The House Bill Would Mean a Tax Hike for Millions of Seniors. Learn More

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Valued Social Butterfly
Posts: 20,664
Registered: ‎11-09-2011

Re: We need a massive upgrade of our infrastructure

Message 11 of 44 (65 Views)

If GOPNRA really wanted to REFORM taxes, they'd eliminate the special treatment of investment income, increasing Federal Revenues by $13.4Trillion over the next decade with 99% of the "contribution" coming from the wealthiest 1%.

 

About the National Debt: President Obama took the deficit from $1.4TRILLION and an economy in shambles that could not sustain a tax increase to a final deficit of $416Billion,  29% of the mess jrbush handed him.  What GOPNRA keeps omitting in their mock fiscal conservatism is the new debt added by Reagan continues to cost $194Billion to service and the debt added by jrbush costs $234Billion to maintain, that's $3.424TRILLION included in the debt increase while Obama was President.

Valued Social Butterfly
Posts: 11,075
Registered: ‎06-07-2010

Re: We need a massive upgrade of our infrastructure

Message 12 of 44 (67 Views)

CriticalThinking wrote:

"The deficit is only for one year."

 

I don't understand why NH claims the deficit is only for one year. "A new analysis says the House GOP tax bill would reduce tax revenue by $1.7 trillion over the next 10 years"


I would expect that the biggest push back would come from residents of high-tax states like New York, New Jersey and California, who will lose the benefit of a federal deduction for their state tax burden. But this repeal will largely impact the richest 1%, and can be sold politically as a move necessary to prevent a windfall for the well-to-do. And let's be honest: this is a necessary evil -- eliminating the deduction for state and local income taxes raises a much needed $1 trillion in revenue over the next decade.

 

That is where some of the lost revenue comes from.

 

https://www.forbes.com/sites/anthonynitti/2017/09/15/fun-with-math-one-mans-attempt-to-craft-revenue...

 

Keep in mind, this is over 10 years while Obama racked up $10 Trillion debt (100% increase) in only eight years.

Trusted Social Butterfly
Posts: 12,010
Registered: ‎07-04-2009

We need a massive upgrade of our infrastructure

[ Edited ]
Message 13 of 44 (74 Views)

"The deficit is only for one year."

 

I don't understand why NH claims the deficit is only for one year. "A new analysis says the House GOP tax bill would reduce tax revenue by $1.7 trillion over the next 10 years"

Valued Social Butterfly
Posts: 11,075
Registered: ‎06-07-2010

Re: We need a massive upgrade of our infrastructure

Message 14 of 44 (80 Views)

Richva wrote:

NOTHAPPENING wrote:

I see many of the liberals are quite confused AGAIN. Trump's plan cuts all peoples taxes EXCEPT those paying none right now. I wouldn't ever dream that a liberal would ever understand this concept.


Does this mean you agree the whole purpose of the Trump Tax Bill is to cut  taxes and raise the deficit?


The purpose for the Trump tax bill (in my mind) is to run a short term deficit (cutting taxes) to let businesses and individuals keep more of THEIR OWN money. Businesses having more money will have the funds to expand and even hire more people (who in turn will pay taxes). People who have more of THEIR OWN money will spend more money providing growth to the businesses they support. Ultimately, as more companies bring their foreign holdings to the U.S., that will contribute to our economy as well as decreasing the debt.

 

So, your entire premise is WRONG.

Valued Social Butterfly
Posts: 11,075
Registered: ‎06-07-2010

Re: We need a massive upgrade of our infrastructure

Message 15 of 44 (76 Views)

ChasKy53 wrote:

NOTHAPPENING wrote:

 


I see many of the liberals are quite confused AGAIN. Trump's plan cuts all peoples taxes EXCEPT those paying none right now. I wouldn't ever dream that a liberal would ever understand this concept.


You are wrong. Trump's plan does not cut taxes for all except those that pay none. As usual reality is giving you trouble.


You are wrong again. Show me any income group currently paying income taxes that won't get a reduction in taxes. I don't include special cases that may have current high deductions for some purpose that is being eliminated.

 

As usual, it is difficult for liberals to become less dependent on government.

Valued Social Butterfly
Posts: 11,075
Registered: ‎06-07-2010

Re: We need a massive upgrade of our infrastructure

Message 16 of 44 (77 Views)

ChasKy53 wrote:

NOTHAPPENING wrote:

CriticalThinking wrote:

I don't understand where NH is on this issue. During the campaign, he said he wanted Trump to reduce the deficit. I advised him Trump is not a republican, he's a big government spender, so we will NOT see deficit reduction during a Trump presidency.


