GOP Unveils Bill To Make Trump Tax Cuts Permanent While Howling About Debt

[BULLDOG]

The wealthy even pay a higher capital gains tax rate than the middle class. LOL!

Capitol gain is based on profit from sale of an asset, such as stock. That is the main way the rich make money.

 

[Polishprince]

Capitol gain is based on profit from sale of an asset, such as stock. That is the main way the rich make money.

Sort of true, but capital gain in only the method of collecting the money, not the really the way they earned it.

Its the work of the wealthy that builds up the value of their assets so they can be sold at a capital gain.

The work of Rockefeller in building the oil industry, allowed him to sell Standard Oil shares at a tremendous profit, ditto with Ford in automobiles and Frick in steel and coke.

 

[BULLDOG]

Sort of true, but capital gain in only the method of collecting the money, not the really the way they earned it.

Its the work of the wealthy that builds up the value of their assets so they can be sold at a capital gain.

The work of Rockefeller in building the oil industry, allowed him to sell Standard Oil shares at a tremendous profit, ditto with Ford in automobiles and Frick in steel and coke.

The work of not selling stock until the price is high enough? Damn, how many hours a day does it take to do a job like that?

 

[C_Clayton_Jones]

A group of more than 70 House Republicans introduced legislation this week that would make elements of the 2017 Trump tax cuts permanent, delivering a huge windfall to the rich and choking off more federal revenue at a time when Republican fearmongering over the national debt is at a fever pitch.

Led by Reps. Vern Buchanan (R-Fla.) and Michael McCaul (R-Texas), the TCJA Permanency Act, would cement into federal law tax cuts for individuals that are set to expire at the end of 2025.

The original 2017 tax law, the Tax Cuts and Jobs Act, made most of its corporate tax provisions permanent. In a statement Wednesday, the Biden White House said Trump and congressional Republicans "deliberately sunset portions of their tax giveaway" in order to "conceal how much their plan added to the debt."

According to a Congressional Budget Office (CBO) analysis released last year, extending the individual provisions of the Trump-GOP tax law would cost around $2.2 trillion through 2032. A separate Tax Policy Center analysis estimated that the extension would deliver an average tax cut of $175,710 to the richest 0.1%.

'Absolute hypocrisy': GOP unveils bill to make Trump tax cuts permanent while howling about debt

A group of more than 70 House Republicans introduced legislation this week that would make elements of the 2017 Trump tax cuts permanent, delivering a huge windfall to the rich and choking off more federal revenue at a time when Republican fearmongering over the national debt is at a fever...

www.rawstory.com

Ain't happening. Not only does the complete package need to go away, and all of the tax cuts repealed, but after these criminals are removed from congress, the tax cuts for the corporate welfare trash needs to be repealed all the way back to 1980, and the tax rates, and regulations of the 1970's restored.

Typical: reckless, responsible tax cuts while trying to balance the budget on the backs of working Americans, low income Americans, and retired Americans.

Such is the reprehensible right's contempt for sound, responsible governance.

 

[Mikeoxenormous]

We're not slaves, and we're not peons either. We need to stop borrowing. The US credit rating will be "JUNK" status any day now. Then we won't be able to borrow.

No shit sherlock, but if you keep paying people to sit on their lazy fucking asses, smoking dope and bitching that the rich are rich, just wont get anything done. Vote out the political hacks who have gone over 2 terms. Dont vote in a dementia president who is a puppet to the progressive billionaires.

 

[Mikeoxenormous]

We're not slaves, and we're not peons either. We need to stop borrowing. The US credit rating will be "JUNK" status any day now. Then we won't be able to borrow.

Hard Truth About Democrats And Modern Day Slavery

An effort began to redefined “racism” to mean anyone opposing big government welfare programs.

In a tragic irony, growing dependency on government handouts appeared reminiscent of the dependency that existed on Southern Democrat plantations where slaves waited for handouts from their masters.

 

[Orangecat]

GOP Unveils Bill To Make Trump Tax Cuts Permanent While Howling About Debt​

There's nothing wrong with acknowledging that we have an overspending problem that won't be fixed by kicking the can down the road via raising taxes.

