McCainiac might kill tax cuts
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McCainiac might kill tax cuts

By anonymous following x   2017 Nov 29, 2:08am 759 views   39 comments   watch   quote     share    


Boy, they must have SO much S&L shit on him. The reason he even has a career was the John Glenn-John McCain deal between Dems and Repubs. "Don't get our astronaut, 2nd man in space, and we won't get your POW bottom-of-Annapolis graduating class 'hero' ".

#Taxes
2   BayAreaObserver   ignore (1)   2017 Nov 29, 2:43am   ↑ like (1)   ↓ dislike (2)     quote      

Trump’s latest suggested tax reforms would provide massive benefits to the ultra-wealthy and major business owners of the country, while providing modest benefits to middle-class and lower-class taxpayers. The philosophy behind the plan is a variation of “trickle-down” economics, which predicts that benefits for major businesses would increase hiring and economic growth, but is this a real variation of the original trickle-down economics plan that was the hallmark of Reagan’s presidency? And either way, can this work to bring economic growth to the nation?

Trump’s New Tax Reform

Trump’s new tax plan isn’t yet a complete piece of legislation, but the basics are already outlined. The most noticeable part of the plan is an intention to radically slash corporate taxes in several different forms, including a complete exemption of income earned overseas. Additionally, the plan would shrink the complexities of current individual tax rates to three to four major brackets (there are currently seven), and would expand both the standard tax deduction and child tax credits for all individuals in the United States.

The plan bears much similarity to the “Better Way” tax proposal, which was introduced in 2016 by House Republicans. Though its stated intention was to increase spending power of the middle class, the benefits of families making between $50,000 and $75,000 would amount to an increase of about 0.5 percent, or $270 per year. Plus, by 2025, about 99.6 percent of the plan’s benefits would be distributed to the top 1 percent of earners, with the intended effect being a “trickle down” of benefits, with more job opportunities, entrepreneurship opportunities, and economic growth for everyone.

There’s still much to be debated and decided. House Republicans are currently drafting a piece of tax legislation that draws on both the Better Way proposal and Trump’s recommended tax changes. The current draft of the legislation outlines tax brackets of 12, 25, and 35 percent, with a standard deduction nearly doubling to $24,000. The corporate tax rate would also be lowered from 35 percent to 20 percent, and the alternative minimum tax, which increases taxes for some upper-class individuals, would also be repealed.

Why Trump’s Plan Falls Short

Assume, for a moment, that trickle-down economics is the best way to grow the economy. Trump’s plan still falls short of that goal for a few main reasons:
•The middle class is almost totally neglected. Trickle-down economics should favor business owners and job creators, but it also needs to give some support to the middle class. Trump’s plan almost completely neglects these American taxpayers.
•Shareholders aren’t necessarily job creators. Corporate shareholders tend to benefit tremendously from this increased profitability, but shareholders tend to be ultra-wealthy, and aren’t necessarily job creators.
•There’s no supplementary plan. Trump’s policy isn’t accompanied by a radical decrease in government spending, nor is there a supplementary plan to deal with inflation and unrestricted economic growth.

Trump’s plan isn’t the worst tax model that’s ever been considered, but it isn’t the powerful job creator or economic driver that it’s heralded to be. It may serve as a first draft for something better, but for now, Trump’s trickle-down economic policies are too unpredictable and too undefined to stand on their own.

More: http://www.americanthinker.com/articles/2017/11/is_trumps_tax_reform_trickledown_economics_part_two_.html
3   lostand confused   ignore (0)   2017 Nov 29, 2:50am   ↑ like (0)   ↓ dislike (1)     quote      

Is he even competent?
5   bob2356   ignore (1)   2017 Nov 29, 5:22am   ↑ like (2)   ↓ dislike (0)     quote      

BayAreaObserver says
while providing modest benefits to middle-class and lower-class taxpayers


Temporary benefits. As in long enough to get the bill passed. All the middle-class/lower-class benefits expire. Benefits to the wealthy and corporations don't.
6   bob2356   ignore (1)   2017 Nov 29, 5:25am   ↑ like (3)   ↓ dislike (1)     quote      

