Republican Tax Plan (a nothingburger with cheese)

[Doc Brown]

24 minutes ago, Azalin said:

 

I'm not sure who exactly qualifies as a TEA Party deficit hawk, since the primary focus of all the various TEA Party entities is to lower taxes (hence TEA being an acronym of Taxed Enough Already).

 

Most people who believe in tax reduction are also big believers in stopping congress from continually overspending. Tax reductions do not need to mean greater annual deficits, and there is no reason on this Earth why congress can't be expected to work within a tight budget.

Besides lowering taxes, another goal of the Tea Party movement was to reduce the national debt.  This GOP tax plan is estimated to add 1.5 trillion dollars to the debt over the next decade.  Republicans seem afraid to make the hard and unpopular choice of cutting spending for popular social entitlement programs.  Also, the new tax plan doesn't guarantee that everybody's taxes will be reduced which I thought was the Tea Party's main objective.

Edited November 6, 2017 by Doc Brown

[Azalin]

4 minutes ago, Doc Brown said:

Besides lowering taxes, another goal of the Tea Party movement was to reduce the national debt.  This GOP tax plan is estimated to add 1.5 trillion dollars in debt over the next decade.  They seem afraid to make the hard and unpopular choices of cutting spending for popular social programs.  Also, the new tax plan doesn't guarantee that everybody's taxes will be reduced which I thought was the Tea Party's main objective.

 

It's safe to include all fiscally conservative ideals if generalizing about the TEA Party movement, but the primary tenet is tax reduction, plain and simply.

 

It is not the taxpayers' responsibility to make up for the complete lack of restraint in spending by our elected officials. Congress must exercise restraint in both appropriating and spending, and there is plenty that can be saved by streamlining the federally-employed workforce, especially considering that the feds have duplicated many services and entities that already exist on the state or local level. We do not need to start by cutting assistance programs.

 

Anyone who pays a federal income tax should be qualified, at least on principle, to receive a tax cut. But if you do not pay federal income tax, then you should neither receive or expect one.

[B-Man]

 

 

 

 

 

 

 

 

 

 

 

........................

[B-Man]

  GOP nears initial victory on tax reform.

 

We'll see, we've been told this too many times already......

[row_33]

It doesn't really mean a thing, just a bunch of kerfuffal for the media to give us non-breaking news

[Joe Miner]

11 minutes ago, B-Man said:

  GOP nears initial victory on tax reform.

 

We'll see, we've been told this too many times already......

 

Expected results from the GOP.

 

[Tiberius]

As Gary Cohn, Trump’s top economic adviser, told CNBC’s John Harwood: “The most excited group out there are big CEOs, about our tax plan.”

[Tiberius]

That's right. Basic economics. Cut taxes in a recession, not out of it when you have huge debt already 

Quote

Former Federal Reserve chairman Alan Greenspanargues, “We are premature on fiscal stimulus, whether it’s tax cuts or expenditure increases. We’ve got to get the debt stabilized before we can even think of those terms. … Economically, it’s a mistake to deal with sharp reductions in taxes now.” 

 

[B-Man]

GOP leaders bullish tax bill will pass the House this week

https://www.politico.com/story/2017/11/12/republicans-tax-bill-house-244821

 

 

Chances that the deep state will leak something to the 'media' ?

 

100%

[ALF]

Just received this email  

 

Republicans in the House are set to vote on a terrible tax bill this week, possibly as soon as tomorrow. Despite claims that this tax plan will help the middle class, nothing could be further from the truth.

 

The GOP tax plan will make it easier to ship even more good-paying manufacturing jobs overseas by eliminating taxes on offshore profit. This tax plan blows a hole in the federal deficit and sticks you and your grandchildren with the bill. The GOP tax plan also unfairly raise taxes on the middle class and retirees.

 

Call 1-888-329-5096 now to be connected to your member of Congress.

 
It would increase taxes on many middle-class families and most of its tax breaks would go to the top 1% and corporations, while many families earning between $50,000 and $150,000 would pay more in taxes.

 

To pay for these tax cuts for corporations and the wealthy, the GOP plan would cut 1.5 trillion dollars from programs like Medicare, Medicaid and your retirement security, raising the possibility that Medicare could be turned into a voucher program.

[3rdnlng]

2 hours ago, ALF said:

Just received this email  

 

Republicans in the House are set to vote on a terrible tax bill this week, possibly as soon as tomorrow. Despite claims that this tax plan will help the middle class, nothing could be further from the truth.

 

The GOP tax plan will make it easier to ship even more good-paying manufacturing jobs overseas by eliminating taxes on offshore profit. This tax plan blows a hole in the federal deficit and sticks you and your grandchildren with the bill. The GOP tax plan also unfairly raise taxes on the middle class and retirees.

