The Official Donald Trump Tax Reform Thread

[Tiberius]

Not looking good for the Donald, but who knows. How can a Republican government not get some tax relief for the wealthy?

 

http://www.marketwatch.com/story/of-course-donald-trumps-tax-cuts-are-in-trouble-2017-04-03?siteid=yhoof2&yptr=yahoo

 

 

 

The political pundits can jawbone all they want. But the logic is painfully simple:

1. Even with tax rates as they are, the U.S. budget is heavily in deficit and the national debt is predicted to keep spiraling upwards — as the Congressional Budget Office has confirmed.

2. Tax cuts will increase that deficit still further. (No, tax cuts do not “pay for themselves,” unless maybe you are cutting them from those ridiculous 70%-90% levels seen after World War II. Cutting taxes today might in theory stimulate enough extra growth to clawback some of their cost, but they will not generate a net gain.

3. Republicans cannot credibly push a plan that increases the deficits, because most of them — including Donald Trump — ran on a platform of saying the deficit, and the spiraling national debt, is a disaster.

4. Therefore, if Republicans want to pass the tax cuts, they will need to cut federal spending.

5. Trump is already pushing to raise spending on defense and infrastructure, making the challenge even greate 6. Mathematically, it is impossible to cut spending overall without cutting Social Security and Medicare as well as Medicaid. Along with debt interest, which cannot be cut, they already take up 58% of the budget and that figure is rising. Throw in defense and veterans and we’re talking about 77% of the budget now, and an estimated 83% in 10 years.

To put it another way, in 10 years’ time those three social programs, along with debt interest, defense, and veterans are projected to consume more than 100% of federal tax revenues. They’ll put the budget in deficit even if Congress eliminates all other programs.

7. Congress might in theory find some efficiency savings in Medicare and Medicaid. But the biggest ticket item is Social Security, and it just consists of checks sent to grandma. There is no way to cut Social Security without slicing into those checks. There is no mystery X-factor to eliminate and only hurt “bureaucrats.”

[boyst]

Funky cold Medina or whatever it is spelled like from tone loc ripped off Jamie's crying for the sample. When van Halens producer found out he contacted tone loc and had to pay only $5k for the use of the same. A big mistake by today's look back.

[Tiberius]

Funky cold Medina or whatever it is spelled like from tone loc ripped off Jamie's crying for the sample. When van Halens producer found out he contacted tone loc and had to pay only $5k for the use of the same. A big mistake by today's look back.

Dude looks like a lady

[TH3]

Not looking good for the Donald, but who knows. How can a Republican government not get some tax relief for the wealthy?

 

http://www.marketwatch.com/story/of-course-donald-trumps-tax-cuts-are-in-trouble-2017-04-03?siteid=yhoof2&yptr=yahoo

 

 

 

The political pundits can jawbone all they want. But the logic is painfully simple:

1. Even with tax rates as they are, the U.S. budget is heavily in deficit and the national debt is predicted to keep spiraling upwards — as the Congressional Budget Office has confirmed.

2. Tax cuts will increase that deficit still further. (No, tax cuts do not “pay for themselves,” unless maybe you are cutting them from those ridiculous 70%-90% levels seen after World War II. Cutting taxes today might in theory stimulate enough extra growth to clawback some of their cost, but they will not generate a net gain.

3. Republicans cannot credibly push a plan that increases the deficits, because most of them — including Donald Trump — ran on a platform of saying the deficit, and the spiraling national debt, is a disaster.

4. Therefore, if Republicans want to pass the tax cuts, they will need to cut federal spending.

5. Trump is already pushing to raise spending on defense and infrastructure, making the challenge even greate 6. Mathematically, it is impossible to cut spending overall without cutting Social Security and Medicare as well as Medicaid. Along with debt interest, which cannot be cut, they already take up 58% of the budget and that figure is rising. Throw in defense and veterans and we’re talking about 77% of the budget now, and an estimated 83% in 10 years.

To put it another way, in 10 years’ time those three social programs, along with debt interest, defense, and veterans are projected to consume more than 100% of federal tax revenues. They’ll put the budget in deficit even if Congress eliminates all other programs.

7. Congress might in theory find some efficiency savings in Medicare and Medicaid. But the biggest ticket item is Social Security, and it just consists of checks sent to grandma. There is no way to cut Social Security without slicing into those checks. There is no mystery X-factor to eliminate and only hurt “bureaucrats.”

 

 

You can add that the US has the lowest tax burden in the industrialized world save for Mexico

[ALF]

What Happened to the $2.6 Trillion Social Security Trust Fund?

The answer is that the federal government has borrowed all of that trust fund money and spent it,

https://www.forbes.com/sites/merrillmatthews/2011/07/13/what-happened-to-the-2-6-trillion-social-security-trust-fund/#47269d9e4947

that wasn't very nice

[boyst]

Dude looks like a lady

not in NC he don't

[B-Large]

The problem with Tax Reform will be a focus on rates, where in my humble opinion, you begin with a discussion about simplification of the code. You make it easy across the board for individuals, business owners and companies to do their taxes and plan accordingly. The you begin to discuss rates adjusted with cuts to program and increases in spending. But I get the feeling this will be the same stalemate discussion of Rates, Rates, Rates...

[Tiberius]

not in NC he don't

[Wacka]

8. Gator is an idiot.

[Tiberius]

8. Gator is an idiot.

 

Poor wacka