TwoScoopsMcGee says
McCainiac might kill tax cuts


Maybe Trump should have kept his mouth under control instead of antagonizing McCain. Actions have consequences. Deal.
7   KimJongUn   ignore (0)   2017 Nov 29, 8:17am   ↑ like (1)   ↓ dislike (0)     quote      

They need a better bill anyway.
8   anon_8f378   ignore (0)   2017 Nov 29, 9:06am   ↑ like (2)   ↓ dislike (0)     quote      

The funny thing is that I bet none of you who come on here defending Trump can tell me why you like this tax bill. It's been proven to be a huge giveaway to the super rich and will raise taxes on the lower and middle classes.

But so many of you identify with Trump and your tribe, you don't care. You'd support anything he proposed.
9   anon_61c8a   ignore (1)   2017 Nov 29, 9:06am   ↑ like (0)   ↓ dislike (1)     quote      

Somebody has to fall on the sword. Might as well be the guy with the tumor.
10   Quigley   ignore (0)   2017 Nov 29, 9:44am   ↑ like (1)   ↓ dislike (0)     quote      

I’d like to see the bill heavily modified anyway. Cut out the repeal of the alternative minimum tax, reinstate the inheritance tax over five million (we don’t need to help the billionaire scions), eliminate the provision that allows for 100% business write offs, and balance that by taking your grubby hands off my state tax deduction! I DONT want to pay tax twice on the same goddam money! Fuck you, GOP!
11   anon_cc105   ignore (0)   2017 Nov 29, 10:04am   ↑ like (2)   ↓ dislike (0)     quote      

lostand confused says
Is he even competent?


Trump ?
12   Heraclitusstudent   ignore (1)   2017 Nov 29, 11:01am   ↑ like (2)   ↓ dislike (0)     quote      

bob2356 says
Maybe Trump should have kept his mouth under control instead of antagonizing McCain. Actions have consequences. Deal.


Yeah, maybe Trump will learn a valuable lesson about not insulting people you need.
13   Quigley   ignore (0)   2017 Nov 29, 11:02am   ↑ like (2)   ↓ dislike (0)     quote      

Heraclitusstudent says

Yeah, maybe Trump will learn a valuable lesson about not insulting people you need


And maybe flying monkeys will erupt from Kevin Spacey’s ass!
14   Sniper   ignore (8)   2017 Nov 29, 11:35am   ↑ like (1)   ↓ dislike (0)     quote      

An open letter to Congress signed by 137 economists supporting GOP tax reform bill.

Economic growth will accelerate if the Tax Cuts and Jobs Act passes, leading to more jobs, higher wages, and a better standard of living for the American people.

We firmly believe that a competitive corporate rate is the key to an economic engine driven by greater investment, capital stock, business formation, and productivity – all of which will yield more jobs and higher wages.

The enactment of a comprehensive overhaul – complete with a lower corporate tax rate – will ignite our economy with levels of growth not seen in generations. A twenty percent statutory rate on a permanent basis would, per the Council of Economic Advisers, help produce a GDP boost "by between 3 and 5 percent." As the debate delves into deficit implications, it is critical to consider that $1 trillion in new revenue for the federal government can be generated by four- tenths of a percentage in GDP growth.

Sophisticated economic models show the macroeconomic feedback generated by the TCJA will exceed that amount – more than enough to compensate for the static revenue loss.

We firmly believe that a competitive corporate rate is the key to an economic engine driven by greater investment, capital stock, business formation, and productivity – all of which will yield more jobs and higher wages. Your vote throughout the weeks ahead will therefore put more money in the pockets of more workers.

Supporting the Tax Cuts and Jobs Act will ensure that those workers – those beneficiaries – are American.

