Tax Bill: Get Ready For An Awesome Economy!

Nov 21, 2017
2,798
57
Behind the 8 ball
#1
:D:D:D

"There may be disagreements on the numerical effects, but the principle has worked in the past (JFK and Reagan) and will work in the future.

A 20 percent corporate tax rate, immediate full expensing, repatriation of U.S. corporate cash overseas, and a 23 percent discount for sub-chapter S pass-throughs (much credit to Senator Ron Johnson for this) will generate way more growth and investment than mainstream forecasters suggest.

At various times, President Trump has talked about 3 percent, 4 percent, and even 5 percent growth. Despite the dreary mainstream models, I believe the president will turn out to be correct."

https://www.realclearpolitics.com/a...tment_boom_that_benefits_everyone_135673.html
 
Oct 5, 2012
281
18
Flower Mound, TX (In the basement.)
#2
I'm looking forward to a 4.1% growth next year. With this tax cut/reform, if it passes, I am way more hopeful.
 
Likes: 1 person
Oct 25, 2012
3,775
614
Louisville, Ky
#3
Any Tax Code based on assumption of Corporate fairness or some imagined Trickle Down should not be used to formulate possible economics. History actually indicates a bull effect if anything.
 
Nov 21, 2017
2,798
57
Behind the 8 ball
#4
Any Tax Code based on assumption of Corporate fairness or some imagined Trickle Down should not be used to formulate possible economics. History actually indicates a bull effect if anything.
Reagan would turn over in his grave if he knew someone who voted for him made the above comment!!! :eek:
 
Likes: 1 person
Jul 26, 2009
5,666
406
Opa Locka
#5
Any Tax Code based on assumption of Corporate fairness or some imagined Trickle Down should not be used to formulate possible economics. History actually indicates a bull effect if anything.
I think you mean bear. In any case this will pull the rug out from under the economy. MASSIVE tax hikes on the middle class (which means no more middle class), tax hikes on the poor and essentially no taxes once you factor in existing loopholes for the wealthy. Cuts to medicare/aid, cuts to SS, effective cuts to the government in general due to the lack of taxes. It'll take a few years for the effects to hit us as there are SHORT TERM cuts to taxes for the middle class (so a Dem administration will be left holding the bag) but once this bill comes into full effect the economy will crash and burn. My guess is that the billionaires that wrote this (who have the money to weather any economic downturn) hope that when the economy crashes, compitition will dry up and workers will accept poverty wages over unemployment. It's a dangerous game becuase a revolution is as likely as not in that situation, the only reason America didn't go communist during the Great Depression was the New Deal.
 
Likes: 1 person
Oct 25, 2012
3,775
614
Louisville, Ky
#6
I think you mean bear. In any case this will pull the rug out from under the economy. MASSIVE tax hikes on the middle class (which means no more middle class), tax hikes on the poor and essentially no taxes once you factor in existing loopholes for the wealthy. Cuts to medicare/aid, cuts to SS, effective cuts to the government in general due to the lack of taxes. It'll take a few years for the effects to hit us as there are SHORT TERM cuts to taxes for the middle class (so a Dem administration will be left holding the bag) but once this bill comes into full effect the economy will crash and burn. My guess is that the billionaires that wrote this (who have the money to weather any economic downturn) hope that when the economy crashes, compitition will dry up and workers will accept poverty wages over unemployment. It's a dangerous game becuase a revolution is as likely as not in that situation, the only reason America didn't go communist during the Great Depression was the New Deal.
Actually it should have read "Null Effect". The ONE part of our economy that DOES NOT need a break is corporate (perhaps the most wealthy as well) and this new plan will likely kill off the trend and upswing felt since the recovery began. Our middle class is already almost gone and you are correct that when these small tax breaks sunset it will probably disappear within a decade.
The genius of this plan for Republicans is twofold in that they indeed fulfil a promise to donors but also set the stage to blame whoever gets future power for the tax increase.
 
Jul 26, 2009
5,666
406
Opa Locka
#8
paul krugman predicted markets to crash once DJT was elected.

https://www.realclearpolitics.com/v...l_prize_for_being_this_wrong_about_trump.html

paul actually sounds a lot like people on this forum. watch the video to see what I mean.
Oh, give it time. People were starting to give warnings about subprime mortgages in '07 and then the world crashed and burned in '08. The time before people paying attention realizing there's a problem and EVERYONE realizing there's a problem isn't 1:1.
 
Likes: 1 person
Nov 21, 2017
2,798
57
Behind the 8 ball
#9
paul krugman predicted markets to crash once DJT was elected.



paul actually sounds a lot like people on this forum. watch the video to see what I mean.
Just the polar opposite happened!!! :D

As Coolidge said, THE BUSINESS OF AMERICA IS BUSINESS. Since Trump is a businessman, he worked out to be well suited for the job! :D

Trump is along the lines of Harding & Coolidge.

 
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Aug 6, 2013
95
17
North Carolina
#10
I attended a seminar in early 2008 @Syracuse university where Mr. Krugman detailed the risk in the financial markets from the wheel dealing in the real estate mortgage markets. It was easy to understand presentation that showed that with the bundling of mortgage securities and the reinsurance market there was really no one that was accountable or really understood the risks or the real value of trillions of dollars of mortgage backed securities. The rest is history as they say. Scared the shit out of me and within 3 months I had pretty much go out of the market. Saved me 10s of thousands of $$$. Krugman can be pretty negative at times but he does his analysis based on economic data so I would not dismiss his analysis out of hand.
 
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Likes: 2 people
Oct 25, 2012
3,775
614
Louisville, Ky
#11
I attended a seminar in early 2008 @Syracuse university where Mr. Krugman detailed the risk in the financial markets from the wheel dealing in the real estate mortgage markets. It was easy to understand presentation that showed that with the bundling of mortgage securities and the reinsurance market there was really no one that was accountable or really understood the risks or the real value of trillions of dollars of mortgage backed securities. The rest is history as they say. Scared the shit out of me and within 3 months I had pretty much go out of the market. Saved me 10s of thousands of $$$. Krugman can be pretty negative at times but he does his analysis based on economic data so I would not dismiss his analysis out of hand.
Krugman just LOVES this new tax plan...NOT.
https://www.nytimes.com/2017/11/16/opinion/trump-tax-plan-hate.html
 
Likes: 1 person
Nov 24, 2016
1,376
283
Victoria, BC
#12
'
A few days ago Gary Cohn, Donald Trump’s chief economic adviser, met with a group of top executives. They were asked to raise their hands if lower taxes would lead them to raise capital expenditures; only a handful did. “Why aren’t the other hands up?” asked Cohn, plaintively.

The answer is that C.E.O.s, living in the real world of business, not the imaginary world of right-wing ideologues, know that tax rates aren’t that important a factor in investment decisions. So they realize that even a huge tax cut wouldn’t lead to much more spending.

And with that realization, the rationale for this tax plan, such as it is, falls apart, leaving nothing but a scheme to make the rich — especially those who rake in investment income rather than working for a living — richer at everyone else’s expense.
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