DEMOCRATS - THE NEW THREAT TO TAX CUTS

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antilib
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DEMOCRATS - THE NEW THREAT TO TAX CUTS

Post by antilib » Thu Apr 19, 2018 10:08 am

By Lewis K. Uhler and Peter J. Ferrara
April 17, 2018

Congressional Democrats are campaigning for control of Congress in November on a pledge to repeal the recent tax reform tax cuts. That would increase taxes on working people and their employers, taking back the jobs, bonuses, pay raises, and economic growth and recovery that tax reform is already producing.

Republicans are campaigning on just the opposite. They pledge to make the tax-reform tax cuts permanent, which they couldn’t do last year because not a single Democrat in Congress would vote for the tax cuts or to break a Senate filibuster.

The contest over tax reform, which has become epic, was intensified by House Speaker Paul Ryan’s decision to not seek re-election to Congress. Tax reform is his legacy as much as President Donald Trump’s, as it became that of Ronald Reagan and John Kennedy. The stakes for this November — and for America’s future well-being — are overwhelming.

The tax-reform cut taxes for all workers, firstly nearly doubling the standard deduction to $12,000 for singles, $18,000 for heads of households and $24,000 for couples, which makes income up to those levels tax free. The tax reform also doubled the child tax credit, from $1,000 to $2,000 per child, which cut taxes further for all families making less than $400,000 annually.

The tax-reform legislation as passed and signed by Mr. Trump cut the income tax rate by 20 percent for all single workers making $9,525 to $38,700 and by 12 percent for all single workers making $38,700 to $82,500. It also cut the income tax rate by 20 percent for all families making between $19,050 and $77,400.

These are all tax cuts for the middle class, adding up to over $2,000 annually for average families. Republicans will vote this year to make that permanent with no expiration in tax reform 2.0. We will see in that vote whether congressional Democrats will still have the courage of their convictions.

But repealing the tax-reform tax cuts — as Democrats pledge if their congressional majorities are restored this year — would reverse these middle-class tax cuts, replacing them with tax increases for the middle class instead. That would raise taxes on average middle-class families by more than $2,000 annually.

When Mr. Trump was elected, America’s corporate income tax rate totaled nearly 40 percent (including state taxes). But corporate tax rates among our international competitors totaled about half that, at 18.9 percent in Europe, 20.1 percent in Asia. Our competitors worldwide have been cutting their corporate tax rates for two to three decades predicated on economic studies confirming that it is workers who actually bear most corporate income taxes, in terms of lost jobs and wages. These corporate tax rate cuts created jobs and raised wages abroad.

But when Republicans reduced corporate rates on American companies to 21 percent in tax reform so they can gain these benefits for American workers, making their American employers internationally competitive again, Democrats, who don’t understand economics, call it “a corporate giveaway.”

For mostly smaller businesses formed as Limited Liability Corporations (LLCs), Subchapter S Corporations, Partnerships, and Sole Proprietorships, taxed under the individual income tax as “pass throughs,” the business tax rate ran even higher, up to 44 percent. Last year’s tax-reform cut their taxes equivalently with a 20 percent deduction of business income. Most jobs in America are actually created by these smaller, but rapidly growing businesses.

The Tax Foundation Inc., with the most sophisticated, dynamic economic model in America, estimated that the Republican tax reform would increase GDP and national Income by $5 trillion over the next decade. Top economists, like Boston University’s Larry Kotlikoff, estimate that will translate into increased wages for workers on average of $4,000 per year, which would be on top of the $2,000 per worker direct income tax cut each year from tax reform.

Last year’s tax reform also provided for immediate expensing of capital investment in tools and equipment, which raises wages by making workers more productive. Tax Reform 2.0 would also make this expensing permanent, eliminating completely as well the double taxation of the death tax.

Last year’s tax reform also enacted “territorial” taxation, which means overseas income of American companies is taxed by the lower business tax rates in the countries where it is earned. That freed about $3 trillion in “off shore” earnings to return to America, where it would no longer be subject to double taxation, already creating jobs and raising wages for American workers.