Sincerely,

137 economists (names at link)

https://www.cnbc.com/2017/11/29/137-economists-support-gop-tax-reform-bill-in-open-letter-commentary.html
15   bob2356   ignore (1)   2017 Nov 29, 3:25pm   ↑ like (2)   ↓ dislike (0)     quote      

Sniper says
137 economists (names at link)

https://www.cnbc.com/2017/11/29/137-economists-support-gop-tax-reform-bill-in-open-letter-commentary.html


Very good. I looked 10 randomly. 8 were affiliated with the heritage foundation or one of the other right wing think tanks. Hmm, I wonder where this letter originated from.

There are 20k members in the American Economic Association and that's only the economists that joined the association. Only 137 willing to sign the letter is not a very impressive showing.

Nice bit of stagecraft though. Having mcconnel front and center was good. showmanship.

Bread and circus. Works so well.
16   TwoScoopsMcGee   ignore (1)   2017 Nov 29, 3:27pm   ↑ like (1)   ↓ dislike (0)     quote      

Sniper says
137 economists


That shit only works when X number of Sociologists, with limited, perhaps not even HS, knowledge of Geophysics or Chemistry sign a Global Warming announcement.
17   anotheraccount   ignore (1)   2017 Nov 29, 3:35pm   ↑ like (2)   ↓ dislike (1)     quote      

TwoScoopsMcGee says
That shit only works when X number of Sociologists, with limited, perhaps not even HS, knowledge of Geophysics or Chemistry sign a Global Warming announcement.


Don't hyperbole this topic. The point is that this tax cut is stupid - trick down shit does not work. It's ok, you are used to flipping on your positions. You no longer have integrity - just a way to justify what Trump does.
18   BayAreaObserver   ignore (1)   2017 Nov 29, 3:48pm   ↑ like (0)   ↓ dislike (0)     quote      

Making Their Voices Heard: Dozens Of Wealthy CEOs Have Signed A Letter Telling The GOP It’s Weird How Obsessed It Is With Them !

With the GOP’s tax bill racing through the Senate, Americans everywhere are standing up to make their voices heard to their elected representatives. Today the country’s most affluent citizens joined that movement in a big way when dozens of wealthy CEOs signed a letter telling the GOP it’s weird how obsessed it is with them.

Now that’s how you cut through the noise and deliver a message!

Forty-three CEOs in total signed their names on the open letter to the Republican Party, telling them in no uncertain terms that it’s really weird and kind of unsettling how much time Republican lawmakers clearly spend thinking about them. The strongly worded letter has been signed by a diverse list of wealthy industry leaders, from Meg Whitman to Jeff Bezos to Charles Koch, but all were united in their message that the GOP’s constant fixation on their needs, goals, and the minutiae of their personal finances is making them feel profoundly uncomfortable and that they are concerned for their own safety.

This powerful open letter comes hot on the heels of the Senate’s tax bill, which goes to great lengths to ensure tax breaks to the wealthiest Americans and their businesses, a measure the nation’s millionaires and billionaires characterized as “more creepy than nice, with sort of a John Hinckley Jr. stalking Jodie Foster kind of vibe.” While the letter does mention that the tax bill was only part of the GOP’s long, off-putting infatuation with wealthy CEOs, it also pointed out that trying to raise taxes on middle-class families just to reduce the tax rate on massive corporations is “a little flattering, but mostly just comes off as kind of desperate.”

Take a look at an excerpt of the letter, which lays out a strong message from these CEOs to the Republican Party:

“We, the undersigned CEOs of American corporations, hereby declare to the Republican Party in no uncertain terms that it is very disturbing that you are always talking about us. All of your legislation seems designed with us in mind, and frankly that’s bizarre. You give us a lot of very intense, very personal attention, and it’s starting to freak us out.

A lot of us barely even know you. While you seem nice enough, having us be the focus of basically everything you do is honestly making us pretty uncomfortable. There are so many people in this country, so when you fixate on a couple hundred of us, it’s pretty obvious to everyone, and it’s very weird. Why not take a break from fixating on members of the corporate elite and take care of some other government stuff for a while? Don’t you have stuff to do with our nation’s roads or public parks or something? Just give us a break from your constant fawning for one second, we beg of you.

