The Trump Economy

[/dev/null]

56 minutes ago, B-Man said:

Labor Day Sees Americans Grilling More Steaks on Strong Economy...    M.A.G.A.     .

Make America Grill Again

[B-Man]

August job creation rebounds — “fueled by tax cuts,” notes AP, Bloomberg

 

 

 

.

[B-Man]

 6.3%: African-American Unemployment Rate Second-Lowest Ever.

 

 

Worst. . . . . . Racist. . . . . .Ever.

 

 

.

 

[plenzmd1]

1 hour ago, B-Man said:

August job creation rebounds — “fueled by tax cuts,” notes AP, Bloomberg

 

 

 

.

The economy is doing great, fueled in large part by deficit creating tax cuts. Problem is that fuel runs out at some point , and then we will be left with just a big giant deficit and a whole lot of richer rich people. 

 

 

 

I do have a question, not sure if this is the right place for it not. Trump created this tax plan to obviously kill middle to upper middle class folks who live in states that do not vote for him, and never will. 

 

Has there been been any analysis done that shows what a person in Jersey , like @joesixpackwill be paying in taxes come April 2019 vs what they paid in April 2018 say at  $100k income?  How bout at @ $150K. 

 

Am I kinda stuck today and only on phone, but will try to see if I can find that out as well. 

[GG]

9 minutes ago, plenzmd1 said:

The economy is doing great, fueled in large part by deficit creating tax cuts. Problem is that fuel runs out at some point , and then we will be left with just a big giant deficit and a whole lot of richer rich people. 

 

 

 

I do have a question, not sure if this is the right place for it not. Trump created this tax plan to obviously kill middle to upper middle class folks who live in states that do not vote for him, and never will. 

 

Has there been been any analysis done that shows what a person in Jersey , like @joesixpackwill be paying in taxes come April 2019 vs what they paid in April 2018 say at  $100k income?  How bout at @ $150K. 

 

Am I kinda stuck today and only on phone, but will try to see if I can find that out as well. 

 

 That's a hard one to answer unless you provide the total state tax deductions.  Plus, the higher you go in the income scale, state tax deductions don't matter because they go away with the AMT calculation anyway.

 

The other goal for eliminating deductions that are big in the blue states, is to highlight the local and state taxes which were somewhat masked by the fed deduction. 

[plenzmd1]

17 minutes ago, GG said:

 

 That's a hard one to answer unless you provide the total state tax deductions.  Plus, the higher you go in the income scale, state tax deductions don't matter because they go away with the AMT calculation anyway.

 

The other goal for eliminating deductions that are big in the blue states, is to highlight the local and state taxes which were somewhat masked by the fed deduction. 

I thought the AMT went away? I am hoping so, cause we crushed by that sucker!!! I truly don't know the answers to these.

 

[Buffalo_Gal]

40 minutes ago, plenzmd1 said:

The economy is doing great, fueled in large part by deficit creating tax cuts. Problem is that fuel runs out at some point , and then we will be left with just a big giant deficit and a whole lot of richer rich people. 

 

 

 

I do have a question, not sure if this is the right place for it not. Trump created this tax plan to obviously kill middle to upper middle class folks who live in states that do not vote for him, and never will. 

 

Has there been been any analysis done that shows what a person in Jersey , like @joesixpackwill be paying in taxes come April 2019 vs what they paid in April 2018 say at  $100k income?  How bout at @ $150K. 

 

Am I kinda stuck today and only on phone, but will try to see if I can find that out as well. 

NYS taxpayer and at a $10K SALT deduction,  Hubby and I are going to be paying more. A lot more.  We itemize and pay with a big-fat quarterly check now. It is going to be worse (we did prepay some before April 15th, but October 15th and getting our 2017 taxes is coming quick... I will not know the exact impact until October 2019... because we have never, ever filed by April 15th in all the years we've been married. We pay on time, but we file an extension.)

Does that mean I think the tax cuts are a bad thing? Not at all. At some point, my hope is the chuckleheads in Albany will get the message. I'm not convinced, but there is no way I am moving to Florida, so, hope springs eternal.

After NYS income taxes, our next largest tax in this specific state (federal is our largest tax) is the school tax. That alone is the $10K we can deduct. So, what happens on the next vote for a tax-raise for school taxes? Right now, we are one of the lower rates/1000 , but it is still a decent chunk of change. I think it may take two to three votes before the people in my district figure it out (or decided they do not care).

