Can anyone enlighten us on tax proposed for overseas corporate earnings? It was largely tax exempt and now they're proposing a flat 10% on that, right, with no loopholes or shelters? If that's true, I think it's a good part of this plan. But I am probably ill-informed on it at this point.
Since 2014, over 50% of the profits of the S&P500 have been generated overseas. That will only increase as the world grows. I agree we need to lower corporate tax rates due to competition but we have a demand issue not supply. Corporate tax cut needs to be made up somewhere else at the expense of the wealthy. It should be noted we have boomers retiring in mass and we are talking about large tax cuts... seems like the deficit is going to balloon.
Most assume this is part of the plan. Cutting things like Medicaid and Social Security are never popular, but by creating such a future fiscal debt explosion, they will leave future legislators and executives no choice but to decimate those programs. I've always assumed this is why the GOP greater expands federal deficits and then whines about it when they aren't in power. Cut taxes, cut benefits, cut taxes, cut benefits. And somehow the country will magically benefit, despite all evidence and logic to the contrary.
I honestly don't understand how we pay for this and I don't understand how the deficit and ultimately our debt does not increase. It's cute that in theory Republicans thinks that the cuts will result in higher wages thus more revenue brought in but I've yet to see such result actually happen. You give someone more money, they usually will spend a little bit of it, but for the most part they will save more of it.
Not to mention, we are in the midst of a historic bull market. A correction won't be kind on government revenue, much like 2007-2009 it would add more debt.
https://www.nytimes.com/2017/11/03/us/politics/fact-check-state-local-taxes-republican.html?_r=0 Shows how Conservatives claim that the state tax deduction is how red states subsidize blue states but the reality is that blue states taxes dollars flow strongly into red states. That should stop if they take away tax relief from the blue states. Trump and Republicans are literally tearing this country apart.
Established companies managed to slip in this little gem: https://www.bloomberg.com/news/arti...lan-may-leave-future-of-stock-options-in-flux Bye bye innovations.
Yes, they are literally tearing this country apart. Could you show me the literal line where Trump is tearing the country apart?
"Carried Interest" loophole for primarily Jewish 0.01% hedge funds remains, of course. Government by Goldman Sachs.
"The Joint Committee on Taxation found that tax expenditures, or lost revenue, for the deduction amounted to $60 billion. Two-thirds of that, or about $40 billion, was accrued by tax returns claiming incomes over $200,000 — roughly the top 20 percent of households. About 3.5 percent, or $2 billion, flowed to the bottom 60 percent of households." I'm going to cry for these people - shed some tears I will. Oh no - not the head football coaches, too! When will it end? When will it end? Civil War II here we come!
adjective: literal; 1. taking words in their usual or most basic sense without metaphor or allegory. Seriously dude? You said Trump was literally tearing the country apart. Now you are telling me to take metaphors 101? The question is, how can you take yourself serious?
Yes when I said he was literally tearing the country apart I meant he was grabbing california with his left hand and texas with his right and ripping the country. That's exactly what I meant. You literally have no sense of humor.
Nice try but you need to elevate beyond the 5th grade here. It would be even nicer if you debated the substance of the tax plan being fair/unfair to red states and such instead of trying to waste time debating the level of sarcasm in how I used literally. Of course that would require literally thinking on your part.
LOL. Taking money from states to pay for a federal tax cut is the bottomline. That revenue will have to be made up somehow in the states. You can make cute little statements but this is a transfer of some revenue from the states to federal government in order to pay for a tax cut.
That is for each individual state to decide. And btw, this does not take revenue away from any state or local government.
Don't forget that the lower tax brackets for businesses are balanced out by removal of tax loopholes except no loopholes are actually removed by the House bill.