We don’t want to seem unappreciative of your efforts, but please just give it a rest. You look pathetic. We urge the Republican Party to have some self-respect and stop obsessing over our nation’s wealthiest citizens every second of the day.”

Wow. What a truly powerful statement. It’s so inspiring to see people set personal politics aside to tell their elected officials to please just back off of them a little. This is American democracy in action !

http://www.clickhole.com/article/making-their-voices-heard-dozens-wealthy-ceos-have-7073#27,
19   Sniper   ignore (8)   2017 Nov 29, 4:16pm   ↑ like (1)   ↓ dislike (0)     quote      

TwoScoopsMcGee says
Sniper says
137 economists


That shit only works when X number of Sociologists, with limited, perhaps not even HS, knowledge of Geophysics or Chemistry sign a Global Warming announcement.


Now, if the economic letter was "peer-reviewed", just like ”Global Warming", wait, Climate Change, then it would be believable for Bobby.
20   TwoScoopsMcGee   ignore (1)   2017 Nov 29, 4:18pm   ↑ like (1)   ↓ dislike (0)     quote      

anotheraccount says
Don't hyperbole this topic. The point is that this tax cut is stupid - trick down shit does not work. It's ok, you are used to flipping on your positions. You no longer have integrity - just a way to justify what Trump does.


Hi Coward with different username!

To Ignore With You!!!

For years I've been bitching about Free Trade and Wage Crushing Immigration, I've got my man. If it takes a tax cut, so be it!

At least I've never had to stoop to defending Hillary the Hostile.
22   TwoScoopsMcGee   ignore (1)   2017 Nov 29, 5:06pm   ↑ like (0)   ↓ dislike (0)     quote      

The real contrast, is contrasting Multinational's stances on how dangerous to competitiveness that paid leave, pensions, healthcare, etc. with their LOUDLY TOUTED stance on how humanitarian mass immigration is, and how racist it is to oppose it.
23   BorderPatrol   ignore (0)   2017 Nov 29, 8:23pm   ↑ like (1)   ↓ dislike (0)     quote      

i hope McCock will successfully sabotage it. it would make sense why he has not died yet - a final chance at redemption before his impending heart attack.

these tax plans or should i say, tax scams, punish states that didn't vote for Trump including Trump supporters living in them.

shame on Trump for endorsing this garbage.
24   Sniper   ignore (8)   2017 Nov 30, 9:52am   ↑ like (2)   ↓ dislike (0)     quote      

John McCain Is A "Yes" On GOP Tax Reform Bill.

In a statement just released, he confirms he will vote 'yes' for the GOP Tax Reform Bill.

U.S. Senator John McCain (R-AZ) released the following statement today in support of the Senate tax reform bill:

“After careful thought and consideration, I have decided to support the Senate tax reform bill. I believe this legislation, though far from perfect, would enhance American competitiveness, boost the economy, and provide long overdue tax relief for middle class families.

http://www.zerohedge.com/news/2017-11-30/john-mccain-yes-tax-reform-bill
25   HEYYOU   ignore (4)   2017 Nov 30, 12:22pm   ↑ like (0)   ↓ dislike (0)     quote      

TwoScoopsMcGee says
If it takes a tax cut, so be it!


You've been on patnet long enough to know you will be called out.
A Republican tax increase on any Republican is a Republican Tax Increase Law,when passed.
But if it's alright with you,we can raise your taxes & give others the tax breaks.
Wait! We will have to pass the bill before we find out who gets tax increases.
Republicans! Big Govt. Redistribution SOCIALISTS!

It will raise taxes on some Dems,Progressives,Independents & the sorry ass non-voters,they deserve it).
26   anon_55b81   ignore (0)   2017 Nov 30, 1:28pm   ↑ like (0)   ↓ dislike (0)     quote      

This tax plan will bring CA and NY to their knees once the SALT deductions go away. Can't wait for the gnashing of libbie teeth.