 

Call 1-888-329-5096 now to be connected to your member of Congress.

 
It would increase taxes on many middle-class families and most of its tax breaks would go to the top 1% and corporations, while many families earning between $50,000 and $150,000 would pay more in taxes.

 

To pay for these tax cuts for corporations and the wealthy, the GOP plan would cut 1.5 trillion dollars from programs like Medicare, Medicaid and your retirement security, raising the possibility that Medicare could be turned into a voucher program.

 

[B-Man]

 Senate GOP tax bill will include repeal of ObamaCare mandate. “Senate Majority Leader Mitch McConnell (R-Ky.) announced Tuesday that the Senate tax bill will include language to repeal ObamaCare’s individual mandate, which could make it tougher for moderate Republicans to support. Conservatives led by GOP Sens. Ted Cruz (Texas), Rand Paul (Ky.) and Tom Cotton (Ark.) pushed hard to include the provision, which would eliminate the federal penalty on people who do not buy health insurance. President Trump has also pushed for the provision to be part of the tax bill. McConnell told reporters that adding the individual mandate repeal will make it easier to muster 50 votes to pass the bill.”

 

 

 

 

 

IT’S A TAX! Sen. John Thune drops the mic on Dems objecting to adding individual mandate repeal to tax bill.

Joseph Lawlor of the Washington Examiner noted that some Democrats objected to the individual mandate being included in the GOP’s tax bill; for that to happen, the Supreme Court would have had to have decided that the individual mandate was a tax … oh, wait.

[B-Large]

On 11/6/2017 at 12:38 PM, 3rdnlng said:

They view the tax cuts as a boon for the economy which in turn will increase tax revenues.

 

Of course, until it doesn’t.... GOP are not fiscal conservatives... at least most aren’t.

[row_33]

21 minutes ago, B-Large said:

 

Of course, until it doesn’t.... GOP are not fiscal conservatives... at least most aren’t.

 

the appearance of better opportunity for growth and business development works wonders

[B-Man]

HIDDEN IN THE SENATE TAX BILL: Surprise Gifts for Breweries and Start-Ups.

 

The Senate amendment included apparent victories for the Brewers Association, including a temporary reduction in the excise taxes levied on beer. The “CRAFT beverage modernization” provision, introduced by Senator Rob Portman of Ohio, would lower the tax rate on beer produced in the United States, particularly for small breweries. The amendment will lower the tax on beer to $16 per barrel on the first six million barrels brewed and lower it to $3.50 per barrel for small brewers on the first 60,000 barrels produced domestically.

 

 

They had me at beer.

[Tiberius]

Can I get fries with that Nothingburger? 

 

No free passes are being given. “Republican Sen. Ron Johnson will oppose the Senate tax plan as written, his office confirmed Wednesday.” Too many goodies for corporations, he argues.

[Tiberius]

This is a serious shitburger! Republicans suck! 

 

Senate bill would cut taxes for millionaires but hike them for the poor, working class, report shows

President Trump and GOP lawmakers have been heralding their bill as a win for working Americans, but a report released by the Joint Committee on Taxation, Congress's official analysts, casts serious doubt on that claim.

[PastaJoe]

21 hours ago, row_33 said:

 

the appearance of better opportunity for growth and business development works wonders

 

The tax cut that Kansas Governor Sam Brownback hailed in 2012 as “a shot of adrenaline into the heart of the Kansas economy” has been partially reversed. After years of sluggish growth and lower than expected revenues that forced brutal reductions in government programs, a Republican-controlled legislature overcame a Brownback veto to restore some of the taxes, paving the way for a moderate boost in spending. While the tax cut turned into a debacle, there is a potential silver lining:  three clear messages for policymakers on federal tax reform. First, tax cuts won’t boost growth.  Second, special tax rates for businesses will surely generate tax sheltering and revenue losses, but will not produce  much new business activity.  And, third, most importantly, when Americans see what their tax dollars buy, they choose higher revenues and more government spending over lower taxes and draconian program cuts.  These lessons matter all the more because the tax and spending proposals made by President Trump and the House GOP bear important similarities to Brownback’s policies in Kansas.

 

https://www.google.com/amp/s/www.brookings.edu/blog/up-front/2017/06/13/what-the-kansas-tax-cut-about-face-means/amp/

 

[TakeYouToTasker]

Tax cut do lead to long term growth, but not necessarily immediate growth, as it takes time for spending habits to change, and for savings to grow and become future spending, where as short term public sector job loss is an immediate impact.

[row_33]

Thanks PJ, good read!