Reply
Valued Social Butterfly
4
Kudos
536
Views

Re: The GOP Tax Cut Scam

536 Views
Message 201 of 209

@Centristsin2010—Ahh, trump and other greedy Republicans who promise the poor and middle class everything, assure them all will be well—although this trickle down theory has never worked in practice—(Reagan had to raise taxes—and we know what happened under Jr.)—and then rob ‘em blind.

 

Kinda reminds me of Marie Antoinette’s “Let ‘em eat cake.”

 

 

Gee, I miss having a real president! 

Report Inappropriate Content
4
Kudos
536
Views
Treasured Social Butterfly
2
Kudos
540
Views

Re: The GOP Tax Cut Scam

540 Views
Message 202 of 209

@Centristsin2010 wrote:

Let's get on the same page about the corporate tax rate.  It is, as many know, high at 35%.  Should the richest country in the world pay a high corp rate or a low rate?

 

According to Forbes Magazine, "Among profitable large companies, 19.5% paid no federal income taxes. The average effective tax rate among the profitable large corporations was 16.1%." 

 

AND.....

 

When we compare the US tax rate with the tax rate of other countries, do we understand that it's an unfair comparison?  Tax rates should be compared in relation to the size of the economy of the countries.  Do you agree?  If you do agree, then it may interest you to know that we are no where near the highest and fall into the middle of the pack.  If you don't agree that it's relevant, here's an informative and SHORT, article which may be enlightening:

 

Actual U.S. Corporate Tax Rates Are in Line with Comparable Countries

 

 

Additionally, Americans are being asked to swallow the narrative that corporate tax rate cuts WILL stimulate job growth AND wages, though may studies show it's not necessarily true.  In fact, we could agree (maybe) that the last "YUGE" tax cut was Bush's and it was soon followed by record setting job LOSSES and steepest decline in GDP since the depression.

 

Effects of Income Tax Changes on Economic Growth

 

 

 

Bush gave everyone a tax credit thinking it was going to stimulate the economy....people would spend more.  It didn't work.  80% of Americans said they paid down their debts vs. going out and purchasing something.  Most economists agree the US didn't get the bang for the buck. 

 

Did the 2008 Tax Rebates Stimulate Spending?

 

 

We also know one political party consistently expresses concern about the National Debt  Agreed?  

 

We could probably all agree that our debt today is obscene; over $20 trillion and counting...  Agree?

 

Now, that same party who constantly expresses concern of the debt, is now telling us that the debt really doesn't matter that much and it will decrease as the economy grows.  Sounds good, in theory, BUT, as indicated above it has proven to be the case.  Tax cuts under Reagan did indeed create job growth but there was a significant pent up demand at the time.  Tax  cuts DIDN'T stimulate job growth OR wage growth under Bush.....or grow much at all, previously prior to Reagan.

 

So, why aren't we addressing this issue in a more conservative (meaning cautious) manner?  Why aren't we dropping the corporate rate slowly to determine it's impact each year?  Why aren't we linking, on an annual basis, following year tax cuts based on this years impact?  In other words, suppose we reduce corporate tax rates by 5% and say we expect GDP of "X", job growth of "Y" and wage growth of "Z" and wait one OR two years and if the goals are achieved or exceeded, the following year the corporate tax rate will be cut another 5% (or whatever) or raised if necessary keeping in mind the current average rate is already under 20%?  Tie future tax rates, both corporate and individual based on current indicators.  Does that make any sense?  It works pretty well for the COLA.  We can adjust the indicators when necessary, as we should be doing with the COLA, understanding they will be adjusted differently by whomever has control of the WH and Congress at the time (elections have consequences). But just taking such a HUGE leap and making very important predictions of results has proven to be foolish many times in the past.  Isn't that "Washington as usual"?  Why is anything related to tax revenue permanent?  Shouldn't it be based on current needs, economic conditions?  If it was tied to these factors, we could mitigate all the political wrangling about whose going to be taxed higher, whose going to be taxed less, who gets this tax break, etc.

 

Wouldn't it make far more sense to take a "conservative" approach and not just believe the Conservatives?  Doesn't it?  Because if the economy doesn't grow as advertised, the debt will grow "Yugely"  Why make anything "permanent" and just hope based on a theory that's shown not to be accurate more often than not?  Many companies are saying they'll take their savings and pay it to share holders.  Not a bad business strategy, but it's not the effect Conservatives are selling.  Shouldn't we, as a country, be smarter than that?


Apparently the above must be a BRILLIANT plan because not a single Conservative can poke a hole in it.  Though, they want to see you more GOP lies.  Now why would they want to do that?