As to the "deficit" created by tax cuts, at this point it is not true.  (I've posted this before)
 

The latest monthly budget report from the nonpartisan Congressional Budget Office finds that revenues from federal income taxes were $76 billion higher in the first half of this year, compared with the first half of 2017. That's a 9% jump, even though the lower income tax withholding schedules went into effect in February.

For the fiscal year as a whole — which started last October — all federal revenues are up by $31 billion. That's a 1.2%  increase over last year, the CBO says.

 

Edited September 7, 2018 by Buffalo_Gal

[GG]

1 minute ago, plenzmd1 said:

I thought the AMT went away? I am hoping so, cause we crushed by that sucker!!! I truly don't know the answers to these.

 

 

Individual AMT is still in the law, but the deduction levels changed.    Essentially if you're making less than $200k you shouldn't be affected by AMT

[TH3]

2 hours ago, B-Man said:

August job creation rebounds — “fueled by deficit exploding  tax cuts,” notes AP, Bloomberg

 

 

 

.

 

FITY.....Gee - what recent time period can we look to when the US had gone from a period of solid but unspectacular growth to highly leveraged public and private spending leading to a huge crash....

[plenzmd1]

35 minutes ago, Buffalo_Gal said:

NYS taxpayer and at a $10K SALT deduction,  Hubby and I are going to be paying more. A lot more.  We itemize and pay with a big-fat quarterly check now. It is going to be worse (we did prepay some before April 15th, but October 15th and getting our 2017 taxes is coming quick... I will not know the exact impact until October 2019... because we have never, ever filed by April 15th in all the years we've been married. We pay on time, but we file an extension.)

Does that mean I think the tax cuts are a bad thing? Not at all. At some point, my hope is the chuckleheads in Albany will get the message. I'm not convinced, but there is no way I am moving to Florida, so, hope springs eternal.

After NYS income taxes, our next largest tax in this specific state (federal is our largest tax) is the school tax. That alone is the $10K we can deduct. So, what happens on the next vote for a tax-raise for school taxes? Right now, we are one of the lower rates/1000 , but it is still a decent chunk of change. I think it may take two to three votes before the people in my district figure it out (or decided they do not care).

As to the "deficit" created by tax cuts, at this point it is not true.  (I've posted this before)
 

The latest monthly budget report from the nonpartisan Congressional Budget Office finds that revenues from federal income taxes were $76 billion higher in the first half of this year, compared with the first half of 2017. That's a 9% jump, even though the lower income tax withholding schedules went into effect in February.

For the fiscal year as a whole — which started last October — all federal revenues are up by $31 billion. That's a 1.2%  increase over last year, the CBO says.

 

Thank you..great example and exactly what I was looking for.

 

In terms of the italicized last paragraph, that's great to see...did expenditures rise at a higher level  than revenue rose?

[TH3]

2 minutes ago, plenzmd1 said:

Thank you..great example and exactly what I was looking for.

 

In terms of the italicized last paragraph, that's great to see...did expenditures rise at a higher level  than revenue rose?

Great to see?

 

Think about it....Federal Revenues are up 1.2 percent....in an economy that is growing at 3 percent....

 

Gotta pay for stuff...

[plenzmd1]

9 minutes ago, baskin said:

Great to see?

 

Think about it....Federal Revenues are up 1.2 percent....in an economy that is growing at 3 percent....

 

Gotta pay for stuff...

depends how you look at it. I believe in smaller government, and believe people should keep more of what they make..even corporations.

 

The question I have ... is  the entire spectrum of taxpayers paying less at same rate.....and are expenditures growing at a smaller rate than revenues...if so i don't even care if revenues go down in an economy that is growing at 4%..as long as expenditures are going down by equal or greater amounts. Any delta there and we can start to attack this deficit, which is my number one fear when it comes to the economy.

[Buffalo_Gal]

7 minutes ago, plenzmd1 said:

depends how you look at it. I believe in smaller government, and believe people should keep more of what they make..even corporations.

 

The question I have ... is  the entire spectrum of taxpayers paying less at same rate.....and are expenditures growing at a smaller rate than revenues...if so i don't even care if revenues go down in an economy that is growing at 4%..as long as expenditures are going down by equal or greater amounts. Any delta there and we can start to attack this deficit, which is my number one fear when it comes to the economy.

