Understanding the Liberal Propaganda About the Trump Tax Cuts

[bendog]

GOP dogma is that across the board tax cuts are always good. If voters buy that, they're a shoo-in

 

[Brain357]

Repubs are increasing deficits during a strong economy, what else is there to know?

 

[JakeStarkey]

No, Trump gave the middle class a **small and temporary** tax break (temporary because otherwise the **huge** tax break to the corporations would break the budget). As it is, the deficit is going up two or three trillion more.

I am beginning to think Mike Griffith and Edward Baiamonte are Mises clones.

If so, thinking people can start ignoring them.

 

[mikegriffith1]

GOP dogma is that across the board tax cuts are always good. If voters buy that, they're a shoo-in

Every major tax cut since the early 1900s has been followed by an increase in federal revenue and good/very good economic growth.

The Facts About Tax Cuts, Revenue, and Growth

[Brain357: Repubs are increasing deficits during a strong economy, what else is there to know?[/QUOTE]

LOL! Uh, Obama sky-rocketed the deficit during a recession! How'd that work out? Answer: The weakest recovery in modern history.

Why don't you guys wait until enough time has passed to tell what impact the tax cuts are having on federal revenue and economic growth? In the meantime, go to any business that employs people who make between $80K and $300K and ask them how much their take-home pay has gone up thanks to the Trump tax cuts, and Google news stories about the hundreds of billions of dollars in American corporate money that was parked overseas that is now coming back to the U.S. thanks to the Trump tax cuts.

 

[JakeStarkey]

Until the economy crashes, Mike.

 

[edthecynic]

The Trump tax cuts were heavily weighted to the middle class and gave the highest rate cuts to the middle class

Hogwash!
If you remember, the Right-wing mantra has been that 47% of workers already pay no income taxes, so 47% will get NO tax break from Tramp. The only way to give the 47% a tax break is to cut payroll taxes. 2/3 of workers pay as much or more in payroll taxes than income taxes. So Tramp's tax cuts are weighted to the middle class strictly on paper, in practice they favor the wealthy.

 

[g5000]

Before: Trump defies data with 6% GDP growth forecast

This was Trump's prediction right before his fake tax reform in December.


After: U.S. GDP slows a bit to 2.3% in first quarter


Oopsie!



.

 

[mikegriffith1]

Before: Trump defies data with 6% GDP growth forecast

This was Trump's prediction right before his fake tax reform in December.

After: U.S. GDP slows a bit to 2.3% in first quarter

Oopsie!

Let's see: Since Trump came to office, unemployment has dropped by over half a percentage point, the stock market has grown more in 16 months than it did in the previous three years, manufacturing jobs are way up (under Trump, two of the three largest jumps in manufacturing jobs in the last 15 years have occurred), hundreds of billions of dollars in American corporate dollars parked overseas are now coming back to the U.S., etc., etc., etc.

 

[JakeStarkey]

"manufacturing jobs are way up": let's see some factual objective evidence, Mike, and make sure you add in the manufacturing jobs that have left the country

Trump is still standing on the Obama economic recovery of his final two years, each better than Trump's first and may be better than his second

 

[mikegriffith1]

Until the economy crashes, Mike.

Of course, because when we let taxpayers keep more of their money, that hurts the economy. And when we lower our corporate income tax rate on our companies to the top range of the average corporate income tax rate in Europe and Asia (18-21%), that hurts the economy because hundreds of billions of American corporate money that was parked overseas is now coming back to the U.S., and that's obviously--somehow--bad for the economy.

Yes, I will let you know when the economy crashes.

 

[Brain357]

Before: Trump defies data with 6% GDP growth forecast

This was Trump's prediction right before his fake tax reform in December.

After: U.S. GDP slows a bit to 2.3% in first quarter

Oopsie!

Let's see: Since Trump came to office, unemployment has dropped by over half a percentage point, the stock market has grown more in 16 months than it did in the previous three years, manufacturing jobs are way up (under Trump, two of the three largest jumps in manufacturing jobs in the last 15 years have occurred), hundreds of billions of dollars in American corporate dollars parked overseas are now coming back to the U.S., etc., etc., etc.

So the economy has trended just as it was before Trump, and the stock market has been backpedling... And he turned our declining deficits into increasing deficits...

