Kamala Harris hears it first hand
Uff. If only more country leaders had the courage to say it how it really is. Here Fred M'membe of Zambia speaks truth to US power. Watch from 35 sec to 2m 19s.
[URL]https://www.youtube.com/watch?v=-617EzlNYTI[/URL]
I See Great Sources Were Provided For Your Flight of Fantasy. Thanks.
[QUOTE=Tiny12;2807450]Wrong. The cuts for the "super wealthy," as well as the cuts for the upper middle class, middle class and poor, are scheduled to expire. Democrats and Republicans probably will indeed extend them for the middle class and poor, but not the rich, like they did after the Reagan and Bush tax cuts. This is a large part of the reason why we have the most progressive tax system in the developed world.
And correct, the corporate tax rate cut is not set to expire. Before the Tax Cuts and Jobs Act (TCJA), passed in 2017, the USA Federal + state corporate tax rate was the second highest in the world, right behind Comoros. Even Biden doesn't want to take the corporate rate back to where it was.[/QUOTE]Wrong? And then you repeat essentially the same thing I wrote? LOL.
Biden has put it in his budget. Yes, maybe these Dem Tax Cuts will get some bipartisan support when they pass. But the extensions were not Trump's idea or the RePutinKlan Party's idea.
[B]Bidens tax hikes on high earners are unlikely to make it through Congress. A bigger debate: the Trump-era tax cuts that expire in 2025.[/B]
[URL]https://www.marketwatch.com/story/bidens-tax-hikes-for-the-rich-are-unlikely-to-get-passed-by-congress-but-another-date-looms-trump-era-tax-cuts-for-the-wealthy-end-in-2025-8fdf3195[/URL]
[QUOTE][b]Tiny12:[/b]If we do increase the corporate rate, who will pay for it? Well, first and foremost consumers, in the form of higher prices. Second, workers, who would lose their jobs as industries migrate to lower tax countries. And third, shareholders, some of whom like you seem to suffer from Stockholm Syndrome.
While the government's revenues from the corporate tax cut took a hit after implementation of the TCJA, they're now back up, to the second highest level in history in 2022. Partly this is undoubtedly due to the corporations' motivation to invest and generate income in America as a result of a better tax regime. The better regime resulted not only from the tax cut, but also the TCJA's provisions that resulted in hundreds of billions or trillions of cash being repatriated by American corporations, and implementation of the Global Intangible Low Tax Income (GILTI) tax on foreign earnings of USA Corporations.
Again, not true. Up until COVID, job generation in the USA continued at a good clip, despite the unemployment rate dropping to the lowest since the 1960's. When you're closer to full employment, job creation should slow. The fact that it didn't is due in part to the corporate tax cuts and deregulation. Also, the middle class finally made big gains in income prior to COVID. Unfortunately, those gains largely dissipated as a result of inflation that kicked off after passage of Biden's American Rescue Plan (ARP). You can't attribute inflation in 2021 entirely to the ARP, but it played a big part.
I hate it when Democratic Politicians refer to tax cuts as "costing" something. They're not costs, unless you're some kind of mafioso believes it's a "cost" when you extort less money from people.
So Democrats deserve the credit for the tax cuts in the TCJA, which I believe was passed without a single Democratic vote. That makes perfect sense if your view of the USA Economy is mostly based on "Democrats Good, Republicans Crap. ".
You realize Biden and the Dems haven't extended squat yet? And if rate cuts are extended, it will be bipartisan.
You're going to have to look far and wide to find an economist who will argue that tax cuts lower GDP growth, or, as to Clinton, vice versa. The only question is how much will lower taxes increase GDP. And what's the effect on the deficit and the national debt if government continues to spend like a drunken sailor.
More "Democrat Good, Republican Crap" reasoning. In our recent exchange I've praised three presidents for tax legislation passed during their terms, and two were Democrats.
The difference I see in how the parties decide who gets to keep more money is that the Democrats are marginally more likely to pass it onto crony capitalists. Thus you see California green energy and tech companies benefitting disproportionately from the CHIPS and badly-named Inflation Reduction Acts. And New York contributors to the Democratic Party benefitting from Schumer continuing to pigeon hole provisions to end carried interest treatment of management fees realized by hedge, private equity and venture capital funds.
