Why did the corporate tax cuts fail?

[LeftofLeft]

Bring in the Democrats and Liberals and really watch the deficit soar. It’s not like your side plans to cut spending..... just raise taxes for the State.

I’m an independent. You didn’t come close to answering the question, trump really made deficits soar btw.

Ok, so how do Democrats fix that?

Undoing everything trump has done would help.

How are they going to reduce the deficit? You are an independent. How would you hold Democrats accountable on reducing the deficit? Or is getting Trump more important to you?

You are pretty off topic here. This thread is mostly about the corporate tax cuts. Obviously increasing the deficit is one of the effects of that cut. Trump increased the deficit with his tax cuts and increased spending. Eliminating those would bring deficits down. Given that trump increased Obama deficits he's just not fiscally responsible. His attempts to grow the economy are also mostly a failure.

Eliminating tax cuts will mean paying down the deficits? What Democrat has committed to using more taxes to paying down the deficit?

 

[colfax_m]

Nobody is going to take a shot at why the corporate tax cut failed?

It didn't fail, dumbass. Revenue, real wages and employment all went up.

The economy is strong. Take a poll asking people if they are better off now than they were when the Democrats had total control of the federal government a decade ago.

Revenue always goes up. It’s called inflation, population growth and economic expansion, all of which have little to do with the tax cuts. Employment was going up before the tax cut. Wages were going up before tax cut.

That’s not exactly a very robust analysis.

 

[Brain357]

Yes

But Trump did. He must have fixed what Obama broke......

Nope. Good wage growth is much higher. What we have now is weak.

Good wage growth is much higher. What we have now is weak.

But higher than Obama had.

Pretty sure it’s currently below 3. Historically it is very weak.

Pretty sure it’s currently below 3.

View attachment 304625

U.S. Consumer Spending, Wage Gains Eased in Late 2019

U.S. Consumer Spending, Wage Gains Eased in Late 2019

 

[Brain357]

Those of us living in reality can now say that the corporate tax cuts were a failure that hurt revenue and did nothing for the economy. So the question is why? I think it likely has to do with the fact so many of our corporations are near monopolies. Curious what others think.

Trump handed big business a massive tax cut, and all he got in return was embarrassment

Two years after his administration passed a massive tax cut for corporations meant to spur economic growth, the verdict is in, and the results are embarrassing. The tax cuts did not "unleash animal spirits" (as the business media is so fond of saying). And it did not usher in a period of 3% GDP growth(as Trump's administration was so fond of echoing).

The plan did not — by any stretch of the imagination — "pay for itself with growth and reduced deductions," as Treasury Secretary Steve Mnuchin said it would back in 2017. In fact, the US budget deficit has grown by 50% since Trump took office.

Tax cuts for big business and the wealthy never, ever help the economy. Tax cuts don't create jobs. Tax cuts don't raise wages for the working people of this nation.

All tax cuts do is explode the deficit and debt and make big business and the filthy rich, even more filthy rich.

Tax cuts for big business and the wealthy never, ever help the economy.

You're lying.

GDP growth is down.

 

[Brain357]

I’m an independent. You didn’t come close to answering the question, trump really made deficits soar btw.

Ok, so how do Democrats fix that?

Undoing everything trump has done would help.

How are they going to reduce the deficit? You are an independent. How would you hold Democrats accountable on reducing the deficit? Or is getting Trump more important to you?

You are pretty off topic here. This thread is mostly about the corporate tax cuts. Obviously increasing the deficit is one of the effects of that cut. Trump increased the deficit with his tax cuts and increased spending. Eliminating those would bring deficits down. Given that trump increased Obama deficits he's just not fiscally responsible. His attempts to grow the economy are also mostly a failure.

Eliminating tax cuts will mean paying down the deficits? What Democrat has committed to using more taxes to paying down the deficit?

I think most of them have, some even want a wealth tax.

 

[Brain357]

Tax cuts for big business and the wealthy never, ever help the economy. Tax cuts don't create jobs. Tax cuts don't raise wages for the working people of this nation.

All tax cuts do is explode the deficit and debt and make big business and the filthy rich, even more filthy rich.

Nope
None of that is factual

Sure didn't help this time.

What are you basing that on?

GDP growth went down and the deficit has exploded.