So that is the choice for voters this year: Restore traditional American economic growth, high-paying jobs and prosperity through permanent Republican tax-reform tax cuts. Or return to the Democratic era of long-term stagnation, and lagging wages and middle-class incomes, through still more Democratic tax increases.

https://www.washingtontimes.com/news/20 ... nd-republ/
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Re: DEMOCRATS - THE NEW THREAT TO TAX CUTS

Post by nolaxride » Thu Apr 19, 2018 10:14 am

Sometimes I think the moonies go out of their way to get the story wrong.

Republicans fear political risk in Senate races as House moves to extend tax cuts

Heading into a contentious campaign for control of Congress, Republicans are increasingly divided over how to bolster their signature legislative achievement — a $1.5 trillion tax cut — amid signs it is not the political gift they had expected it to be last year.

House Speaker Paul D. Ryan (R-Wis.) aims to pass another massive tax cut this summer, which Republicans hope will rev up the GOP base and improve the standing of Republicans at the polls.

But Senate Majority Leader Mitch McConnell (R-Ky.) is under pressure to block a vote, which Republican campaign strategists worry could allow red-state Democrats to vote for additional tax cuts and undermine one of the GOP’s most effective lines of attack in conservative-leaning states: that Democrats voted against a big tax cut last December.



https://www.washingtonpost.com/business ... story.html
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Re: DEMOCRATS - THE NEW THREAT TO TAX CUTS

Post by antilib » Thu Apr 19, 2018 10:30 am

nolaxride wrote:
Thu Apr 19, 2018 10:14 am
Sometimes I think the moonies go out of their way to get the story wrong.

Republicans fear political risk in Senate races as House moves to extend tax cuts

Heading into a contentious campaign for control of Congress, Republicans are increasingly divided over how to bolster their signature legislative achievement — a $1.5 trillion tax cut — amid signs it is not the political gift they had expected it to be last year.

House Speaker Paul D. Ryan (R-Wis.) aims to pass another massive tax cut this summer, which Republicans hope will rev up the GOP base and improve the standing of Republicans at the polls.

But Senate Majority Leader Mitch McConnell (R-Ky.) is under pressure to block a vote, which Republican campaign strategists worry could allow red-state Democrats to vote for additional tax cuts and undermine one of the GOP’s most effective lines of attack in conservative-leaning states: that Democrats voted against a big tax cut last December.



https://www.washingtonpost.com/business ... story.html
everyone knows the washington post is a left-leaning rag that posts nonsense on a regular basis, and that you're a liberal who constantly criticizes conservatives!!

Easily the single most impressive and meaningful legislative achievement of the Trump presidency to date has been the passage of the historic tax cuts. Even critics of the law must admit that the initial effects of the law have been positive.

Consider: More than four million working Americans are benefitting from the tax law, while more than $4 billion has been offered to workers in bonuses. More than 400 companies have been passing down savings, while four out of five state have already announced reduced utility bills for residents.

The complete lack of Democratic support for the tax bill, which included provisions such as a corporate tax rate cut that many Democrats had previously supported, was telling. Democrats worked hard to poison the perception of the tax bill when it worked its way through Congress.

https://www.washingtontimes.com/news/20 ... democrats/
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Re: DEMOCRATS - THE NEW THREAT TO TAX CUTS

Post by barrysoetoro » Thu Apr 19, 2018 1:47 pm

nolaxride wrote:
Thu Apr 19, 2018 10:14 am
Sometimes I think the moonies go out of their way to get the story wrong.

Republicans fear political risk in Senate races as House moves to extend tax cuts

Heading into a contentious campaign for control of Congress, Republicans are increasingly divided over how to bolster their signature legislative achievement — a $1.5 trillion tax cut — amid signs it is not the political gift they had expected it to be last year.

House Speaker Paul D. Ryan (R-Wis.) aims to pass another massive tax cut this summer, which Republicans hope will rev up the GOP base and improve the standing of Republicans at the polls.

But Senate Majority Leader Mitch McConnell (R-Ky.) is under pressure to block a vote, which Republican campaign strategists worry could allow red-state Democrats to vote for additional tax cuts and undermine one of the GOP’s most effective lines of attack in conservative-leaning states: that Democrats voted against a big tax cut last December.



https://www.washingtonpost.com/business ... story.html
And nobrain's story is of course someone else's thoughts.
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Re: DEMOCRATS - THE NEW THREAT TO TAX CUTS

Post by barrysoetoro » Thu Apr 19, 2018 1:48 pm

antilib wrote:
Thu Apr 19, 2018 10:30 am
nolaxride wrote:
Thu Apr 19, 2018 10:14 am
Sometimes I think the moonies go out of their way to get the story wrong.

