Trump Tax Cut Proposal Underway

[Animavore]

Trump sold you out, Dickhead.



But Hey! You got your 'win' against that nasty, nasty wins. So nasty.

[Seabass]

Red America is the fucking albatross hung around blue America's neck.


Robbing Blue States to Pay Red

Much of the debate over the Republican House and Senate tax plans has centered on how they will shift income toward the affluent. But there is a second kind of redistribution in the plans — from Democratic blue states to Republican red states.

Call it the Republican two-step: redistribute upward, then sideways. The biggest beneficiaries are corporations and the rich regardless of where they are. But under the Republican plans, half of these big cuts have to be paid for in the first 10 years (the other half will be added to the national debt, increasing it by $1.5 trillion). And these “pay-fors,” as they’re called, are predominantly aimed at blue states.

...

[Animavore]

The Great Kansas Tax Cut Experiment Crashes And Burns

Just as President Trump is ramping up his push for a major tax cut that he believes will pay for itself through faster economic growth, the Kansas template for that approach has crashed and burned. After four years of below-average growth, deepening budget deficits, and steep spending reductions, the GOP-dominated Kansas legislature has repealed many of the tax cuts at the heart of Governor Sam Brownback fiscal agenda.

It is a lesson unlikely to be missed by congressional Republicans—or Democrats.

Brownback vetoed the legislature’s first attempt to reverse his tax cuts, but two-thirds majorities in both the House and Senate overrode his veto. The measure would boost state taxes by $1.2 billion over two years, in part by raising the top income tax rate from 4.6 percent to 5.7 percent and by once again taxing sole proprietorships, partnerships, and other pass-through businesses. Pressured by Brownback, the legislature had made pass-throughs tax free.

https://www.forbes.com/sites/beltway/20 ... 5d724b5508

[pErvinalia]

It is a lesson unlikely to be missed by congressional Republicans—or Democrats.

https://www.forbes.com/sites/beltway/20 ... 5d724b5508

It's a lesson that will absolutely be (effectively) missed. No amount of data seems to stop these clowns in their efforts to give handouts to the rich. It's like a primal drive for these cunts. Must. dole. out. money. to. the. rich....

[Tero]

Trump needs to pass tax bill so he can drill for oil in Alaska and repeal Obamacare

https://www.npr.org/2017/11/26/56600619 ... p-tax-plan

[Animavore]

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https://www.ft.com/content/e494f47e-ce1 ... 1a884dd8c6

How does a political party dedicated to the material interests of the top 0.1 per cent of the income distribution win and hold power in a universal suffrage democracy? That is the challenge confronting the Republican party. The answer it has found is “pluto-populism”. This is a politically successful, but dangerous, strategy. It has brought Donald Trump to the presidency. His failure might bring someone more dangerous, more determined, to power. This matters to the US and, given its power, to the wider world.

The tax bills going through Congress demonstrate the party’s primary objectives. According to the Center on Budget and Policy Priorities, in the House version of the bill, about 45 per cent of the tax reductions in 2027 would go to households with incomes above $500,000 (fewer than 1 per cent of filers) and 38 per cent to households with incomes over $1m (about 0.3 per cent of filers). In the more cautious Senate version, households with incomes below $75,000 would be worse off. This simply is reform for plutocrats. (See charts.)

That is far from all. The bill might also increase the cumulative fiscal deficit by about $1.5tn over the coming decade. Yet, according to the independent and respected Congressional Budget Office, the US fiscal position is already on a deteriorating path, with spending forecast to rise from 21 per cent of gross domestic product in 2017 to 25 per cent in 2028-37. The planned tax cuts would worsen the pressure to cut spending. The outcome desired by the Republicans is to slash spending on nearly all of the non-defence discretionary spending of the federal government, plus its spending on health and social security.

In all, then, this is a determined effort to shift resources from the bottom, middle and even upper middle of the US income distribution towards the very top, combined with big increases in economic insecurity for the great majority.

[Brian Peacock]

It is a lesson unlikely to be missed by congressional Republicans—or Democrats.

https://www.forbes.com/sites/beltway/20 ... 5d724b5508

It's a lesson that will absolutely be (effectively) missed. No amount of data seems to stop these clowns in their efforts to give handouts to the rich. It's like a primal drive for these cunts. Must. dole. out. money. to. the. rich....

Surely they can only blame Mexicans, Muslims, and Black for all of America's ills for so long? The GOP have all the strings to the offices of government in their hands. If it all goes tits up people are going to notice that.

[pErvinalia]

It was all Obama's and Hillary's emails fault. Never underestimate how brazen conservatives can be in blaming their own problems on someone else. Like the Repubs in the US, the Liberal Party of Australia is still blaming the previous Labor government for the state of the economy and even more head-slappingly brazen - the essentially criminal waste of tens of billions of dollars on a national broadband network that is slower than 4G wireless. Labour hasn't been in government for 4 years.

[Brian Peacock]

Yeah, Tories in the UK still regularly blame Gordon Brown personally for the 2008 global financial crisis and the effects of their own Austerity policies.

[Brian Peacock]

I was think about the similarities between the GOP and the Tories. Both have a slim grasp on the reigns of power, but at a time where traditionally each party might be politically hamstrung by a lack of democratic force, they are both using their nominal positions as national deciders to change the operating procedures of democracy while pushing through radical economic measures to effectively secure and expand the wealth of the rich corporates who prop them up.

[Tyrannical]

It's a tax cut and a tax simplification. A reduction on the deduction on State and Local taxes would be an amusing FU to blue areas.

Trump will tax the ultra rich more, he's not one of them and the Silicon Valley ones hate him Trump has his Presidency, fame, and luxury hotels and golf courses.

[Tero]

Tech would gain:
Trump and congressional Republicans are speeding ahead with a tax overhaul that would bring huge benefits for wealthy tech giants and their executives. A White House office headed by Trump son-in-law Jared Kushner is opening the door to companies like Amazon and IBM gaining a greater share of the federal government’s multibillion-dollar information technology budget.
https://www.politico.com/story/2017/11/ ... ump-259475

[Brian Peacock]

Trump will tax the ultra rich more...

I'll place this in the bucket with your other predictions.

[Tero]

Trump arm twusts two senators:
Moments after he left the Capitol, two key Republican senators on the Budget Committee, Ron Johnson of Wisconsin and Bob Corker of Tennessee, who had been holding out for more concessions to meet their different concerns about the measure, told CNN they would vote for it.
CNN

[Brian Peacock]

I wonder by how much their PAC has just benefited from a mystery donor?