Now remembering that the House is the purse, this pie chart may help with spending outlays.  It looks like Pensions + Obamacare = horrible money problems. They have 2018 projections, but of course, that is not set in stone yet (could end up better, could end up worse).

[GG]

49 minutes ago, baskin said:

Great to see?

 

Think about it....Federal Revenues are up 1.2 percent....in an economy that is growing at 3 percent....

 

Gotta pay for stuff...

 

Wait a second, have you already abandoned the talking point that fed revenues fall when taxes are cut?

[DC Tom]

Just now, GG said:

 

Wait a second, have you already abandoned the talking point that fed revenues fall when taxes are cut?

 

But they didn't increase as much as they would have without the tax cuts, which is falling*, so...double dumbass pork chop on you! [/PPP liberals]

 

 

(*for an explanation of how "rising less quickly" is "falling," see "Care Act, Affordable")

[Buffalo_Gal]

That is an interesting title on CNBC. No idea how long it will be up before it is changed.

Trump has set economic growth on fire. Here is how he did it

The bullet points right after the title are "sure he is doing  X, but here is why it will fail in the long term" from the dimwits who said it couldn't happen at all.  
 

During his time in office, the economy has achieved feats most experts thought impossible. GDP is growing at a 3 percent-plus rate. The unemployment rate is near a 50-year low. Meanwhile, the stock market has jumped 27 percent amid a surge in corporate profits.
 

Friday brought another round of good news: Nonfarm payrolls rose by a better-than-expected 201,000 and wages, the last missing piece of the economic recovery, increased by 2.9 percent year over year to the highest level since April 2009. That made it the best gain since the recession ended in June 2009.

[DC Tom]

14 minutes ago, Buffalo_Gal said:

That is an interesting title on CNBC. No idea how long it will be up before it is changed.

Trump has set economic growth on fire. Here is how he did it

The bullet points right after the title are "sure he is doing  X, but here is why it will fail in the long term" from the dimwits who said it couldn't happen at all.  
 

During his time in office, the economy has achieved feats most experts thought impossible. GDP is growing at a 3 percent-plus rate. The unemployment rate is near a 50-year low. Meanwhile, the stock market has jumped 27 percent amid a surge in corporate profits.
 

Friday brought another round of good news: Nonfarm payrolls rose by a better-than-expected 201,000 and wages, the last missing piece of the economic recovery, increased by 2.9 percent year over year to the highest level since April 2009. That made it the best gain since the recession ended in June 2009.

 

I think they miss what might be the biggest factor: regulatory uncertainty was a factor during the Obama administration that kept a lot of corporate capital dormant and was thus a significant brake on growth.  The election of Trump - even before he did anything - greatly reduced or eliminated that uncertainty, which freed up corporate cash reserves that were probably on the order of a trillion dollars to be put towards capital improvements.

[KRC]

6 minutes ago, DC Tom said:

 

I think they miss what might be the biggest factor: regulatory uncertainty was a factor during the Obama administration that kept a lot of corporate capital dormant and was thus a significant brake on growth.  The election of Trump - even before he did anything - greatly reduced or eliminated that uncertainty, which freed up corporate cash reserves that were probably on the order of a trillion dollars to be put towards capital improvements.

 

Combine that with the changes to depreciation regulations, and that added to the incentive to use money towards CapEx (albeit after Trump did something).

[GG]

15 minutes ago, DC Tom said:

 

I think they miss what might be the biggest factor: regulatory uncertainty was a factor during the Obama administration that kept a lot of corporate capital dormant and was thus a significant brake on growth.  The election of Trump - even before he did anything - greatly reduced or eliminated that uncertainty, which freed up corporate cash reserves that were probably on the order of a trillion dollars to be put towards capital improvements.

 

Which was always the drag on real growth in the preceding 8 years

[IDBillzFan]

25 minutes ago, DC Tom said:

 

I think they miss what might be the biggest factor: regulatory uncertainty was a factor during the Obama administration that kept a lot of corporate capital dormant and was thus a significant brake on growth.  The election of Trump - even before he did anything - greatly reduced or eliminated that uncertainty, which freed up corporate cash reserves that were probably on the order of a trillion dollars to be put towards capital improvements.

 

Interesting, because today Obama decided he didn't want to be ignored any more, so he gave a speech explaining that he is responsible for the recovery.

 

 

Edited September 7, 2018 by LABillzFan