Republicans fear political risk in Senate races as House moves to extend tax cuts

Heading into a contentious campaign for control of Congress, Republicans are increasingly divided over how to bolster their signature legislative achievement — a $1.5 trillion tax cut — amid signs it is not the political gift they had expected it to be last year.

House Speaker Paul D. Ryan (R-Wis.) aims to pass another massive tax cut this summer, which Republicans hope will rev up the GOP base and improve the standing of Republicans at the polls.

But Senate Majority Leader Mitch McConnell (R-Ky.) is under pressure to block a vote, which Republican campaign strategists worry could allow red-state Democrats to vote for additional tax cuts and undermine one of the GOP’s most effective lines of attack in conservative-leaning states: that Democrats voted against a big tax cut last December.



https://www.washingtonpost.com/business ... story.html
everyone knows the washington post is a left-leaning rag that posts nonsense on a regular basis, and that you're a liberal who constantly criticizes conservatives!!

Easily the single most impressive and meaningful legislative achievement of the Trump presidency to date has been the passage of the historic tax cuts. Even critics of the law must admit that the initial effects of the law have been positive.

Consider: More than four million working Americans are benefitting from the tax law, while more than $4 billion has been offered to workers in bonuses. More than 400 companies have been passing down savings, while four out of five state have already announced reduced utility bills for residents.

The complete lack of Democratic support for the tax bill, which included provisions such as a corporate tax rate cut that many Democrats had previously supported, was telling. Democrats worked hard to poison the perception of the tax bill when it worked its way through Congress.

https://www.washingtontimes.com/news/20 ... democrats/
and nobrain still claims he's not a liberal and 0bama is not his hero. lol.
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Re: DEMOCRATS - THE NEW THREAT TO TAX CUTS

Post by nolaxride » Fri Apr 20, 2018 9:19 am

barrysoetoro wrote:
Thu Apr 19, 2018 1:47 pm
nolaxride wrote:
Thu Apr 19, 2018 10:14 am
Sometimes I think the moonies go out of their way to get the story wrong.

Republicans fear political risk in Senate races as House moves to extend tax cuts

Heading into a contentious campaign for control of Congress, Republicans are increasingly divided over how to bolster their signature legislative achievement — a $1.5 trillion tax cut — amid signs it is not the political gift they had expected it to be last year.

House Speaker Paul D. Ryan (R-Wis.) aims to pass another massive tax cut this summer, which Republicans hope will rev up the GOP base and improve the standing of Republicans at the polls.

But Senate Majority Leader Mitch McConnell (R-Ky.) is under pressure to block a vote, which Republican campaign strategists worry could allow red-state Democrats to vote for additional tax cuts and undermine one of the GOP’s most effective lines of attack in conservative-leaning states: that Democrats voted against a big tax cut last December.



https://www.washingtonpost.com/business ... story.html
And nobrain's story is of course someone else's thoughts.
Indeed. And your response indicates your lack of thinking. Clearly you didn't consider that I made my comment and then provided a reference to bolster my argument that the moonies got the story wrong.

Did you miss my point? That the moonies got the story wrong? Did you miss the point that I'm not the only one who thinks that way?
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Re: DEMOCRATS - THE NEW THREAT TO TAX CUTS

Post by aluannie@q.com » Fri Apr 20, 2018 9:23 am

nolaxride wrote:
Fri Apr 20, 2018 9:19 am
barrysoetoro wrote:
Thu Apr 19, 2018 1:47 pm
nolaxride wrote:
Thu Apr 19, 2018 10:14 am
Sometimes I think the moonies go out of their way to get the story wrong.

Republicans fear political risk in Senate races as House moves to extend tax cuts

Heading into a contentious campaign for control of Congress, Republicans are increasingly divided over how to bolster their signature legislative achievement — a $1.5 trillion tax cut — amid signs it is not the political gift they had expected it to be last year.