 

[kyzr]

No shit Sherlock, but if you keep paying people to sit on their lazy fucking asses, smoking dope and bitching that the rich are rich, just wont get anything done. Vote out the political hacks who have gone over 2 terms. Don't vote in a dementia president who is a puppet to the progressive billionaires.

Agreed. But even if we do all that, we still have a collapsed economy and worthless dollars because the DEBT and INTEREST on the Debt will bury us.

https://www.fitchratings.com/entity/united-states-of-america-80442210

 

[kyzr]

There's nothing wrong with acknowledging that we have an overspending problem that won't be fixed by kicking the can down the road via raising taxes.

According to my math, a new 4% Federal Sales Tax on a $25.5T GDP would raise $1T in new revenue and cover the deficit.
If they can't cut spending, they need to raise revenue, duh.

 

[Orangecat]

If they can't cut spending, they need to raise revenue, duh.

I don’t subscribe to the opinion that spending can’t be cut. Raising taxes just facilitates the overspending problem.

 

[kyzr]

I don’t subscribe to the opinion that spending can’t be cut. Raising taxes just facilitates the overspending problem.

Ok, here you go. Here is the 2021 Federal Budget. You need to cut $1,000,000,000.000 ($1.0T) and you can't cut Mandatory Spending

2021 Federal Budget
Outlays $4.88T
Receipts $3.86T
Deficit $1.02T

Discretionary Spending
Defense $753b
Non-defense $733b
Total $1.49T

Mandatory Spending
Social Security $1,115b
Medicare 746b
Medicaid 452b
Other 660b
Interest on Debt 379b
Total $3.39T

 

[Orangecat]

Ok, here you go. Here is the 2021 Federal Budget. You need to cut $1,000,000,000.000 ($1.0T) and you can't cut Mandatory Spending

I don't subscribe to the opinion that mandatory spending can't be cut.

 

[g5000]

Tax cuts cause investment which brings in more money to the national treasury than any tax hike.... tax hikes just causes loop holes to be sought out by the mega rich....

That's a hoax.

 

[WTH_Progs?]

A group of more than 70 House Republicans introduced legislation this week that would make elements of the 2017 Trump tax cuts permanent, delivering a huge windfall to the rich and choking off more federal revenue at a time when Republican fearmongering over the national debt is at a fever pitch.

Led by Reps. Vern Buchanan (R-Fla.) and Michael McCaul (R-Texas), the TCJA Permanency Act, would cement into federal law tax cuts for individuals that are set to expire at the end of 2025.

The original 2017 tax law, the Tax Cuts and Jobs Act, made most of its corporate tax provisions permanent. In a statement Wednesday, the Biden White House said Trump and congressional Republicans "deliberately sunset portions of their tax giveaway" in order to "conceal how much their plan added to the debt."

According to a Congressional Budget Office (CBO) analysis released last year, extending the individual provisions of the Trump-GOP tax law would cost around $2.2 trillion through 2032. A separate Tax Policy Center analysis estimated that the extension would deliver an average tax cut of $175,710 to the richest 0.1%.

'Absolute hypocrisy': GOP unveils bill to make Trump tax cuts permanent while howling about debt

A group of more than 70 House Republicans introduced legislation this week that would make elements of the 2017 Trump tax cuts permanent, delivering a huge windfall to the rich and choking off more federal revenue at a time when Republican fearmongering over the national debt is at a fever...

www.rawstory.com

Ain't happening. Not only does the complete package need to go away, and all of the tax cuts repealed, but after these criminals are removed from congress, the tax cuts for the corporate welfare trash needs to be repealed all the way back to 1980, and the tax rates, and regulations of the 1970's restored.

Thing about leftists is they have very simple minds. I think it's a result of they having twisted brains, things get real cloudy in there, so they can't see through a process.

In this case they believe that ah shucks, if we raise taxes on business then surely the govt. will collect more tax revenue.

Never a thought in the world that a reasonable tax opens an environment for business and employment allowing the govt. to collect more revenue.