 

[deanrd]

The first thing you need to understand about the liberal distortions and falsehoods about the Trump tax cuts is that when liberals talk about the tax cuts, they are hoping that their audience won't know enough math to comprehend the huge difference between gross dollar amounts and percentages. Let us start with a simple example and then talk about real numbers under the Trump tax cuts.

If a couple who make $30K get a 10% tax cut and a couple who make $90K get a 5% tax cut, you could make these tax cuts seem unfair to the low-income couple if you only considered the gross dollar amounts. Why? Because the $30K couple are saving $3,000 in taxes but the $90K couple are saving $4,500 in taxes, since 10% of $30K is $3,000 and 5% of $90K is $4,500. The low-income couple are getting to keep a much larger share/percentage of their income than the middle-class couple are getting to keep, but the middle-class couple are saving more in gross dollars simply as a function of math because they make much more income than the low-income couple make and because they pay much more in taxes than the low-income couple pay.

Under the Trump tax cuts, a married couple who make $2M have had their top marginal rate (TMR) cut from 39.6% to 37%, a 6.9% decrease, whereas a married couple who make $100K have had their TMR cut from 25% to 22%, a 12% decrease. So the couple making $100K are getting to keep a much larger percentage of their income than the rich couple; they are getting a 12% TMR cut while the rich couple are getting a 6.9% TMR cut.

However, if you only consider gross dollar amounts, you might fool people who don't know basic math into believing that the rich couple are getting the much better deal. The rich couple's TMR taxes have been cut by $36,400, whereas the middle-class couple's TMR taxes have been cut by $688. A 6.9% reduction on the taxes paid on the rich couple's TMR-taxable income of $1,400,000 saves them $36,400 ($554,400 minus $518,000), whereas a 12% cut on the taxes paid on the middle-class couple's TMR-taxable income of $22,600 saves them $688 ($5,650 minus $4,972). The rich couple are saving more dollars in taxes because they were paying a lot more dollars in taxes, but the middle-class husband and wife are getting to keep a much larger percentage of their income than the rich couple are getting to keep.

Furthermore, of course, if you only consider gross dollar amounts in the above case, you can say that about 90% of the savings from the tax cuts are going to the rich couple, since the total savings is $37,088, and $36,400 of that is going to the rich couple, even though the middle-class couple are getting to keep a much larger percentage of their income.

Another thing you need to understand about liberal propaganda about the Trump tax cuts is that liberals are not just talking about the personal income tax cuts, which undeniably gave the biggest rate cuts to the middle class, but they are including, usually without saying so, the corporate income tax cuts that were part of the Trump tax cuts.

When you hear liberals say that 80/82/85/90/95/98% of "the tax cuts" are "going to the rich," they rarely tell you that they're basing part of that claim on the corporate income tax cuts that were included in the Trump tax cuts, even though (1) corporate income taxes are paid from corporate earnings and not from personal income, (2) hundreds of companies have used part of the savings from the corporate income tax cuts to give their employees bonuses and/or better benefits, (3) the companies that have benefited the most from the corporate income tax cuts are companies that provide the kinds of good-paying jobs that liberals always say they want to see increase, (4) the corporate income tax cuts have caused hundreds of billions of dollars of American corporate dollars that were parked overseas to come back to the U.S., and (5) the corporate income tax cuts merely brought our corporate income tax rate down to the top end of the average corporate income tax range in Europe and Asia (18% to 21%--our rate is now 21% and with no graduated levels up to that point).

Analysis of the 2017 Tax Cuts and Jobs Act

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The Historical Lessons of Lower Tax Rates

Setting the Record Straight About the Bush and Reagan Tax Cuts

The Bush tax cuts for the rich were so great the GOP had to blackmail Obama to extend them:

Unemployment benefits: not until Bush tax cuts pass, Senate GOP says

Republicans so good at lying and fuking people over. Really hard.

Reagan was such a disaster, he cut taxes his first year and raised them the next seven because of the disaster he caused.

Nearly 50% of Trump's tax cuts go to just 2 hundred thousand families. Out of a country with 154 million workers.

And wowie, kazowie, 5 million got raises and bonuses. That's like 2.8%. Huh? A measly 2.8%? And we spent trillions for that? fuuuuuuuck.

