Trump says 'major tax cut for middle-income people' coming in 10 days

The is another BIG LIE from the Biggliest Liar of all. How do you pass a tax cut with Congress in recess? This, along with all his other recent lies, is an act of pure desperation going into the mid-term elections. What will he think of next? Free rides to Jupiter?

 

Regarding the highlighted - not really. Corporations are more profitable now than at any point (as the market indices indicate) and yet the middle class is shrinking and falling behind the moneyed class at an increasing rate.

The middle class has tended to prosper when wages for middle class people are high, when income and wealth inequality is low and when social and economic mobility is high. When the middle class were doing best was in the 50's and 60's when:

• Unions were strong and were able to compel employers to pay high wages
• Marginal tax rates on wealthy individuals were above 60%
• Corporations accounted for 30% of federal tax take (currently it's between 6% and 7%)

The middle classes benefit marginally from corporate tax breaks because goods and services may become marginally less expensive and the value of their (comparatively meagre) investments increase. Then again, middle class wages have barely kept pace with inflation since the mid-70s.

The people who have done best over that period are the very wealthy. They (to be honest we) benefit both directly and indirectly from lower corporate taxes because they (we) are often incorporated to some extent (Mrs Don and I own a business and were we to get the same kind of tax breaks as US businesses that would help us out to the tune of a few tens of thousands of dollars a year) and their (our) investments are of a size that market fluctuations make big differences.

I think that when US corporations prosper, the 10% (or 5% or 1%) prosper. Mrs Don and I are probably in truth significantly below the level of wealth where we could expect significant gains if we were in the US but we're probably comfortably enough off that we would benefit measurably.

 

I suggested an Executive Order, but that big killjoy ImNotOliver pointed out that it would be unconstitutional. Then again President Trump may not have known that and thought that he could just declare a tax cut and then it would be up to the legislative branch to make it happen.

 

Trump announced a new 10% tax cut would come into effect before the midterms, intended only for the middle class.
The only trouble? Congress isn’t in session, congressional leaders haven’t heard about it,
nothing has been drafted, and Trump seemed to have invented it from whole cloth ​

Will P-Grabber make this promise as often as the one about releasing his tax returns, repealing the ACA, replacing it with "something terrific!" that covers "everybody!" at "less cost!", the one about rebuilding America's crumbling infrastructure, building a "big, beautiful wall!", etc., etc., etc.?

If the naughty boy were spanked with a rolled-up copy of Forbes every time he lied, he'd be in a state of constant ecstasy.

"OH MY GAWD, STORMY! DON'T STOP!"


"So, your bum hurts. Tell me about it."​

 

You're right, he's not selling snake oil, that's a tangible product. He's selling the idea of snake oil and then expects congress to deliver it for him

 

Trump sells idea.
Congress delivers it for Trump.
Me Deplorable happy.

You?

 

Trump has already delivered enough on his promises for me not to worry about what he has not yet delivered. It'll come in due time.

 

Nothing bugs the Progs quite like the working folks of this nation keeping just a little more of what they earned!

 

In the 50s and 60s US corporations were thriving and the middle class did too. Since then post war Europe has become competition as has much of the newly emerging third world. Our workers and corporations now have to compete with theirs so of course wages will suffer. The brief post war era where America was the only industrialized country not destroyed by war and the third world had not yet industrialized was a wonderful time in America but those days are never coming back.

 

And a nice increase in GDP and tighter labor markets that improves the bargaining position of the employee.

 

It does not such thing. If a little bit is good, a little more is better!

 

When we keep more of OUR OWN money, it's "extractive"?

Where do you come with such crap?

 

You can take solace in your sweet by-and-by of trumpery, of course.

How are those promises to release tax returns, repeal 'ObamaCare', and build a "big, beautiful wall" working out for you?

 

LOL, well OKAY. You heard it here, folks.

 

That's not really how logic works... but it is how slogans work.

 

Holy Jesu. I wish I had customers and girlfriends half as easy as most Trumpsters are, Then again most people I deal with aren't blathering bigots whose only real desire is to endlessly bash whichever inoffensive group they don't like this week.

 

The thing is that so often President Trump hasn't a clue that it's impossible to deliver.

Congress simply hasn't delivered.

 

Denigrate the power of a slogan at your own peril.

 

What topic do you think you are discussing?

 

...and how people often turn medicines into poison.

 

Trump's upcoming major tax cut, which he and his followers will conveniently forget as soon as he and they start bashing someone. It's an endless pattern

 

So, if that were the case, why didn't we get the huge corporate tax cut from last year passed on to the consumer in the form of lower prices? Cause I for sure haven't seen any price reductions.

 

US corporations are more profitable now than at any point in history and yet the proportion of federal tax they pay has dropped by close to 80%. They have done a great job at transferring the tax burden from themselves to individuals. This has been an absolute boon for the very wealthy who stand to gain from lower corporate taxes in two ways. Firstly they are more likely to benefit directly because they own corporations and/or chose to manage some of their personal tax affairs using corporations. Secondly they are likely to have substantial investments and so are likely to benefit significantly from stock market rises resulting from lower corporate taxation.

It's interesting that many other Western European countries have much higher industrial wages than the US, a much healthier middle class, lower levels of income and wealth inequality and higher social and economic mobility. Indeed it's doubly interesting that the one major Western European country that bucks that trend is the UK - but then again we've modelled ourselves more closely on the US.

• Weak unions
• Corporations focusing solely on the next quarter, not the next decade
• Lower taxes on corporations and rich individuals (with the hope of trickle-down)

IMO we're the US's "Mini-me" with predictable results.

 

You're wishing for easy girlfriends and easy customers? Aw.....

 

Trump's delivered on his commitments better than Obama who repeatedly promised me that "if I liked my doctor, I could keep my doctor, even while saving $2500/yr on health insurance premiums."