Nobody is going to take a shot at why the corporate tax cut failed?

Why dont you take a shot at why gravity is not working.

It's working here, where are you?

So are the tax rate reductions
Where are you?

Slower GDP growth is working?

 

[Billiejeens]

I’m an independent. You didn’t come close to answering the question, trump really made deficits soar btw.

Ok, so how do Democrats fix that?

Undoing everything trump has done would help.

How are they going to reduce the deficit? You are an independent. How would you hold Democrats accountable on reducing the deficit? Or is getting Trump more important to you?

You are pretty off topic here. This thread is mostly about the corporate tax cuts. Obviously increasing the deficit is one of the effects of that cut. Trump increased the deficit with his tax cuts and increased spending. Eliminating those would bring deficits down. Given that trump increased Obama deficits he's just not fiscally responsible. His attempts to grow the economy are also mostly a failure.

Eliminating tax cuts will mean paying down the deficits? What Democrat has committed to using more taxes to paying down the deficit?

JFK?

 

[Brain357]

Yes

But Trump did. He must have fixed what Obama broke......

Nope. Good wage growth is much higher. What we have now is weak.

Good wage growth is much higher. What we have now is weak.

But higher than Obama had.

Pretty sure it’s currently below 3. Historically it is very weak.

Pretty sure it’s currently below 3.

View attachment 304625

Wage Growth Tracker - Federal Reserve Bank of Atlanta

This source seems to say above 3% since March 2018.

3 is weak.

 

[Billiejeens]

But Trump did. He must have fixed what Obama broke......

Nope. Good wage growth is much higher. What we have now is weak.

Good wage growth is much higher. What we have now is weak.

But higher than Obama had.

Pretty sure it’s currently below 3. Historically it is very weak.

Pretty sure it’s currently below 3.

View attachment 304625

Wage Growth Tracker - Federal Reserve Bank of Atlanta

This source seems to say above 3% since March 2018.

3 is weak.

Let's pretend that you're not a parasite, for a minute, and that you actually earn a living.
You have a stay at home spouse who does all the spending.
The spouse spends slightly more than you make, but due to the use of credit, you are able to avoid bankruptcy.
You decide to work overtime where you earn an extra $500.00 per week
Your spouse uses those same hours to spend an extra $700.00 per week.
Do you see that as a revenue problem there slick, or is it something else?

 

[Brain357]

Nope. Good wage growth is much higher. What we have now is weak.

Good wage growth is much higher. What we have now is weak.

But higher than Obama had.

Pretty sure it’s currently below 3. Historically it is very weak.

Pretty sure it’s currently below 3.

View attachment 304625

Wage Growth Tracker - Federal Reserve Bank of Atlanta

This source seems to say above 3% since March 2018.

3 is weak.

Let's pretend that you're not a parasite, for a minute, and that you actually earn a living.
You have a stay at home spouse who does all the spending.
The spouse spends slightly more than you make, but due to the use of credit, you are able to avoid bankruptcy.
You decide to work overtime where you earn an extra $500.00 per week
Your spouse uses those same hours to spend an extra $700.00 per week.
Do you see that as a revenue problem there slick, or is it something else?

Now suppose your President is really irresponsible and gives out huge tax cuts that lower revenue and then he increases spending. Now that's just the worst.

 

[Billiejeens]

Good wage growth is much higher. What we have now is weak.

But higher than Obama had.

Pretty sure it’s currently below 3. Historically it is very weak.

Pretty sure it’s currently below 3.

View attachment 304625

Wage Growth Tracker - Federal Reserve Bank of Atlanta

This source seems to say above 3% since March 2018.

3 is weak.

Let's pretend that you're not a parasite, for a minute, and that you actually earn a living.
You have a stay at home spouse who does all the spending.
The spouse spends slightly more than you make, but due to the use of credit, you are able to avoid bankruptcy.
You decide to work overtime where you earn an extra $500.00 per week
Your spouse uses those same hours to spend an extra $700.00 per week.
Do you see that as a revenue problem there slick, or is it something else?

Now suppose your President is really irresponsible and gives out huge tax cuts that lower revenue and then he increases spending. Now that's just the worst.

You're still talking in moron.
Can you tell me how much it was lowered, you couldn't earlier.