House Speaker Paul D. Ryan (R-Wis.) aims to pass another massive tax cut this summer, which Republicans hope will rev up the GOP base and improve the standing of Republicans at the polls.

But Senate Majority Leader Mitch McConnell (R-Ky.) is under pressure to block a vote, which Republican campaign strategists worry could allow red-state Democrats to vote for additional tax cuts and undermine one of the GOP’s most effective lines of attack in conservative-leaning states: that Democrats voted against a big tax cut last December.



https://www.washingtonpost.com/business ... story.html
And nobrain's story is of course someone else's thoughts.
Indeed. And your response indicates your lack of thinking. Clearly you didn't consider that I made my comment and then provided a reference to bolster my argument that the moonies got the story wrong.

Did you miss my point? That the moonies got the story wrong? Did you miss the point that I'm not the only one who thinks that way?
There are many people out there that do not agree with you and I, for one, am really tired of your constant referring to the "moonies" as a good way to prove your point. It is childish and ridiculous and I expect more of you.
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Re: DEMOCRATS - THE NEW THREAT TO TAX CUTS

Post by nolaxride » Fri Apr 20, 2018 9:34 am

aluannie@q.com wrote:
Fri Apr 20, 2018 9:23 am
nolaxride wrote:
Fri Apr 20, 2018 9:19 am
barrysoetoro wrote:
Thu Apr 19, 2018 1:47 pm
nolaxride wrote:
Thu Apr 19, 2018 10:14 am
Sometimes I think the moonies go out of their way to get the story wrong.

Republicans fear political risk in Senate races as House moves to extend tax cuts

Heading into a contentious campaign for control of Congress, Republicans are increasingly divided over how to bolster their signature legislative achievement — a $1.5 trillion tax cut — amid signs it is not the political gift they had expected it to be last year.

House Speaker Paul D. Ryan (R-Wis.) aims to pass another massive tax cut this summer, which Republicans hope will rev up the GOP base and improve the standing of Republicans at the polls.

But Senate Majority Leader Mitch McConnell (R-Ky.) is under pressure to block a vote, which Republican campaign strategists worry could allow red-state Democrats to vote for additional tax cuts and undermine one of the GOP’s most effective lines of attack in conservative-leaning states: that Democrats voted against a big tax cut last December.



https://www.washingtonpost.com/business ... story.html
And nobrain's story is of course someone else's thoughts.
Indeed. And your response indicates your lack of thinking. Clearly you didn't consider that I made my comment and then provided a reference to bolster my argument that the moonies got the story wrong.

Did you miss my point? That the moonies got the story wrong? Did you miss the point that I'm not the only one who thinks that way?
There are many people out there that do not agree with you and I, for one, am really tired of your constant referring to the "moonies" as a good way to prove your point. It is childish and ridiculous and I expect more of you.
Do you find the 'facts' provided by the moonies to be accurate? I'm pointing out, time and time again, where the moonie 'facts' are not facts but their opinion, presented as a fact. AND, I present facts to support my assertions. It's like calling Hannity a journalist. He's not. He's an entertainer.
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aluannie@q.com
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Re: DEMOCRATS - THE NEW THREAT TO TAX CUTS

Post by aluannie@q.com » Fri Apr 20, 2018 9:46 am

nolaxride wrote:
Fri Apr 20, 2018 9:34 am
aluannie@q.com wrote:
Fri Apr 20, 2018 9:23 am
nolaxride wrote:
Fri Apr 20, 2018 9:19 am
barrysoetoro wrote:
Thu Apr 19, 2018 1:47 pm
nolaxride wrote:
Thu Apr 19, 2018 10:14 am
Sometimes I think the moonies go out of their way to get the story wrong.

Republicans fear political risk in Senate races as House moves to extend tax cuts

Heading into a contentious campaign for control of Congress, Republicans are increasingly divided over how to bolster their signature legislative achievement — a $1.5 trillion tax cut — amid signs it is not the political gift they had expected it to be last year.

House Speaker Paul D. Ryan (R-Wis.) aims to pass another massive tax cut this summer, which Republicans hope will rev up the GOP base and improve the standing of Republicans at the polls.

