The GOP's tax cut just keeps getting worse

Discussion in 'Current Events' started by MrTLegal, Feb 11, 2019.

  1. fmw

    fmw Well-Known Member

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    I don't know that it failed. The economy is doing pretty well.
     
  2. struth

    struth Well-Known Member

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    The CBO is a right wing PaC? Since when???
     
  3. MrTLegal

    MrTLegal Well-Known Member

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    You did not source CBO, did you? You sourced Investor Business Daily.
     
  4. squidward

    squidward Well-Known Member

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    Funny, you jumped right in there with the "refunds are down" thing.
    But you knew that the refund size doesn't have any bearing on taxes owed
     
    Last edited: Feb 11, 2019
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  5. Doofenshmirtz

    Doofenshmirtz Well-Known Member Donor

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    Interesting. You oppose Trump, but want to give him more of your money.
     
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  6. MrTLegal

    MrTLegal Well-Known Member

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    They have a significant bearing on the impressions of the tax break as viewed by the overwhelming majority of Americans.

    Ask someone how much they pay in taxes and most will not be able to tell you the correct amount. Ask someone how much of a refund they got after they filed their taxes and most will be able to tell you precisely.

    If you manipulate the upfront tables out of a political decision to try and get people thinking that the tax cut helped them, only to lose the midterms massively in part because your GOP tax bill is very unpopular, and then to ALSO watch people get much less on their tax refund, then you have failed all the way around.
     
  7. MrTLegal

    MrTLegal Well-Known Member

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    Did the logic of that post work in your head?
     
  8. squidward

    squidward Well-Known Member

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    The majority of Americans didn't write your post, you did
     
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  9. MrTLegal

    MrTLegal Well-Known Member

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    The majority of Americans that did vote in 2018 prove my post. The majority of the GOP that did not run on the tax plan in 2018 prove my post. The majority of Americans who are seeing their tax refund decrease and complaining about that decrease very publicly and explicitly prove my post.
     
  10. AKS

    AKS Well-Known Member

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    It's a pretty simple calculation. If you didn't change your deductions, didn't see more money in every payroll check, and got back a smaller refund then you payed more in taxes.
     
  11. Doofenshmirtz

    Doofenshmirtz Well-Known Member Donor

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    You support high taxes, so why don't you voluntarily send in more? I live in Los Angeles, so I am used to paying high taxes. Too bad higher taxes don't equal government responsibility, better education, better roads and bridges, lower poverty, or anything worth paying more for.

    Tax cuts are not enough. Spending cuts are needed.
     
  12. Borat

    Borat Well-Known Member

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    Indeed. And the fact that 95% of the American people paid less taxes than they did in 2017 shows that either their paychecks have been bigger or their tax refunds have or both....

    Extra $50 in each byweekly paycheck is hardly noticeable and can even be eaten up by the rising cost of health insurance or other expenses, yet it represents a $1,300 tax cut and it may indeed affect the size of the refund. But it is still a substantial tax cut nonetheless.
     
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  13. struth

    struth Well-Known Member

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    Which is reporting CBO numbers. Directly from the CBO, not using some other matrix to determine what the CBO numbers say, like your left wing PAC. Investor's Business Daily isn't a PAC either...it's a newspaper and website that covers the Stock Market.
     
  14. MrTLegal

    MrTLegal Well-Known Member

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    And that talking point is very soothing, I am sure, to the GOP leaders who are busy not talking about their own tax plan because it is deeply unpopular because it is only a very mild example of why the GOP tax plan did not massively fail at accomplishing any of the five goals outlined in the OP.
     
  15. MrTLegal

    MrTLegal Well-Known Member

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    They are reporting the raw CBO numbers - SEVEN MONTHS AGO - and even then, they failed to address how that much revenue compared to the amount of revenue you would have seen in the absence of the GOP tax plan or the amount of revenue you are seeing after you factor in inflation.
     
  16. Hoosier8

    Hoosier8 Well-Known Member Past Donor

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    That's not really true. There are no longer nearly as many loopholes as before. Bush closed some with his tax cut.
     
  17. Jestsayin

    Jestsayin Well-Known Member Donor

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    Actually, a lot of "loopholes" were eliminated in Trumps tax cut. Maybe the word loopholes is too strong it's more like previously allowed deductions. Things like eliminating the deduction for state income tax paid which means those who live in a high state will in many cases pay more than they did pre-tax cut. Most personal deductions are gone. I think those that live in a hogh tax state and earn a large income will see a significant increase in their Federal Taxes. Kneejerk reactions like the OP made are premature. The wealthy file towards the end of March and then the real tale will be told.
    Watch for the very wealthy in states like CA, MA, NY, etc. to change residences next year after their accounting firm gives them the bad news this April.
     
  18. struth

    struth Well-Known Member

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    The CBO factored in the tax cuts...they said the revenue increase was largely due to higher wages.
     
  19. MissingMayor

    MissingMayor Well-Known Member

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    The Democrats didn't promise to close loopholes because they weren't promoting a massive tax cut for corporations and the rich. The system just got way more unfair thanks to Republicans who now want to "reform" SS and Medicaid. But you blame Democrats for not voting for that lousy bill.
     
  20. MrTLegal

    MrTLegal Well-Known Member

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    But they do not say that the tax cuts caused the higher wages.

    And indeed, if you break down the tax revenue earned, month to month, you notice that most of the increased tax revenue took place before the GOP tax plan went into effect.
     
  21. MrTLegal

    MrTLegal Well-Known Member

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    I have to laugh at your talking point of "don't worry about Americans seeing less on their tax bill because some other Americans have yet to see less on their tax bill."

    Premature? The bill has been around for more than a year! How long would you like to wait? Perhaps we could wait until 2027 when the ONLY tax cuts that remain in effect are the ones for the wealthiest 1%?

    And when do you think that the tax bill will incentivize corporations to bring their money back from overseas? To increase wages? To increase their investment in capital goods? To create jobs?
     
    Last edited: Feb 11, 2019
  22. Turin

    Turin Well-Known Member

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    A flat tax is just a regressive tax on the poor. I would prefer a progressive tax with no loopholes.
     
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  23. struth

    struth Well-Known Member

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    Oh I’d like to see that break down
     
  24. struth

    struth Well-Known Member

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    This is the first year people will be filing under the new law
     
  25. Turin

    Turin Well-Known Member

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    I am not by ANY means a "top earner" ( I make just over the 6 figure mark ). I do well, but I am not a "Top Earner"

    My taxes went up significantly, due to Trumps wish to punish blue states.
     
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