 

[deanrd]

If they are so great why are they on time limits but corporations are not?

Are you joking? So you somehow missed the news that Senate Democrats blocked Republican attempts to make the personal income tax cuts permanent? You need to ask your fellow Democrats in the Senate why they would not allow the personal income tax cuts to be made permanent.

What do you think you get out of lying?

 

[Moonglow]

If they are so great why are they on time limits but corporations are not?

Are you joking? So you somehow missed the news that Senate Democrats blocked Republican attempts to make the personal income tax cuts permanent? You need to ask your fellow Democrats in the Senate why they would not allow the personal income tax cuts to be made permanent.

What do you think you get out of lying?

An excuse for the GOP and their utter betrayal of the common citizen over rich people and large corporations...

 

[JakeStarkey]

Until the economy crashes, Mike.

Of course, because when we let taxpayers keep more of their money, that hurts the economy. And when we lower our corporate income tax rate on our companies to the top range of the average corporate income tax rate in Europe and Asia (18-21%), that hurts the economy because hundreds of billions of American corporate money that was parked overseas is now coming back to the U.S., and that's obviously--somehow--bad for the economy.

Yes, I will let you know when the economy crashes.

When we let corporations maneuver government to mismanage the economy here in America, it crashes.

It will again, and, yes, I will remind you when you let me know.

 

[edthecynic]

GOP dogma is that across the board tax cuts are always good. If voters buy that, they're a shoo-in

Suddenly some Republicons are waking up to Reagan's BS.

“There is still a lot of thinking on the right that if big corporations are happy, they’re going to take the money they’re saving and reinvest it in American workers. In fact they bought back shares, a few gave out bonuses; there’s no evidence whatsoever that the money’s been massively poured back into the American worker.”
Marco Rubio, The Economist, April 26, 2018

 

[mikegriffith1]

GOP dogma is that across the board tax cuts are always good. If voters buy that, they're a shoo-in

Suddenly some Republicons are waking up to Reagan's BS.

“There is still a lot of thinking on the right that if big corporations are happy, they’re going to take the money they’re saving and reinvest it in American workers. In fact they bought back shares, a few gave out bonuses; there’s no evidence whatsoever that the money’s been massively poured back into the American worker.”
Marco Rubio, The Economist, April 26, 2018

This is what happens when you wear blinders and can't process contrary information. Even the traditional news media have had numerous stories about American companies bringing money that was parked overseas back to America thanks to the Trump tax cuts. This is just what I found in 30 seconds of browsing:

Apple, tech companies could bring home $400 billion in overseas cash

Apple Leads These Companies With Massive Overseas Cash Repatriation Tax Bills

Apple Will Bring Back Billions in Overseas Cash, Hire 20,000 People, and Build a New U.S. Campus

 

[JakeStarkey]

The blinders are all mikegriffith1 and the Mises thugs.

The crash of 1929 was in part because the profits were not put in to significant upgrading and solid wage increases.

The great recession last decade was due to the mixing of investment and commercial banking, a combination that leads to financial sin and doom of the worst sort.

A consumer society is best served by the workers being very well paid so that they will keep buying goodies. Corporations don't need cuts, the need well heeled customers who will buy.

Whenever you hear Mises and business, think 'the devil loves that.'

 

[edthecynic]

GOP dogma is that across the board tax cuts are always good. If voters buy that, they're a shoo-in

Suddenly some Republicons are waking up to Reagan's BS.

“There is still a lot of thinking on the right that if big corporations are happy, they’re going to take the money they’re saving and reinvest it in American workers. In fact they bought back shares, a few gave out bonuses; there’s no evidence whatsoever that the money’s been massively poured back into the American worker.”
Marco Rubio, The Economist, April 26, 2018

This is what happens when you wear blinders and can't process contrary information. Even the traditional news media have had numerous stories about American companies bringing money that was parked overseas back to America thanks to the Trump tax cuts. This is just what I found in 30 seconds of browsing:

Apple, tech companies could bring home $400 billion in overseas cash

Like I said before, the Right ALWAYS change the words of anyone the "quote."
You change "could bring" which is future tense meaning it HASN'T happened yet, to "bringing" which is present tense meaning it is happening NOW.
Don't you wing-nuts EVER get tired of lying??????