Where are the tax cuts?

Discussion in 'BBS Hangout: Debate & Discussion' started by Azadre, Feb 8, 2017.

  1. NewRoxFan

    NewRoxFan Contributing Member

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    And I bet that even significantly underestimates the cost of such a wall. I believe I have seen estimates ranging upwards of $50 billion and even some at $70 billion when looking at costs of materials, labor, land acquisition, etc. This would be a huge (yuge) infrastructure project taken on by the government... have you seen anything not far exceed the original cost estimates?
     
  2. geeimsobored

    geeimsobored Contributing Member

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    The tax cuts will come. You can pass those via reconciliation so Democrats can't filibuster. Both the 2001 and 2003 Bush tax cuts came via reconciliation. We'll see if any Republicans defect this time around.

    For the record, John McCain and Lincoln Chaffee were the only Republicans to vote against both the 2001 and 2003 cuts. Olympia Snowe later joined them and voted against the 2003 tax cuts.

    I suspect McCain will vote yes this time around. This will be a straight party line vote this time around. Maybe Joe Manchin votes with the Republicans but that's about it.
     
  3. Deckard

    Deckard Contributing Member

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    Tax cuts? Where are the tax increases for the very wealthy so that the country can afford tax cuts for the Middle Class?
     
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  4. robbie380

    robbie380 Contributing Member

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    Federal taxes don't hurt the bottom 50%. You could cut them to 0% and it wouldn't make much difference. I'm surprised no politician has ever run a campaign on cutting taxes to 0% for the bottom 50%. You could make it 0% for up to 50k and that would cover about 62% of taxpayers and income tax revenue would only drop by about $100 billion. I think the bottom 50% are probably taxed more from lotteries than they are from the federal govt. Ban the lottery scam if you want to help out not rich people.

    http://www.pewresearch.org/fact-tan...-pay-most-income-taxes-but-enough-to-be-fair/

    In 2014, people with adjusted gross income, or AGI, above $250,000 paid just over half (51.6%) of all individual income taxes, though they accounted for only 2.7% of all returns filed, according to our analysis of preliminary IRS data. Their average tax rate (total taxes paid divided by cumulative AGI) was 25.7%. By contrast, people with incomes of less than $50,000 accounted for 62.3% of all individual returns filed, but they paid just 5.7% of total taxes. Their average tax rate was 4.3%.

    [​IMG] [​IMG]

    https://taxfoundation.org/summary-latest-federal-income-tax-data-2015-update/

    Big Charts

    [​IMG]
    [​IMG]
     
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  5. sirbaihu

    sirbaihu Member

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    Your own post says people with income under $50,000 have an effective tax rate of 4.3%. That would be thousands of dollars. Pretty sure that does make "much difference" to most people in that income bracket.

    As for the >$250,000 tax bracket, that's a pretty crude measure. Trump wouldn't wipe his ass with a $250,000 bill. We need to look deeper.

    [​IMG][/QUOTE]
     
  6. robbie380

    robbie380 Contributing Member

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    [/QUOTE]

    Sorry when I said it wouldn't make much difference I was meaning towards the federal income tax receipts. I'm in favor of cutting federal taxes to 0% on people below 50k. I think it would help people out a ton. They actually do that in Denmark.
     
  7. sirbaihu

    sirbaihu Member

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    Sorry, my mistake. Richies here in America like to pretend they don't need to poor people to build roads for their Bentleys etc. Maybe that's coz they outsource as much work as they can to other countries' poor people whom they also despise.

    Look out billionaires: if the poor get pissed, your hired security guards are gonna run out of bullets eventually.
     
  8. Invisible Fan

    Invisible Fan Contributing Member

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    They're wrapping up the years long BENGHAZI!! hearings
     
  9. NewRoxFan

    NewRoxFan Contributing Member

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    In case anyone is still wondering... they are in Trump's "quagmire"... which considering Trump's failed healthcare plans, might be a safer place anyway.

    Trump tax reform plan heads into quagmire
    https://www.ft.com/content/1641ad70-760d-11e7-90c0-90a9d1bc9691
     
  10. NewRoxFan

    NewRoxFan Contributing Member

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    Trump continues to spout the lie about taxation levels in the US being highest...

    Fact Check: Experts Call Trump’s Tax Claim False
    http://www.nbcnews.com/politics/don...s-tax-claim-false-n791651?cid=sm_npd_nn_tw_ma
     
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  11. pgabriel

    pgabriel Contributing Member

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    Talking about Presidents getting things done, Obama had a 60-40 Senate.

    There would have been no health care legislation without it.

    Not criticizing Obama but just because there are Republican majorities doesn't mean Trump should be ramming through legislation.

    Our politics are much more polarized than just 20 years ago
     
  12. FranchiseBlade

    FranchiseBlade Contributing Member

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    Oh, he's not ramming through legislation. He hasn't been able to do much at all.
     
  13. pgabriel

    pgabriel Contributing Member

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    Trump won independent of his own party. As much as he doesn't play the sausage making game very well, he is also starting in a political hole because he won on his own.
     
  14. Invisible Fan

    Invisible Fan Contributing Member

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    ACA won 2 independents in that 60-40 senate. With Ted Kennedy's death and a Republican replacement, there was talk of filibusters breaking up the bill.
     
  15. calurker

    calurker Contributing Member

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    This is a pretty amazing graph. As much as people love to blame RWR for ballooning the deficit, this graph is a stark illustration that the seeds were already sown between 1950-1980. The changed split between corporate income taxes and payroll taxes (while in the aggregate the two have remained largely constant) during that period means (doing my best JCDenton impression here) (i) more tax burden has been shift to the workers and (ii) more tax burden has been shifted to a tax bucket that discourages employers from hiring. I guess we can all thank LBJ, though that doesn't explain how the trend started in the '50s -- I don't think the whole dual income family phenomenon existed back then (or even in the '60s).

    At the same time though, given the deficit situation, I'm not sure how Republicans (or America as a nation) can justify tax cuts for anyone when the burdens shouldered by various constituent groups have been largely constant over the past 30 years going back to the "glory days" of RWR.
     
  16. NewRoxFan

    NewRoxFan Contributing Member

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    Here's a shocker... Trump tax plan overwhelming benefits those making over $1M. Yea... I know!

    Nearly Half of Trump’s Proposed Tax Cuts Go to People Making More than $1 Million Annually
    [​IMG]

    https://itep.org/trumpmilprelim/
     
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