Good that you're not really arguing about my statement "A country is more prosperous when more money is left in the hands of its people and its businesses. " Perhaps there's hope for you yet. [/QUOTE]Lolol.
All the typical academic, theoretical, non Real World hand-wringing worries RePutinKlans always bring to the table and weep about all over the more-than-eager pro Repub Mainstream Media.
[B]News Bulletin:[/B]
All of those terrible economic outcomes do not happen under Dem economic stewardship. They only happen under RePutinKlan economic stewardship.
You know, like the RePutinKlan Great Depression and Massive Jobs Destruction of 1929-1933, the Great Reagan RePutinKlan Recession and Massive Jobs Destruction, The Great GW Bush RePutinKlan Recession and Massive Jobs Destruction, the Great Trump's Pandemic Economic Stewardship Disaster and Massive Jobs Destruction, etc.
Dem Tax Cuts get paid for without wiping out millions of jobs, without triggering Great Depressions or Great Recessions as Repub tax cuts do. Don't worry your pretty little Repub head about that.
Oh, and then there was this after, among other blunders, worse-then-drunken-sailors Trump and his Repubs flushed $2. 5+ Trillion in tax payer money down the shitter with nothing to show for it but a million fewer jobs with his horrific TCJA for the wrong people at the wrong time in the wrong amounts than without it:
[B]The Trump administration was ruining the pre-COVID-19 economy too, just more slowly[/B]
[URL]https://www.epi.org/blog/the-trump-administration-was-ruining-the-pre-covid-19-19-economy-too-just-more-slowly/[/URL]
[QUOTE]Key takeaways:
Long before the COVID-19 pandemic the Trump administration was squandering the pockets of strength in the American economy it had inherited.
Broad-based prosperity requires strength on the supply, demand, and distributive sides of the economy, and Trump administration policies were either weak or outright damaging on these fronts.
Demand: Most of the Trump tax cuts went to already-rich corporations and households, who tend to save rather than spend most of any extra dollar theyre given.
Supply: Business investment plummeted under the Trump administration, despite their lavishing tax cuts on corporate business.
Distribution: The Trump administration undercut labor standards and rules that can buttress workers bargaining power. [/QUOTE][B]Trump will have the worst jobs record in modern USA History. Its not just the pandemic. [/B]
[URL]https://www.washingtonpost.com/business/2021/01/08/trump-jobs-record/[/URL]
I don't need no stinkin sources
[QUOTE=EihTooms;2807621]
[b]I See Great Sources Were Provided For Your Flight of Fantasy. Thanks.[/b][/QUOTE]That's right. I don't need no stinking, bull shit sources. Like highly biased, partisan pieces from the Economic Policy Institute and Washington Post Editorial Page. Because I actually know what I'm writing about. As to tax policy anyway.
This is somewhat like when you gentlemen demanded a "link" to my Bloomberg feed when I posted YoY changes in GDP for various countries, to show that the decline in GDP other large developed countries was higher than the decline in the USA during your so-called "Trump Pandemic".
Granted Tooms, you don't know as much about taxes as I do. But you're perfectly capable of Googling phrases like,
Which country has the most progressive tax system.
GILTI tax.
Repatriation after TCJA.
Extension of TCJA tax cuts.
Nonfarm employment St. Louis Fed.
Unemployment St. Louis Fed.
Median Household Income St. Louis Fed.
Who Bears the Burden of Corporate Income Tax.
Effect of taxes on GDP.
CHIPS and Science act.
Inflation Reduction Act.
Schumer Carried Interest.
Frankly, I'm tired of educating you, because you're a very poor student.
And this is absolutely hilarious, a great exercise in Double Think:
[QUOTE=EihTooms;2807621]Oh, and then there was this after, among other blunders, worse-then-drunken-sailors Trump and his Repubs flushed $2. 5+ Trillion in tax payer money down the shitter with nothing to show for it but a million fewer jobs with his horrific TCJA for the wrong people at the wrong time in the wrong amounts than without it:[/QUOTE]If Biden and Congress had extended all the provisions of the TCJA instead of letting most of them expire, then the TCJA was estimated to result in a $2. 5 trillion reduction in tax revenue over 10 years. That's money that stays in the pocket of the taxpayer, the exact opposite of what you said. Flushing money down the shitter is commonly what the federal government does after it COLLECTS taxes. If you collect $2. 5 trillion less from taxpayers, then that's $2. 5 trillion less that can be flushed down the shitter. That's ignoring the fact that the bastards in Washington are a bunch of spendthrifts who have no problem spending a lot more money than they take in.
