tax cuts tend to increase the federal deficit, and congressional rules limit how much Republicans can do that. So a tax cut in one part of the economy may need to be offset by higher taxes in another.


"This [tax bill] is going to produce economic growth. The Tax Foundation, a nonpartisan think tank, showed that because of the tax relief in this bill and the pro-growth provisions in this bill, particularly for businesses to expense and hire and build more factories in America, that will lead to about $1 trillion in additional revenue because of faster economic growth."


First, the Tax Foundation is not a "nonpartisan think tank," as Ryan suggests. It's actually right-leaning.


David Wessel of the Brookings Institution and the The Wall Street Journal — who also questioned the Tax Foundation's point of view (it's "nominally nonpartisan," he said, but "clearly anti-tax") — noted there is "general agreement" among economists that some parts of the tax plan will "encourage more business investment."




A provision making it easier to write off new investments should be particularly helpful, for example. What about a plan to cut the top business tax rate from 35 percent to 20 percent? That's "probably a plus for investment," Wessel said, "but it rewards profits on old investments — not what we should want to do. It is also creating a huge [budget] hole that will have to be filled with tax hikes or spending cuts down the road."


In other words, no, it won't pay for itself. Ryan claims $1 trillion in additional revenue, but the Joint Committee on Taxation says the bill will actually cost $1 trillion.


"I come from Wisconsin. The biggest company ... headquartered in Wisconsin used to be Johnson Controls. Johnson Controls is now an Irish company. Their worldwide tax rate is 12.5 percent, because they became an Irish company, not 35 percent. ... We better get competitive with the way we tax our businesses."


Here, analyst David Wessel acknowledges the problem, but questions the solution.


"Yes, the current tax code encourages companies to move abroad," Wessel said. "That's why do many are doing it. But is the right strategy the race to the bottom? They cut their tax rates, so we cut ours, so then what do they do?"


"I don't think [the tax bill] will increase the deficit."


Ryan can only say that this is what he thinks. It is very hard to prove that tax cuts produce so much economic growth that people end up paying more taxes than they were before.


Congressional budget scorekeepers are now using "dynamic scoring," in which they attempt to forecast the effects of tax changes on tax revenue, but analyses of the Senate bill showed it would come up far short of paying for itself.


In fact, not a single nonpartisan analysis — from the Joint Committee on Taxation to the Tax Policy Center to the Congressional Budget Office — has found this to be the case for the bills going through Congress.


Treasury Secretary Steven Mnuchin has also promised the tax cuts will pay for themselves, but his department was unable to produce an analysis to back him up.


For all of his faith in tax cuts and growth, Ryan could only go so far in our interview.


"I'm telling you, that's what I believe will happen," he said. "I'm not going to tell you I'm sure."



3 years ago  ::  Dec 03, 2017 - 9:31AM #159
Max
Posts: 42,830










^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^


Stockholm Syndrome Con voters every time the Cons in Washington DC screw them with legislation like the latest tax code proposals. 

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3 years ago  ::  Dec 03, 2017 - 11:20AM #160
prof. quiz
Posts: 9,268

Dec 2, 2017 -- 6:19PM, craner7 wrote:





Yo craner, nice pic of Trump but here is what most of us see after removing the rose colored filters from the WH cameras. His weapon of choice is not an M16 but a big, fat Calaway Driver. The flag he stands adjacent to is not festooned with stars and stripes but are numbered 1-18. Plus a soldier lays his life down for the greater cause while a mercenary is only in it for personal gain.


Image result for trump fat flag golf club

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