"FAKE 45 #illegitimate" read a sign at the Woman's March in Washington DC, January 21, 2017.
Report Inappropriate Content
2
Kudos
540
Views
Treasured Social Butterfly
6
Kudos
568
Views

Re: The GOP Tax Cut Scam

568 Views
Message 203 of 209

It's quite telling, IMO, that Conservatives here can't and therefore won't, try to defend this fraudulent tax plan. 

 

IF it is passed, you can bet your bottom dollar that very shortly after, Conservatives will warn us that the deficit now matters and will issue dire warnings that we'll need to cut, Medicare, Medicaid and Social Security.  It's the way they play their game.


"FAKE 45 #illegitimate" read a sign at the Woman's March in Washington DC, January 21, 2017.
Report Inappropriate Content
6
Kudos
568
Views
Trusted Social Butterfly
3
Kudos
570
Views

The GOP Tax Cut Scam

570 Views
Message 204 of 209

Always keep in mind that Trump Cult members never take the time to do research or analyze anything their hero says. Therefore, they actually believe this is a middle class tax cut, as opposed to a huge victory for giant corporations and Republican Donors.

 

Where's the tax cut for Social Security Benefits?

Report Inappropriate Content
3
Kudos
570
Views
Valued Social Butterfly
4
Kudos
565
Views

Re: The GOP Tax Cut Scam

565 Views
Message 205 of 209

@j400538m wrote:

@Centristsin2010 I couldn't agree with you more in all your points.  

 

Thanks for a well thought out demolition of one of many hypocritical GOP excuses for the scam.  

 

I would encourage our fellow AARP members who happen to agree and happen to be citizens to contact your two senators and ask them to oppose the bill.

 

Time is of essence, please contact them before Thursday's vote. 

 

You may phone the U.S. Capitol Switchboard at (202) 224-3121. A switchboard operator will connect you directly with the Senate office you request.


Thank you for reminding people that they do have some say in things....even if no one bothers to listen.

Report Inappropriate Content
4
Kudos
565
Views
Highlighted
Valued Social Butterfly
6
Kudos
567
Views

Re: The GOP Tax Cut Scam

567 Views
Message 206 of 209

The part of the economy represented by Wall Street has skyrocketed since Wall Street destroyed the rest of the economy back in 2008, but not a dime is showing up in a single paycheck that is written for less than six significant digits.

 

Why is that?

 

Because Republicans have worked night and day to destroy Unions, so workers have no leverage to bargain for a slice of the huge profits Corporations are raking in WITH A 35% TMR TAX, and of course there's the Reagan Taxscam that allows the ones dividing the profits to keep them all for themselves, which is exactly what they've done for the last three decades.

 

Now Republicans are telling their moronic base slashing taxes for Corporations and Medicare for everyone else will cause wealth to dribble down in a Golden Shower bathing the 99% in untold riches.

 

If Corporations did not give their AMERICAN workers any raises while they made record profits under the old tax structure, what in the new Republican scheme will cause them to do so in the future? Please remember that with the loopholes in the old system, that 35% top bracket was totally meaningless and Corporations paid between NOTHING and 16%, and of course there's not a drop of ink wasted writing in anything to CLOSE the loopholes that allow Corporations to pay NOTHING while earning BILLIONS.

 

Sorry folks, the GOPers have duped us again - calling another huge redistribution of Wealth from the Middle to the very top of the 1% a REFORM of taxes.

 

Republicans call themselves "Makers" and everyone else "Takers" when the correct terminology would be the Republican STEALERS and the Progressive HEALERS.

Report Inappropriate Content
6
Kudos
567
Views
Valued Social Butterfly
4
Kudos
597
Views

Re: The GOP Tax Cut Scam

597 Views
Message 207 of 209

The GOP Tax Cut Scam

 

Don't forget a strong social safety net almost certainly prevented the US economy, and the world economy, from collapsing in the 2008 crisis, and the following " Great Recession" .

 

I believe if not for Social Security, Medicare, Medicaid, Unemployment, food stamps, and their extensions, all the things Republicans despise, we would now be entering the second decade of the second Great Depression.

 

I think the people crowing over their 401-Ks now would instead be crying over them.

 

The value of the social safety net in preventing or mitigating economic collapse is always overlooked and hardly ever talked about.

 

I include middle class deductions as part of the social safety net. Running the debt up like this and attacking the social safety net because " we have to do something about the debt " after decades of wars and tax cuts, which I believe were intended to run up the debt so we would be put in the position of " we have to so something about the debt " by "Starving the Beast"  will lead to disaster.

 

 

 

 

Report Inappropriate Content
4
Kudos
597
Views
Contributor
2
Kudos
691
Views

Re: The GOP Tax Cut Scam

691 Views
Message 208 of 209

@Centristsin2010 I couldn't agree with you more in all your points.  

