Republican Tax Cuts For The Rich And The Debt Crisis

Inflation was under 2% for Trump's entire term. "population growth"? How much do babies contribute the the budget? Sure working populations grow, but the keep is they're WORKING creating goods and services; and paying taxes as are their employers.

[Jonk22]
While well-designed tax cuts may grow the economy (often not as much as tax reform), there is no case in which they could grow the economy enough to be self-financing. At best, tax cuts can finance a fraction of their costs through faster growth – and maybe not even that.

In this paper, we show:

• There is no theoretical basis to suggest tax cuts could be self-financing. To do that, the economy would need to grow by $5 to $6 for every $1 of tax cuts.
• There is broad consensus among economic models that future tax cuts won’t pay for themselves. Some models find tax cuts would be partially self-financing, while others find the economic feedback would actually increase the deficit effect of tax cuts.
• Past tax cuts in 1981 and the early 2000s have led to widening budget deficits and lower revenue, not the reverse as some claim.

https://www.crfb.org/papers/tax-cuts-dont-pay-themselves[/QUOTE]
NUMBERS, DATA. Not a difficult concept. I already dealt with the "pay for themselves" fallacy.

 

Except GDP isn't a fixed number. This just shows more of GDP went into private pockets than into the coffers of the government.

 

one of the most amusing contradictions is that class warriors complain about wealth being consolidated in the hands of say 4 million wealthy individuals but want all the wealth concentrated in the hands of less than 550 politicians and the government

 

Me too.



The Numbers Are In: Trump’s Tax Cuts Paid Off | The Heritage Foundation

"The Congressional Budget Office’s May 2022 forecast shows that the government now expects to bring in more tax revenue in the decade following the 2017 “Trump tax cuts” than it had projected prior to the December 2017 passage of tax reform.

It doesn’t look like the tax cuts—which government scorekeepers said at the time would cost $1.5 trillion over 10 years—have been anything like the fiscal nightmare that some on the left would lead us to believe."

Like I wrote above, Nancy Pelosi lied when she called the Trump tax cuts a $2 trillion GOP tax scam. She was the one who was scamming the public with her stupid lies.

 

A systematic attack on employees invites a return attack on the perps. Look at what happened to the Orange Oaf.

 

5 YEARS LATER THEY GOT BACK UP TO WHERE THEY WERE? LMAOROG

KINDA WEIRD THEIR USING PAYROLL TAXES IN THEIR "NUMBERS" RIGHT?

 

Hmmm. Looks like revenue went down.

 

What happened to Trump?

 

LangleyMan has some serious Trump syndrome. No matter what the subject is he always brings it back around to Trump.

 

Nice graph. What have Democrats done to reform corporate tax?

 

THIS IS HILARIOUS and true, personaly i am not sure how long the human race can last when fully one third of us seem to love the winner/loser template and want to rally around a vision of america of the 1890s empire buiding spanish-american war..(nationalism)

 

Corp tax, that thing Diaper Donnie gutted in 2017? Let me know when the Dems have actual control in the Senate and House with a D Prez

 

Diaper Donnie did a lot of damage in 4 short years

 

For those earning between the top 0.1 percent and 0.5 percent of the income curve, the numbers were 41.4 percent in 1960, 44.6 percent in 1970, 43.0 percent in 1980, 33.0 percent in 1990, 38.4 percent in 2000 and 33.0 percent in 2004.

For those earning between 0.01 percent and 0.1 percent, the rates were 55.3 percent in 1960, 59.1 percent in 1970, 51.0 percent in 1980, 34.3 percent in 1990, 40.2 percent in 2000 and 34.1 percent in 2004.

Finally, for those in the top 0.01 percent of the income distribution, the effective tax rate was 71.4 percent in 1960, 74.6 percent in 1970, 59.3 percent in 1980, 35.4 percent in 1990, 40.8 percent in 2000 and 34.7 percent in 2004.

https://www.politifact.com/factchec...-obama-says-tax-rates-are-lowest-1950s-ceos-/


INCOME TAXES ARE THE ONLY THING IN THE US TAX SYSTEM (local, state, fed) THAT IS PROGRESSIVE, JUST BARELY

 

Says the intolerant side who is not reasonable.

 

You said. You should own it.

 

And the unemployment rate was 6.6% in 1960. What's your point? We didn't spend 50% more than we took in every year. How long to you think that can last?

 

So specifically, you feel that the 'wealthy' should pay more in taxes. Because..... why? Why just the wealthy? How about everyone else kick in a little more too, and those who contribute effectively very little to none, be given a little less, just for good faith, since everyone should be responsible for the monetary wellbeing of the country.

Or is just for the group you apparently don't belong to?

 

ME AND ABOUT 70% OF THE COUNTRY

Aug 12, 2022 — A POLITICO/Morning Consult poll conducted in September 2021 found 74% agreement with the statement, "The wealthiest Americans should pay higher taxes

WHY?

How state taxes make inequality worse
All but a few states take a greater share of income from poor people than the wealthy. Systems designed by white supremacists are part of the reason.

https://publicintegrity.org/podcasts/integrity-out-loud/taxes-inequality-worse-progressive-tax/

FEDERAL INCOME TAXES ARE ABOUT THE ONLY THING THAT'S PROGRESSIVE IN THE TAX SYSTEM, BARELY





WHERES THE MONEY AS A FAMOUS BANK ROBBER ONCE SAID!

 

Maybe the GOP can stop gutting revenues via tax cuts that benifit the richest that's happened as Ronnie, Dubya and Diaper Donnie have done, AS they blew up spending?

 

Yes, it's horrible how the tax revenues have been gutted. Even during 2020, it was up higher than when the tax cuts were made.

Go sell your snake oil somewhere else.

 

2022: 19.23360%
2021: 17.35834
2020: 16.24448
2019: 16.19834
2018: 16.21730 (1ST YEAR DIAPER DONNIE TAX CUT)

BJ BILL HAD IT HIGHER, AND WE HAD IT HIGHER DURING WW2

https://fred.stlouisfed.org/series/FYFRGDA188S

Economists say it's a one time blip because Biden got stock market so high, people are taking capital gains at record rates

Individual income tax collections for the fiscal year ending Sept. 30 are projected to land at their highest level as a share of the U.S. economy since the advent of the income tax in 1913. Overall federal tax revenue this year is expected to hit 19.6 percent of gross domestic product, a figure that’s been topped only three times: twice during World War II and again in 2000, before the dot-com bubble burst.

It’s not entirely unexplained; the CBO attributes much of the revenue growth this year and in the coming years to faster economic growth, higher wages and profits and capital gains realizations from elevated asset prices — and, yes, higher inflation.

https://rollcall.com/2022/06/01/unexplained-tax-revenue-growth-vexes-budget-scorekeepers/



U.S. Commerce Department shows that corporate profit margins are the largest they've been in 70 years

https://www.npr.org/2022/02/13/1080...rd-corporate-profits-despite-rising-inflation



Corporate profits have contributed disproportionately to inflation. How should policymakers respond?

https://www.epi.org/blog/corporate-...to-inflation-how-should-policymakers-respond/