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Trump's Tax Plan


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4 hours ago, dudeguyy said:

 

To top it all off, I know my own Senators don't give a damn. Sasse is bought and paid for by the Kochs & Fischer is a rubber stamp. Do you think a public fight can accomplish anything?

 

In Nebraska? No. 

 

I still I’ll call the two to constantly tell them they are a disappointment. There is just hope for other states that aren’t as radicalized and need balance to win favor. This proposal is ham fisted enough that it has all the potential to fail. I will encourage that failure anyway I can.

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I implore you to read this entire thread.

 

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Seth Hanlon is a senior fellow at American Progress, where he focuses on federal tax and budget policy.

Prior to rejoining American Progress, he served as special assistant to the president for economic policy at the White House National Economic Council, where he coordinated the Obama administration’s tax policy. He has also served as senior tax counsel for the House Budget Committee Democratic staff under former ranking member Rep. Chris Van Hollen (D-MD) and as tax counsel for Sen. Debbie Stabenow (D-MI), a senior Finance Committee member, among other Capitol Hill roles. He was the Director of Fiscal Reform during a prior stint at American Progress and an associate attorney at Caplin & Drysdale, Chartered.

Hanlon has testified before Congress, and his work has been cited in the Financial Times, The New York TimesThe Washington PostThe Atlantic, and other publications. He has been featured in CNBC, NPR, C-SPAN and other outlets to discuss tax issues.

Hanlon received his bachelor’s degree from Harvard University and his J.D. from Yale Law School.

 

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1 hour ago, QMany said:

 

 

Oy. This is where you can really see the corporate lobbyist & special interest influence seeking in.


Turns out, when a party that still espouses trickle down walls off the other party & instead crafts a bill with only input from super wealthy people and corporate lobbyists, the bill somehow winds up benefitting those people at the expense of everybody else.

 

Shocking.

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CBO Analysis is out on the garbage GOP tax bill, and it is not good.

 

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The staff of the Joint Committee on Taxation determined that provisions in the Chairman’s amendment would increase deficits over the 2018-2027 period by $1.4 trillion (not including the macroeconomic effects of enacting the legislation). By CBO’s estimate, additional debt service would boost the 10-year increase in deficits to $1.7 trillion. CBO’s June 2017 baseline projects that debt held by the public in 2027 will be 91.2 percent of gross domestic product. As a result of those higher deficits, debt held by the public in that year, under H.R. 1, would be about 6 percent greater, reaching 97.1 percent of gross domestic product.

https://www.cbo.gov/publication/53297

 

 

 

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Some scathing remarks from Ron Insana regarding Trumps tax plan.   I think he has some important things to say. 

http://www.newsmax.com/Finance/StreetTalk/ron-insana-trump-tax-plan/2017/11/10/id/825374/

Economic guru Ron Insana says President Donald Trump’s tax-reform blueprint is “deeply flawed” as Congress is prioritizing cutting taxes for the super-rich rather than helping households struggling to survive.

The CNBC personality claims GOP leaders say tax reform is needed to create jobs and raise wages, but the U.S. economy is at near full employment and cutting corporate taxes doesn't lead to wage increases.

Insana wrote that Washington should save a tax cut for a rainy day, when economic growth has stalled.

 

 

“It will wreck the housing market; it's punitive to every high-tax blue state in the nation (maybe purposely so); it's anti-family and now, with the repeal of the Affordable Care Act potentially imbedded in the House version, there will be tens of millions of Americans without health insurance, unlike their peers in Congress,” Insana wrote for CNBC.com.

“Companies do not raise wages when rapid technological change is leading to greater automation, lower labor costs and higher productivity. It's a bald-faced lie that wages will magically rise once corporate tax rates come down,” the CNBC and MSNBC contributor wrote.

The money on this faux tax reform would be much better spent on infrastructure, education, job retraining and immigration law reform.

Addressing the actual, over the theoretical and ideological, needs of the economy will help the people who were promised relief by this president. But nothing I have seen about either the House or the Senate version of tax reform fits that bill.

Instead, "average Americans" will, once again, be footing the bill for those far less needy than themselves.

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34 minutes ago, TGHusker said:

GOP leaders say tax reform is needed to create jobs and raise wages, but the U.S. economy is at near full employment and cutting corporate taxes doesn't lead to wage increases.

Insana wrote that Washington should save a tax cut for a rainy day, when economic growth has stalled.

 

 

A serious question.

 

I'm wondering if there is a way to cut corporate taxes that would guarantee the cut would go to raising wages of the lower paid employees.

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