 

[blackhawk]

And Democrats want to continue to increase spending while howling about the debt. The two parties are opposite sides of the same coin.

 

[HereWeGoAgain]

Tax burden and % of assets aren't the same thing. Working people are taxed on their weekly income. The rich don't make their money that way, and often pay nothing in that way.

Doesn't change the fact they pay 40% of the tax burden.

 

[kyzr]

I don't subscribe to the opinion that mandatory spending can't be cut.

So you want to cut entitlements and the safety net?

Never happen. You would never get ANYONE to support that nonsense.

We earned those benefits and NO ONE is going to steal them.

If you want to cut Welfare and Medicaid to Zero you can gain a lot. But do you really think anyone would vote to do that?

Important welfare statistics for 2021 - Lexington Law

Poverty remains a widespread problem affecting countless low-income families in the U.S. Here’s a breakdown of the latest welfare statistics for 2021.

www.lexingtonlaw.com

In 2022, $1.3 trillion is projected to be spent on welfare programs in the United States.​

Medicaid Enrollment & Spending Growth: FY 2022 & 2023 | KFF

This issue brief provides an overview of Medicaid spending and enrollment growth with a focus on state fiscal years 2022 and 2023. Findings are based on data provided by state Medicaid directors as part of the 22nd annual survey of Medicaid directors in states and the District of Columbia...

www.kff.org

Total Medicaid spending exceeded $728 billion in FY 2021, with 31% financed by states and 69% paid by the federal government – a somewhat higher federal share than in recent years due to the FFCRA enhanced FMAP that became available as of January 2020. Overall, Medicaid accounts for nearly one in six dollars spent in the health care system and over half of spending on long-term services and supports.

 

[jc456]

A group of more than 70 House Republicans introduced legislation this week that would make elements of the 2017 Trump tax cuts permanent, delivering a huge windfall to the rich and choking off more federal revenue at a time when Republican fearmongering over the national debt is at a fever pitch.

Led by Reps. Vern Buchanan (R-Fla.) and Michael McCaul (R-Texas), the TCJA Permanency Act, would cement into federal law tax cuts for individuals that are set to expire at the end of 2025.

The original 2017 tax law, the Tax Cuts and Jobs Act, made most of its corporate tax provisions permanent. In a statement Wednesday, the Biden White House said Trump and congressional Republicans "deliberately sunset portions of their tax giveaway" in order to "conceal how much their plan added to the debt."

According to a Congressional Budget Office (CBO) analysis released last year, extending the individual provisions of the Trump-GOP tax law would cost around $2.2 trillion through 2032. A separate Tax Policy Center analysis estimated that the extension would deliver an average tax cut of $175,710 to the richest 0.1%.

'Absolute hypocrisy': GOP unveils bill to make Trump tax cuts permanent while howling about debt

A group of more than 70 House Republicans introduced legislation this week that would make elements of the 2017 Trump tax cuts permanent, delivering a huge windfall to the rich and choking off more federal revenue at a time when Republican fearmongering over the national debt is at a fever...

www.rawstory.com

Ain't happening. Not only does the complete package need to go away, and all of the tax cuts repealed, but after these criminals are removed from congress, the tax cuts for the corporate welfare trash needs to be repealed all the way back to 1980, and the tax rates, and regulations of the 1970's restored.

What is it you don’t understand

 

[jc456]

Doesn't change the fact they pay 40% of the tax burden.

Demofks are a waste of time discussing tax burden. They haven’t a clue what tax revenue is or comes from

 

[Mikeoxenormous]

Agreed. But even if we do all that, we still have a collapsed economy and worthless dollars because the DEBT and INTEREST on the Debt will bury us.

https://www.fitchratings.com/entity/united-states-of-america-80442210

OH really? If you take lazy people off welfare, they either work or they have to steal to survive. If they are working then they also are contributing to the tax revenues you so desire, but also arent taking anymore from welfare. If they try to steal from others, they are shot on sight thus removing them from society not being put into prison, which is another way to have welfare, thus removing them from the welfare system totally. Win win.