But Senate Majority Leader Mitch McConnell (R-Ky.) is under pressure to block a vote, which Republican campaign strategists worry could allow red-state Democrats to vote for additional tax cuts and undermine one of the GOP’s most effective lines of attack in conservative-leaning states: that Democrats voted against a big tax cut last December.



https://www.washingtonpost.com/business ... story.html
And nobrain's story is of course someone else's thoughts.
Indeed. And your response indicates your lack of thinking. Clearly you didn't consider that I made my comment and then provided a reference to bolster my argument that the moonies got the story wrong.

Did you miss my point? That the moonies got the story wrong? Did you miss the point that I'm not the only one who thinks that way?
Y

There are many people out there that do not agree with you and I, for one, am really tired of your constant referring to the "moonies" as a good way to prove your point. It is childish and ridiculous and I expect more of you.
Do you find the 'facts' provided by the moonies to be accurate? I'm pointing out, time and time again, where the moonie 'facts' are not facts but their opinion, presented as a fact. AND, I present facts to support my assertions. It's like calling Hannity a journalist. He's not. He's an entertainer.
Your constant reference to "moonies" is rather disconcerting as I recall any "moonie" activity in this Country in many years. I also find no memory of ever calling Hannity a journalist or anything else other than a Commentator on FOX with his OPINION and what back up he has for that OPINION. You can believe it or not. However any time I have watched his show and that is seldom, he seems to back up what he broadcasts with proven facts. Is someone forcing you to watch his show?
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Re: DEMOCRATS - THE NEW THREAT TO TAX CUTS

Post by evilconempire » Fri Apr 20, 2018 9:49 am

aluannie@q.com wrote:
Fri Apr 20, 2018 9:46 am
nolaxride wrote:
Fri Apr 20, 2018 9:34 am
aluannie@q.com wrote:
Fri Apr 20, 2018 9:23 am
nolaxride wrote:
Fri Apr 20, 2018 9:19 am
barrysoetoro wrote:
Thu Apr 19, 2018 1:47 pm
nolaxride wrote:
Thu Apr 19, 2018 10:14 am
Sometimes I think the moonies go out of their way to get the story wrong.

Republicans fear political risk in Senate races as House moves to extend tax cuts

Heading into a contentious campaign for control of Congress, Republicans are increasingly divided over how to bolster their signature legislative achievement — a $1.5 trillion tax cut — amid signs it is not the political gift they had expected it to be last year.

House Speaker Paul D. Ryan (R-Wis.) aims to pass another massive tax cut this summer, which Republicans hope will rev up the GOP base and improve the standing of Republicans at the polls.

But Senate Majority Leader Mitch McConnell (R-Ky.) is under pressure to block a vote, which Republican campaign strategists worry could allow red-state Democrats to vote for additional tax cuts and undermine one of the GOP’s most effective lines of attack in conservative-leaning states: that Democrats voted against a big tax cut last December.



https://www.washingtonpost.com/business ... story.html
And nobrain's story is of course someone else's thoughts.
Indeed. And your response indicates your lack of thinking. Clearly you didn't consider that I made my comment and then provided a reference to bolster my argument that the moonies got the story wrong.

Did you miss my point? That the moonies got the story wrong? Did you miss the point that I'm not the only one who thinks that way?
Y

There are many people out there that do not agree with you and I, for one, am really tired of your constant referring to the "moonies" as a good way to prove your point. It is childish and ridiculous and I expect more of you.
Do you find the 'facts' provided by the moonies to be accurate? I'm pointing out, time and time again, where the moonie 'facts' are not facts but their opinion, presented as a fact. AND, I present facts to support my assertions. It's like calling Hannity a journalist. He's not. He's an entertainer.
Your constant reference to "moonies" is rather disconcerting as I recall any "moonie" activity in this Country in many years. I also find no memory of ever calling Hannity a journalist or anything else other than a Commentator on FOX with his OPINION and what back up he has for that OPINION. You can believe it or not. However any time I have watched his show and that is seldom, he seems to back up what he broadcasts with proven facts. Is someone forcing you to watch his show?
Do you want a second try at that first sentence? It doesn't make any sense and "country" isn't a proper noun requiring capitalization.
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