 

[Brain357]

Pretty sure it’s currently below 3. Historically it is very weak.

Pretty sure it’s currently below 3.

View attachment 304625

Wage Growth Tracker - Federal Reserve Bank of Atlanta

This source seems to say above 3% since March 2018.

3 is weak.

Let's pretend that you're not a parasite, for a minute, and that you actually earn a living.
You have a stay at home spouse who does all the spending.
The spouse spends slightly more than you make, but due to the use of credit, you are able to avoid bankruptcy.
You decide to work overtime where you earn an extra $500.00 per week
Your spouse uses those same hours to spend an extra $700.00 per week.
Do you see that as a revenue problem there slick, or is it something else?

Now suppose your President is really irresponsible and gives out huge tax cuts that lower revenue and then he increases spending. Now that's just the worst.

You're still talking in moron.
Can you tell me how much it was lowered, you couldn't earlier.

Don't you have google kid? Revenue went flat, that's a fact. It should be growing in a growing economy.

 

[LeftofLeft]

Ok, so how do Democrats fix that?

Undoing everything trump has done would help.

How are they going to reduce the deficit? You are an independent. How would you hold Democrats accountable on reducing the deficit? Or is getting Trump more important to you?

You are pretty off topic here. This thread is mostly about the corporate tax cuts. Obviously increasing the deficit is one of the effects of that cut. Trump increased the deficit with his tax cuts and increased spending. Eliminating those would bring deficits down. Given that trump increased Obama deficits he's just not fiscally responsible. His attempts to grow the economy are also mostly a failure.

Eliminating tax cuts will mean paying down the deficits? What Democrat has committed to using more taxes to paying down the deficit?

JFK?

Yep.

 

[LeftofLeft]

Ok, so how do Democrats fix that?

Undoing everything trump has done would help.

How are they going to reduce the deficit? You are an independent. How would you hold Democrats accountable on reducing the deficit? Or is getting Trump more important to you?

You are pretty off topic here. This thread is mostly about the corporate tax cuts. Obviously increasing the deficit is one of the effects of that cut. Trump increased the deficit with his tax cuts and increased spending. Eliminating those would bring deficits down. Given that trump increased Obama deficits he's just not fiscally responsible. His attempts to grow the economy are also mostly a failure.

Eliminating tax cuts will mean paying down the deficits? What Democrat has committed to using more taxes to paying down the deficit?

I think most of them have, some even want a wealth tax.

You Think??

 

[Muhammed]

Nobody is going to take a shot at why the corporate tax cut failed?

It didn't fail, dumbass. Revenue, real wages and employment all went up.

The economy is strong. Take a poll asking people if they are better off now than they were when the Democrats had total control of the federal government a decade ago.

Revenue always goes up. It’s called inflation, population growth and economic expansion, all of which have little to do with the tax cuts. Employment was going up before the tax cut. Wages were going up before tax cut.

That’s not exactly a very robust analysis.

None of that means that revenue, employment and wages would have continued to rise without the tax cuts.

For example, there is a shitload of sub-prime corporate debt out there. How many of those loans would have defaulted without the tax cuts? Perhaps not very many, perhaps enough to cause a systemic crisis and skyrocketing unemployment. It's impossible to know.

What we do know for a fact is that the US economy is doing great and the vast majority of people are better off financially than they were before the Republican revolution. And that scares the shit out of Democrats so much that they are praying for a recession before the 2020 election.

 

[Billiejeens]

Pretty sure it’s currently below 3.

View attachment 304625

Wage Growth Tracker - Federal Reserve Bank of Atlanta

This source seems to say above 3% since March 2018.

3 is weak.

Let's pretend that you're not a parasite, for a minute, and that you actually earn a living.
You have a stay at home spouse who does all the spending.
The spouse spends slightly more than you make, but due to the use of credit, you are able to avoid bankruptcy.
You decide to work overtime where you earn an extra $500.00 per week
Your spouse uses those same hours to spend an extra $700.00 per week.
Do you see that as a revenue problem there slick, or is it something else?

Now suppose your President is really irresponsible and gives out huge tax cuts that lower revenue and then he increases spending. Now that's just the worst.

You're still talking in moron.
Can you tell me how much it was lowered, you couldn't earlier.