BTW, your marketwatch link supports my explanation, not yours.
At Last! I See the Light!
[QUOTE=EihTooms;2807621]Dem Tax Cuts get paid for without wiping out millions of jobs, without triggering Great Depressions or Great Recessions as Repub tax cuts do. Don't worry your pretty little Repub head about that.
Oh, and then there was this after, among other blunders, worse-then-drunken-sailors Trump and his Repubs flushed $2. 5+ Trillion in tax payer money down the shitter with nothing to show for it but a million fewer jobs with his horrific TCJA for the wrong people at the wrong time in the wrong amounts than without it[/QUOTE]At first read, I figured you just didn't know much about economics. Even Paul Krugman would never argue that tax cuts wipe out millions of jobs or cause Great Depressions or Great Recessions. In fact, he'd undoubtedly say tax cuts have a positive effect on GDP growth and jobs. Admittedly though he's just as partisan as you are and would find some way to criticize any bill passed by Republicans. But anyway initially I thought what you wrote above made no sense.
Then I thought about it. Well, there's no possibility the TCJA would directly cause millions of job losses. But what if TCJA caused the Trump Pandemic? That would explain it! As you know I'm pretty dense. It's taken me months to finally see the light. Could you please tell us exactly how the Tax Cuts and Jobs Act in 2017 caused the Trump COVID Pandemic which wiped out millions of jobs?
Just so you'll know I'm not a hypocrite, I did Google "How did the Tax Cuts and Jobs Act cause the Trump COVID pandemic and destroy millions jobs." But I didn't find much.
Yes, you're beginning to get it right about Repub tax cuts.
[QUOTE=Tiny12;2808086]At first read, I figured you just didn't know much about economics. Even Paul Krugman would never argue that tax cuts wipe out millions of jobs or cause Great Depressions or Great Recessions. In fact, he'd undoubtedly say tax cuts have a positive effect on GDP growth and jobs. Admittedly though he's just as partisan as you are and would find some way to criticize any bill passed by Republicans. But anyway initially I thought what you wrote above made no sense.
Then I thought about it. Well, there's no possibility the TCJA would directly cause millions of job losses. But what if TCJA caused the Trump Pandemic? That would explain it! As you know I'm pretty dense. It's taken me months to finally see the light. Could you please tell us exactly how the Tax Cuts and Jobs Act in 2017 caused the Trump COVID Pandemic which wiped out millions of jobs?
Just so you'll know I'm not a hypocrite, I did Google "How did the Tax Cuts and Jobs Act cause the Trump COVID pandemic and destroy millions jobs." But I didn't find much.[/QUOTE]But that is exactly what Repub tax cuts have done for the past 100 years. If they did the opposite of that I suppose you, Paul Krugman and I would be marveling at the wonderful pattern of Great Repub Recoveries and Expansions and Great Historic Repub Jobs Creation and how terrific it is that we never see a Great Depression, Great Recession or Massive Jobs Destruction after those marvelous Repub Tax Cuts.
But we can't do that, right gentlemen?
Yep, that's right, Paul and Tiny. We can't do that.
Uh, this might help you; Tax cuts to "starve the beast" by paying for them with cuts in services, oversight and enforcing regulations do a pretty good job of starving that beast, the "beast" being the Goose that Lays Golden Eggs of economic expansion and jobs creation under Dem tax codes and economic stewardship, that is.
Trump pulling all those monitors from the Chinese labs 5 months before the first Covid-19 cases emerged in secrecy when a 2-3 months heads up would have prevented Trump's Pandemic was a horrific abdication of economic stewardship by Trump. No doubt because he thought all those permanent tax cuts for corporations and the super wealthy was all he needed to do to create "the best economy ever" and hit his failing golf resorts for the rest of his term.
For JustTK, because you like hot redheads and English accents
About Julian Assange,
[URL]https://www.youtube.com/watch?v=oyekPpdjAaU[/URL]
Or maybe that’s an Australian accent. Hell if I know. I’m an American.