Manchin Screws 36 million poor and middle class

[bripat9643]

I have dumbed it down all that I can for you several times. It is not my fault you are too dense to get it.

So you obviously won't understand a word of this:

Does Tax Reform Still Hold?

In a recent article, Allen Manvel compares the estimated cost of tax expenditures for various years between 1986 and 1996 (see Tax Notes, Apr. 10, 1995, p. 293). Over that decade, total tax expenditures fell from 89.3 percent of income tax revenue to 59.9 percent. Most of that drop reflects the continued success of, or the difficulty of overturning, the Tax Reform Act of 1986. In recent years, nonetheless, the trend has been partially in the opposite direction, with tax expenditures rising from 55.2 percent in 1991.

The Importance of the Tax Rate

Many tax expenditures derive from deductions or exclusions from the tax base. Reductions in taxable income are worth more at higher tax rates. Budget enactments in 1990 and 1993 raised tax rates for higher-income taxpayers and were a primary cause of the recent rise in tax expenditures. Similarly, in the 1986 tax reform, much of the reduction in tax expenditures came about because of a lower rate. Note how the rate changes and tax base changes interact with each other. In tax reform, cutbacks in some tax expenditures allowed reductions in tax rates, which in turn made many remaining tax expenditures less valuable. Recent tax rate increases, in turn, increased the value of tax expenditures, encouraged an expansion in their use, and, therefore, required even higher rates of tax to raise the same level of revenue.

Tax History Project | History of U.S. Taxation | Tax Notes

Explore the Tax History Project to learn about the history of U.S. taxation. Browse the Museum, 1040 archive (1913 to 2022), presidential tax returns, and more.

www.taxhistory.org

The term "tax expenditures" is a con.

The bottom line is that if you're proposals are implemented our taxes will increase.

Go fuck yourself.

 

[g5000]

You've already tried this scam before. You're proposing a tax increase.

No one is fooled.

Here is Deven Nunes, one of Trump's favorite butt boys, explaining that every credit, deduction, and exemption is paid for by raising tax rates on everyone:

No tax reform without border adjustment tax, Rep. Nunes says

"If people wanted to drop the corporate rate from 35 to say 33, 32, maybe 30, we could probably do it. But if you go back to several years that we looked at doing just that, the goal was to get to 25 percent, and by the time every lobbyist, every special interest group in town, representing every major corporation in this country, the tax rate was automatically all the way back above 30 by the time you put everybody's special loophole in."


Read that a hundred times if that is how much it takes for you to comprehend it.

Nunes sits on the House Ways and Means Committee. That's the committee responsible for taxation.

Nunes clearly states that every deduction, exemption, and credit is paid for by raising tax rates on everyone. That's why I call them government gifts, because they are. They are theft from someone else's pocket.

 

[g5000]

The term "tax expenditures" is a con.

The bottom line is that if you're proposals are implemented our taxes will increase.

Go fuck yourself.

See? I knew you wouldn't understand of word of what I posted!

TA-DAAAAAAAA!

 

[bripat9643]

Here is Deven Nunes, one of Trump's favorite butt boys, explaining that every credit, deduction, and exemption is paid for by raising tax rates on everyone:

No tax reform without border adjustment tax, Rep. Nunes says

"If people wanted to drop the corporate rate from 35 to say 33, 32, maybe 30, we could probably do it. But if you go back to several years that we looked at doing just that, the goal was to get to 25 percent, and by the time every lobbyist, every special interest group in town, representing every major corporation in this country, the tax rate was automatically all the way back above 30 by the time you put everybody's special loophole in."


Read that a hundred times if that is how much it takes for you to comprehend it.

Nunes sits on the House Ways and Means Committee. That's the committee responsible for taxation.

Nunes clearly states that every deduction, exemption, and credit is paid for by raising tax rates on everyone. That's why I call them government gifts, because they are. They are theft from someone else's pocket.

You aren't proposing to make your changes revenue neutral. You're proposing a tax increase.

 

[g5000]

Says the guy that wants to “pay off” a $30 trillion national debt.

We can pay off the debt by cutting tax expenditures while lowering tax rates at the same time.

 

[g5000]

You aren't proposing to make your changes revenue neutral. You're proposing a tax increase.

Nope. Every deduction, credit, and exemption is paid for by higher tax rates. Nunes stated that very clearly.

Therefore, by cutting those tax expenditures, you can lower tax rates. Nunes states that very clearly, too.

You have been exposing your stupidity about this matter for years now. Your ego and your stubbornness are keeping you in perpetual ignorance.

 

[EyeBRollin]

We can pay off the debt by cutting tax expenditures while lowering tax rates at the same time.

The term "tax expenditures" is a con.

The bottom line is that if you're proposals are implemented our taxes will increase.

Go fuck yourself.

We can pay off the debt by cutting tax expenditures while lowering tax rates at the same time.

Nope. Problem is you conservatives still haven’t figured out what national debt is. Even when Trump and Dick Cheney tell you “debt doesn’t matter” you still aren’t listening.

 

[g5000]

Nope. Problem is you conservatives still haven’t figured out what national debt is. Even when Trump and Dick Cheney tell you “debt doesn’t matter” you still aren’t listening.

Debt does matter. The higher our debt-to-GDP is, the weaker our economic growth.

I can't believe this actually has to be explained to you.