You are again confusing deficit and debt. My concern has always been debt. I would like to see deficits lower or non existent but if the real goal is decreasing the national debt, then it is worth a short term deficit. That HAS and always was my position.


Trump's tax plan will increase the deficit and thus the debt, so according to what you claim, you shouldn't be supporting Trump.


The deficit is only for one year. That is the definition of deficit. Debt is the accumulation of all deficits, positive or negative. Many liberals don't understand this concept at all so are confused by how running a deficit in the short term could actually improve the debt over several years. I support Trump and this is exactly what he's doing.  How many times do I have to explain this to liberals?

Valued Social Butterfly
Posts: 31,719
Registered: ‎02-21-2014

Re: We need a massive upgrade of our infrastructure

Message 17 of 44 (78 Views)

Richva wrote:

rk9152 wrote:

Richva wrote:

NOTHAPPENING wrote:

I see many of the liberals are quite confused AGAIN. Trump's plan cuts all peoples taxes EXCEPT those paying none right now. I wouldn't ever dream that a liberal would ever understand this concept.


Does this mean you agree the whole purpose of the Trump Tax Bill is to cut  taxes and raise the deficit?


Do you think that was the intention of JFK or Reagan? I don't. Rather the idea was that through tax cuts you stimulate the economy thereby increasing the flow of money into the Treasury.


The economists have never found a relation to handing out money to big corporations and improved economy.  Tax cuts make sense when the economy is in trouble of interest rates are too high for companies to invest.  Corporate profits are at all time highs and interest rates are at all time lows.  Corporations have access to more than enough money and it is not raising any wages. I see no justification for more of the same. 

 

You want to raise wages? Start government infrastructure rebuilding and create competition for workers. 


Since the intake of the US Treasury increased after the JFK requested and Reagan tax cuts, it would appear that the economists you are looking at do not know how to google. The idea as to individuals is to increase spending thereby stimulating the economy. As to corporations it is to make them competitive on the world market. Remember, since taxes are a price of doing business, the taxes are reflected in the prices of the good or services.

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Treasured Social Butterfly
Posts: 12,557
Registered: ‎02-28-2008

Re: We need a massive upgrade of our infrastructure

Message 18 of 44 (78 Views)

rk9152 wrote:

Richva wrote:

NOTHAPPENING wrote:

I see many of the liberals are quite confused AGAIN. Trump's plan cuts all peoples taxes EXCEPT those paying none right now. I wouldn't ever dream that a liberal would ever understand this concept.


Does this mean you agree the whole purpose of the Trump Tax Bill is to cut  taxes and raise the deficit?


Do you think that was the intention of JFK or Reagan? I don't. Rather the idea was that through tax cuts you stimulate the economy thereby increasing the flow of money into the Treasury.


The economists have never found a relation to handing out money to big corporations and improved economy.  Tax cuts make sense when the economy is in trouble of interest rates are too high for companies to invest.  Corporate profits are at all time highs and interest rates are at all time lows.  Corporations have access to more than enough money and it is not raising any wages. I see no justification for more of the same. 

 

You want to raise wages? Start government infrastructure rebuilding and create competition for workers. 

Valued Social Butterfly
Posts: 31,719
Registered: ‎02-21-2014

Re: We need a massive upgrade of our infrastructure

Message 19 of 44 (77 Views)

Richva wrote:

NOTHAPPENING wrote:

I see many of the liberals are quite confused AGAIN. Trump's plan cuts all peoples taxes EXCEPT those paying none right now. I wouldn't ever dream that a liberal would ever understand this concept.


Does this mean you agree the whole purpose of the Trump Tax Bill is to cut  taxes and raise the deficit?


Do you think that was the intention of JFK or Reagan? I don't. Rather the idea was that through tax cuts you stimulate the economy thereby increasing the flow of money into the Treasury.

Treasured Social Butterfly
Posts: 12,557
Registered: ‎02-28-2008

Re: We need a massive upgrade of our infrastructure

Message 20 of 44 (93 Views)

NOTHAPPENING wrote:

I see many of the liberals are quite confused AGAIN. Trump's plan cuts all peoples taxes EXCEPT those paying none right now. I wouldn't ever dream that a liberal would ever understand this concept.


Does this mean you agree the whole purpose of the Trump Tax Bill is to cut  taxes and raise the deficit?