Don't you have google kid? Revenue went flat, that's a fact. It should be growing in a growing economy.

So you dont know.

 

[Brain357]

3 is weak.

Let's pretend that you're not a parasite, for a minute, and that you actually earn a living.
You have a stay at home spouse who does all the spending.
The spouse spends slightly more than you make, but due to the use of credit, you are able to avoid bankruptcy.
You decide to work overtime where you earn an extra $500.00 per week
Your spouse uses those same hours to spend an extra $700.00 per week.
Do you see that as a revenue problem there slick, or is it something else?

Now suppose your President is really irresponsible and gives out huge tax cuts that lower revenue and then he increases spending. Now that's just the worst.

You're still talking in moron.
Can you tell me how much it was lowered, you couldn't earlier.

Don't you have google kid? Revenue went flat, that's a fact. It should be growing in a growing economy.

So you dont know.

No, it's a well known fact. You don't seem to belong in this conversation if you don't know the basics.

 

[colfax_m]

Nobody is going to take a shot at why the corporate tax cut failed?

It didn't fail, dumbass. Revenue, real wages and employment all went up.

The economy is strong. Take a poll asking people if they are better off now than they were when the Democrats had total control of the federal government a decade ago.

Revenue always goes up. It’s called inflation, population growth and economic expansion, all of which have little to do with the tax cuts. Employment was going up before the tax cut. Wages were going up before tax cut.

That’s not exactly a very robust analysis.

None of that means that revenue, employment and wages would have continued to rise without the tax cuts.

For example, there is a shitload of sub-prime corporate debt out there. How many of those loans would have defaulted without the tax cuts? Perhaps not very many, perhaps enough to cause a systemic crisis and skyrocketing unemployment. It's impossible to know.

What we do know for a fact is that the US economy is doing great and the vast majority of people are better off financially than they were before the Republican revolution. And that scares the shit out of Democrats so much that they are praying for a recession before the 2020 election.

If all you have is a counter factual argument, then that’s inherently rather weak. There was no discernible difference before or after the tax cut other than a ballooning of the federal deficit.

Trump successfully ran on stating the economy was dismal in 2016 when it wasn’t so it’s really not whether the economy is doing well or not, but how people perceive it.

 

[Billiejeens]

Let's pretend that you're not a parasite, for a minute, and that you actually earn a living.
You have a stay at home spouse who does all the spending.
The spouse spends slightly more than you make, but due to the use of credit, you are able to avoid bankruptcy.
You decide to work overtime where you earn an extra $500.00 per week
Your spouse uses those same hours to spend an extra $700.00 per week.
Do you see that as a revenue problem there slick, or is it something else?

Now suppose your President is really irresponsible and gives out huge tax cuts that lower revenue and then he increases spending. Now that's just the worst.

You're still talking in moron.
Can you tell me how much it was lowered, you couldn't earlier.

Don't you have google kid? Revenue went flat, that's a fact. It should be growing in a growing economy.

So you dont know.

No, it's a well known fact. You don't seem to belong in this conversation if you don't know the basics.

Look you ignorant fuck
Everytime that there is a tax rate reduction, income to the treasury increases.
Everytime.
In my lifetimr, JFK, Reagan, Bush and Trump.
Everytime.
And everytime, congress ends up spending more in an effort to sabotage the gains so that really stupid fucks like you will never catch on.
That's the facts.

 

[Andylusion]

Those of us living in reality can now say that the corporate tax cuts were a failure that hurt revenue and did nothing for the economy. So the question is why? I think it likely has to do with the fact so many of our corporations are near monopolies. Curious what others think.

Trump handed big business a massive tax cut, and all he got in return was embarrassment

Two years after his administration passed a massive tax cut for corporations meant to spur economic growth, the verdict is in, and the results are embarrassing. The tax cuts did not "unleash animal spirits" (as the business media is so fond of saying). And it did not usher in a period of 3% GDP growth(as Trump's administration was so fond of echoing).

The plan did not — by any stretch of the imagination — "pay for itself with growth and reduced deductions," as Treasury Secretary Steve Mnuchin said it would back in 2017. In fact, the US budget deficit has grown by 50% since Trump took office.

The tax cuts are working. The economy is doing very well.