I wonder what happens when you piss off 51% of the voting bloc? Oh, right, they put Nancy Fucking Pelosi in charge. Can we get another story on CNN about why Hillary lost the election ? Please??
27   anon_61c8a   ignore (1)   2017 Nov 30, 1:29pm   ↑ like (0)   ↓ dislike (0)     quote      

Looks like the shit sandwich tax bill is what's for dinner. This was quite predictable a year ago, although a year of failure to legislate gave some of us hope that the streak would continue.
28   mell   ignore (1)   2017 Nov 30, 2:36pm   ↑ like (0)   ↓ dislike (0)     quote      

Great tax plan! MAGA!
29   Quigley   ignore (0)   2017 Nov 30, 3:20pm   ↑ like (2)   ↓ dislike (0)     quote      

Plenty of hard working Republicans will lose their state tax deductions as well, making them less likely to vote for the party who did that to them. Without Republican congressmen from blue states, the GOP loses its majority. With the shitfest we’ve seen for the last year, they deserve to lose it.
Fucking losers!
30   errc   ignore (2)   2017 Nov 30, 3:27pm   ↑ like (1)   ↓ dislike (1)     quote      

Quigley says
Plenty of hard working Republicans will lose their state tax deductions as well, making them less likely to vote for the party who did that to them. Without Republican congressmen from blue states, the GOP loses its majority. With the shitfest we’ve seen for the last year, they deserve to lose it.
Fucking losers!


Don’t worry trump will drain the swamp. MAGA!
31   Sniper   ignore (8)   2017 Nov 30, 4:01pm   ↑ like (1)   ↓ dislike (0)     quote      

Quigley says
Plenty of hard working Republicans will lose their state tax deductions as well, making them less likely to vote for the party who did that to them.


yeah, but they will get a higher standard deduction, which could be more than what they got with the state deduction, so they actually might come out ahead.
32   anon_8f378   ignore (0)   2017 Nov 30, 4:03pm   ↑ like (0)   ↓ dislike (0)     quote      

mell says
Great tax plan! MAGA!


So what's great about it, in your opinion?
33   anon_5e6f4   ignore (0)   2017 Nov 30, 4:03pm   ↑ like (0)   ↓ dislike (0)     quote      

Why not. Everyone voting yes will get $20M wired to their hidden offshore account.
34   mell   ignore (1)   2017 Nov 30, 4:09pm   ↑ like (0)   ↓ dislike (0)     quote      

anon_8f378 says
mell says
Great tax plan! MAGA!


So what's great about it, in your opinion?


Less specialized crony deductions, bigger standard deductions. Much simpler and fairer.
35   Quigley   ignore (0)   2017 Nov 30, 4:18pm   ↑ like (0)   ↓ dislike (0)     quote      

And more double taxation for us all! So great!
I stand to personally pay about $5k more in taxes under their plan! So excited!
36   KimJongUn   ignore (0)   2017 Nov 30, 4:33pm   ↑ like (0)   ↓ dislike (0)     quote      

Quigley says
And more double taxation for us all! So great!
I stand to personally pay about $5k more in taxes under their plan! So excited!


Congratulations!
37   anon_3b28c   ignore (1)   2017 Nov 30, 7:05pm   ↑ like (0)   ↓ dislike (0)     quote      

mell says
Less specialized crony deductions, bigger standard deductions. Much simpler and fairer.


lol--except for the private jet deduction that is added, right?

https://crooksandliars.com/2017/11/republicans-tax-plan-gives-tax-break
38   mell   ignore (1)   2017 Nov 30, 7:31pm   ↑ like (0)   ↓ dislike (0)     quote      

anon_3b28c says
mell says
Less specialized crony deductions, bigger standard deductions. Much simpler and fairer.


lol--except for the private jet deduction that is added, right?

https://crooksandliars.com/2017/11/republicans-tax-plan-gives-tax-break


I'm against all deductions because they are cronyism, no matter whom they benefit. Still a lot more deductions removed and tax code simplified. Next.
39   mell   ignore (1)   2017 Nov 30, 7:32pm   ↑ like (0)   ↓ dislike (0)     quote      

Quigley says
And more double taxation for us all! So great!
I stand to personally pay about $5k more in taxes under their plan! So excited!


Which ones are your new or added double taxations?

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