 

[Nostra]

republicans say the same idiotic statement.
“Most Taxes” ??
As a percentage of income, the rich pay less than half of what
the majority of working stiffs in America pays.
FICA, tax collection stops ar 149k income.
Etc.

Try to document your claims. This will be fun.

 

[bripat9643]

Nope. Every deduction, credit, and exemption is paid for by higher tax rates. Nunes stated that very clearly.

Therefore, by cutting those tax expenditures, you can lower tax rates. Nunes states that very clearly, too.

You have been exposing your stupidity about this matter for years now. Your ego and your stubbornness are keeping you in perpetual ignorance.

Yes, you could, but Dims won't vote for this. We already tried this once during the Reagan administration, and it was only a matter of a few years before we had all the deductions back again.

 

[EyeBRollin]

Debt does matter. The higher our debt-to-GDP is, the weaker our economic growth.

I can't believe this actually has to be explained to you.

Explain it to Duck Cheney and Donald Trump. On this subject they are correct. You are wrong.

 

[g5000]

At some point, our debtors are going to begin to doubt our ability to pay our debts. Then they will demand higher interest on government debt.

Then it's game over.

 

[bripat9643]

Nope. Problem is you conservatives still haven’t figured out what national debt is. Even when Trump and Dick Cheney tell you “debt doesn’t matter” you still aren’t listening.

Tell us then, what is the national debt?

 

[john doe 101]

36 Million Families Face End Of Monthly Child Tax Credit Payments

The program has benefited poor and middle-class households alike. Now it seems doomed.

www.huffpost.com

Of course Republicans did as well.

Not a single one would vote for this bill.

Not Romney. Not Collins. Not Murkowsky

None of them care about working families

Why would you single out Romney, Collins, Murkowsky? You think just because they are the few that spoke out against trump that makes them good people? They're human pieces of shit just like the rest of the repubs and many of the dems.

 

[Toddsterpatriot]

The rich actually have you bootlickers opposing government spending while championing tax cuts for the rich.

You didn't get a tax cut from the 2017 bill? Why not?

 

[g5000]

Yes, you could, but Dims won't vote for this. We already tried this once during the Reagan administration, and it was only a matter of a few years before we had all the deductions back again.

Yes, exactly! Reagan eliminated a bunch of tax expenditures and was able to lower tax rates.

But you know which party is most guilty of adding back in all those tax expenditures and then some?

The GOP.

It's stealth spending. The Democrats spend openly while the Republicans stab us in the back.

 

[EyeBRollin]

Tell us then, what is the national debt?

Have you ever played the board game Monopoly?

 

[bripat9643]

Yes, exactly! Reagan eliminated a bunch of tax expenditures and was able to lower tax rates.

But you know which party is most guilty of adding back in all those tax expenditures and then some?

The GOP.

It's stealth spending. The Democrats spend openly while the Republicans stab us in the back.

No, it's actually the Dims.

 

[g5000]

Economists have recognized for decades that there is no meaningful difference between tax expenditures and programs that spend money directly

[snip]

Fortunately, the fact that tax expenditures are government spending is more and more widely recognized by leaders of all political stripes, inside and outside of government.

With a combined cost in FY 2010 of $1.02 trillion, tax expenditures constitute a bigger part of the budget than Social Security, Medicare, Medicaid, or national defense. They are more than twice as large as all non-security discretionary programs combined.

[snip]

Appropriations committees must work within the constraints of the budget resolution, which provides allocations, divided into sub-allocations according to subcommittee. Authorizing committees must receive a budget to pass legislation increasing spending in their areas. In contrast, tax expenditures need only be approved by the two tax-writing committees (the House Ways and Means Committee and Senate Finance Committee). The tax-writing committees have the singular authority to spend money without a budget allocation.

Finally, because tax expenditures are often sold as tax cuts, they enjoy a politically favored status. Despite there being no meaningful substantive difference between spending through the tax code and direct spending, tax expenditures are not counted as spending in the budget; their effects are hidden as reductions in revenues.

[snip]

Tax expenditures have not only proliferated in number, but also in cost. The fiscal cost of tax expenditures roughly doubled from $508 billion in 1988 (the first full f iscal year after tax reform) to $1.025 trillion in 2010 (in constant 2010 dollars).

[snip]

The oil and gas industry is one of the most profitable industries on earth. The top f ive multinational companies have reported nearly $1 trillion in profits this decade. And yet the oil and gas industry stands to collect about $4 billion in tax-code subsidies in the coming year and nearly $40 billion over the rest of the decade. Two of the major subsidies in the tax code—expensing of intangible drilling costs and “percentage depletion”—were enacted in 1916 and 1926, respectively, at a time when oil exploration was a fledgling industry. Today, the oil and gas industry is a mature, extremely profitable industry enjoying windfalls from oil prices exceeding $100 per barrel. The industry simply does not need $4 billion in special tax breaks as an incentive to do what it already does.

[snip]

T he tax code currently allows a tax break for interest paid on mortgages used to buy vacation homes and, incredibly, loans for the purchase of yachts

[snip]

Unfortunately, tax expenditures have largely been ignored by the current budget debate, which has focused almost exclusively on nonsecurity discretionary spending.

https://www.ncpssm.org/wp-content/uploads/2013/01/tax_expenditures.pdf

 

[Toddsterpatriot]

Two of the major subsidies in the tax code—expensing of intangible drilling costs and “percentage depletion”—were enacted in 1916 and 1926,

Intangible drilling costs aren't business expenses?

How much do the big drillers save because of percentage depletion?