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GOP Tax Bill Is The End Of All Economic Sanity In Washington - Forbes
- Thread starter ZiprHead
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Elixir
Made in America
Shared on FB... this truly IS insanity.
Jimmy Higgins
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It is incredible how little support this bill is receiving... yet it continues to move forward. All that remains is for the Tax Fndn to speak out against it, which I think unlikely.
Elixir
Made in America
funinspace
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Butt, butt...buttt...that and declawing the evil federale regulations, is the elixir to fix the stagnating wages of this century as promised by the tea party/repugs. This will make coal desirable again; this will allow the multi-millionaires(+) to pay their servants an extra 20 cents a week; this will encourage the multi-millionaires(+) to buy yet another $200,000 vehicle; companies will bring their billions back to Merica and they will give their blue collar workers a $0.05/hr raise; and all this will thereby create jobs jobs jobs jobs jobs jobs jobs...and Joe Six Pack will be able to afford his 4x4 crew cab F250 TD, and even have money to spare for that lift kit with 35" tires and an overdrive chip...ah the wet dreams.
Underseer
Contributor
America is about to become Somalia.
I for one, think I would make a dashing pirate.
I for one, think I would make a dashing pirate.
Underseer
Contributor
But if we make the elites even more wealthy, they will trickle good jobs on us! If you disagree with me, you are a communist!
SimpleDon
Veteran Member
Just like the insanity of Trump is not an anomaly of the GOP but the logical culmination of where the party has been heading for four decades, this tax bill is the natural culmination of all of the fact free policy positions that have driven the party for four decades.
The article concentrates on the impact on the national debt and to inflation, and how this would limit our ability to fight future recessions. These are not my concerns. The money from the tax cuts won't and can't cause inflation because it is not new found money, every dollar of the tax cut is a dollar added to the deficit which has to be financed by issuing Treasury Bills which are bought by the investor class reducing the money available for investment dollar for dollar with the amount of the tax cut for the already rich. The net effect is zero dollars added to the money available for investment.
What has increased is the wealth of the investor class, i.e. the T-Bill. Any increase in consumption spending that would result from this fiscal masterbation would have to come from the wealth effect, the euphoric feeling of being richer and increasing your spending because of it. But there are too few of the rich for this to have any effect on the real economy.
The GOP bases its rosy promises on the impact of the new money from the tax cut in new investment. But there is no new money available for investment.
If you would cut the taxes of the middle class, then you would be converting the money of the investor class into money that will be spent on consumption. You could cause inflation in the real economy. The reason that we don't have inflation right now is because the government for the last forty years has been supporting profits instead of supporting wages. This is the same as saying that the government has been supporting capital instead of labor, supporting supply instead of supporting demand. The fact that supporting supply doesn't increase inflation is because supporting supply doesn't impact the real economy, it only impacts the financial market and real estate economy. Capital gains is nothing more than inflation in the stock market and in real estate.
The stock market went up when the GOP took over all branches of the government because the market anticipated that the GOP would pass a tax cut for the rich. Not because the stock market thought that the GOP would improve the economy.
This tax bill is the payback to the donor class for their support and money over the years.
The article concentrates on the impact on the national debt and to inflation, and how this would limit our ability to fight future recessions. These are not my concerns. The money from the tax cuts won't and can't cause inflation because it is not new found money, every dollar of the tax cut is a dollar added to the deficit which has to be financed by issuing Treasury Bills which are bought by the investor class reducing the money available for investment dollar for dollar with the amount of the tax cut for the already rich. The net effect is zero dollars added to the money available for investment.
What has increased is the wealth of the investor class, i.e. the T-Bill. Any increase in consumption spending that would result from this fiscal masterbation would have to come from the wealth effect, the euphoric feeling of being richer and increasing your spending because of it. But there are too few of the rich for this to have any effect on the real economy.
The GOP bases its rosy promises on the impact of the new money from the tax cut in new investment. But there is no new money available for investment.
If you would cut the taxes of the middle class, then you would be converting the money of the investor class into money that will be spent on consumption. You could cause inflation in the real economy. The reason that we don't have inflation right now is because the government for the last forty years has been supporting profits instead of supporting wages. This is the same as saying that the government has been supporting capital instead of labor, supporting supply instead of supporting demand. The fact that supporting supply doesn't increase inflation is because supporting supply doesn't impact the real economy, it only impacts the financial market and real estate economy. Capital gains is nothing more than inflation in the stock market and in real estate.
The stock market went up when the GOP took over all branches of the government because the market anticipated that the GOP would pass a tax cut for the rich. Not because the stock market thought that the GOP would improve the economy.
This tax bill is the payback to the donor class for their support and money over the years.
sharon45
Veteran Member
Good for Forbes.
Horatio Parker
Veteran Member
Within six votes I read today.
I doubt it will make it through the senate. There are enough retiring Rs that can vote their conscience that I don't think the lunatics can get anything all that bad through.
a little cryptic here... care to elaborate?
T.G.G. Moogly
Traditional Atheist
Look around in your dream. Is there something low that you can walk into, something that will give you a good crack to the head and wake you up?
RVonse
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It sounds like this may be a LOT simpler having fewer allowable deductions but a higher standard deduction. I really like the idea of simpler taxes.
That is something we should all be able to get on board with.
That is something we should all be able to get on board with.
TV and credit cards
Contributor
If your tax preparation process takes you through the motions of checking all your deductions just to inform you in the end, you should take the standard deduction, that kind of sucks the simple right out of the process.
I reckon in the end it will be a matter of what gets eliminated and what remains but doesn’t exceed the standard deduction threshold. But folks will still be going through the motions.
I have noticed many of the talking heads on MSNBC harping on these deductions teachers and parents of college age students, etc will be loosing. Would be nice if they injected a degree of objectivity into the equation and spoke on the benefit of the standard deduction, or just avoid the topic all together and focus on the investor class.
Jimmy Higgins
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No, it isn't a lot simpler. The 1040EZ is really easy to fill out, and deducting mortgage interest, child exemptions, and state, local taxes isn't remotely difficult. Nor does this reduce the deductions rich people can take.
Harry Bosch
Contributor
Agreed! It's not rocket science. As an aside, I hope that this bill finally dispels the BS that republicans want to lower the deficit.
Jimmy Higgins
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01-06 didn't do it, why would this?
funinspace
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Yeah, I could get behind that. Can you point to a bill that isn't also chock full of increased deficit ink and big tax benefits to the wealthier?
The economy doesn't need a tax cut to 'juice' the financial economy with low unemployment (yes I know that wage rates haven't recovered well) and still a solid federal budget deficit. Funny how the Repugs weren't on board with such an idea some 8 years ago when the economy desperately needed more of this kind of thinking...
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SimpleDon
Veteran Member
I agree that there is a place for simpler taxes. For example, the corporate income tax. Reduce the tax rate to 20% and eliminate all of the thousands of special deductions and tax breaks that some corporations enjoy. Put all corporations on the same competitive footing and allow the hard pressed CEOs to file the corporation's taxes on a postcard so the corporation can get back to concentrating on its core business.
Why haven't you heard this floated as a good idea? Obama proposed it years ago and the GOP didn't remotely consider it. (He proposed it at 25%, but with the primo negotiating chops of the GOP and the proven inability of the Obama administration to negotiate, i.e. trade, Iran, etc., the GOP could have negotiated it down to 15%)