 

Thanks for a well thought out demolition of one of many hypocritical GOP excuses for the scam.  

 

I would encourage our fellow AARP members who happen to agree and happen to be citizens to contact your two senators and ask them to oppose the bill.

 

Time is of essence, please contact them before Thursday's vote. 

 

You may phone the U.S. Capitol Switchboard at (202) 224-3121. A switchboard operator will connect you directly with the Senate office you request.

JV
Report Inappropriate Content
2
Kudos
691
Views
Treasured Social Butterfly
6
Kudos
688
Views
208
Replies

The GOP Tax Cut Scam

688 Views
Message 209 of 209

Let's get on the same page about the corporate tax rate.  It is, as many know, high at 35%.  Should the richest country in the world pay a high corp rate or a low rate?

 

According to Forbes Magazine, "Among profitable large companies, 19.5% paid no federal income taxes. The average effective tax rate among the profitable large corporations was 16.1%." 

 

AND.....

 

When we compare the US tax rate with the tax rate of other countries, do we understand that it's an unfair comparison?  Tax rates should be compared in relation to the size of the economy of the countries.  Do you agree?  If you do agree, then it may interest you to know that we are no where near the highest and fall into the middle of the pack.  If you don't agree that it's relevant, here's an informative and SHORT, article which may be enlightening:

 

Actual U.S. Corporate Tax Rates Are in Line with Comparable Countries

 

 

Additionally, Americans are being asked to swallow the narrative that corporate tax rate cuts WILL stimulate job growth AND wages, though may studies show it's not necessarily true.  In fact, we could agree (maybe) that the last "YUGE" tax cut was Bush's and it was soon followed by record setting job LOSSES and steepest decline in GDP since the depression.

 

Effects of Income Tax Changes on Economic Growth

 

 

 

Bush gave everyone a tax credit thinking it was going to stimulate the economy....people would spend more.  It didn't work.  80% of Americans said they paid down their debts vs. going out and purchasing something.  Most economists agree the US didn't get the bang for the buck. 

 

Did the 2008 Tax Rebates Stimulate Spending?

 

 

We also know one political party consistently expresses concern about the National Debt  Agreed?  

 

We could probably all agree that our debt today is obscene; over $20 trillion and counting...  Agree?

 

Now, that same party who constantly expresses concern of the debt, is now telling us that the debt really doesn't matter that much and it will decrease as the economy grows.  Sounds good, in theory, BUT, as indicated above it has proven to be the case.  Tax cuts under Reagan did indeed create job growth but there was a significant pent up demand at the time.  Tax  cuts DIDN'T stimulate job growth OR wage growth under Bush.....or grow much at all, previously prior to Reagan.

 

So, why aren't we addressing this issue in a more conservative (meaning cautious) manner?  Why aren't we dropping the corporate rate slowly to determine it's impact each year?  Why aren't we linking, on an annual basis, following year tax cuts based on this years impact?  In other words, suppose we reduce corporate tax rates by 5% and say we expect GDP of "X", job growth of "Y" and wage growth of "Z" and wait one OR two years and if the goals are achieved or exceeded, the following year the corporate tax rate will be cut another 5% (or whatever) or raised if necessary keeping in mind the current average rate is already under 20%?  Tie future tax rates, both corporate and individual based on current indicators.  Does that make any sense?  It works pretty well for the COLA.  We can adjust the indicators when necessary, as we should be doing with the COLA, understanding they will be adjusted differently by whomever has control of the WH and Congress at the time (elections have consequences). But just taking such a HUGE leap and making very important predictions of results has proven to be foolish many times in the past.  Isn't that "Washington as usual"?  Why is anything related to tax revenue permanent?  Shouldn't it be based on current needs, economic conditions?  If it was tied to these factors, we could mitigate all the political wrangling about whose going to be taxed higher, whose going to be taxed less, who gets this tax break, etc.

 

Wouldn't it make far more sense to take a "conservative" approach and not just believe the Conservatives?  Doesn't it?  Because if the economy doesn't grow as advertised, the debt will grow "Yugely"  Why make anything "permanent" and just hope based on a theory that's shown not to be accurate more often than not?  Many companies are saying they'll take their savings and pay it to share holders.  Not a bad business strategy, but it's not the effect Conservatives are selling.  Shouldn't we, as a country, be smarter than that?


"FAKE 45 #illegitimate" read a sign at the Woman's March in Washington DC, January 21, 2017.
Report Inappropriate Content
6
Kudos
688
Views
208
Replies
cancel
Showing results for 
Search instead for 
Did you mean: 
Users
Announcements

This AARP gamer plays to get back her art and identity after a health scare. Read Regan C.’s story, available now.


gamer Regan C.

Top Authors