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Thread: Republican Tax Reform - The Answer to ... What?

  1. #1
    Council Member Djinn's Avatar
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    Republican Tax Reform - The Answer to ... What?

    By far, the most massive loss of revenue in the Republican tax plan is the cut to the corporate tax rate. The last time it was cut was under Ronald Reagan, and at the time, capital was scarce, inflation was high, and unemployment had recently spiked at over 10% - and was still at around 8%. For better or for worse, the corporate tax cut was designed to address these problems.

    So... what problem is Trump addressing with these tax cuts?

    Inflation? The historical average U.S. inflation rate is 3.22%. Over the past decade, it's been 2.07%. So inflation is not a major issue.

    The stock market? Clearly not... the stock market has been climbing fairly steadily since 2010, and is currently at record highs.

    Unemployment? Peaked at about 10% around 2010 and has been dropping ever since. The current unemployment rate is about 4%, and is approaching lows not seen since the late 1960s.

    Raise average salaries? Create jobs? Doubtful. In 2004, Bush offered a tax holiday on overseas profits. The top 15 repatriating companies brought home $150 billion. Nearly all of it was passed on to stakeholders - and then these same 15 companies collectively laid off 21,000 workers over the next three years. When companies have extra capital, they tend NOT to pass it on to their employees.

    Improve the buying power of the U.S. dollar? The value of the dollar isn't stratospheric, but it's not low either; it's been climbing since 2011. And if the value of the dollar is TOO high, it hurts the U.S. tourism industry, not to mention raises the price of U.S. exports.

    Overall, the U.S. economy is doing well. So if the Republican Tax Reform is the answer, what is the question?
    Last edited by Djinn; 8th November 2017 at 11:51 AM.

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    Spock of Vulcan Ian Jeffrey's Avatar
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    I eagerly await the conservatives' answers to that question.


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    Veteran Member Eve1's Avatar
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    OH I know, pick me pick me !!! I know the answer !!!

    IT'S TO PAY BACK THEIR BILLIONAIRE DONERS. ONE IN PARTICULAR, THE MERCER FAMILY, IS IN DEEP TAX SHIT. THEY NEED A BAIL OUT FROM TAXES THEY ALREADY OWE AND THIS WOULD HELP A LOT.

    http://www.mcclatchydc.com/news/poli...147454324.html
    Last edited by Eve1; 8th November 2017 at 11:54 AM.
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    Council Member Djinn's Avatar
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    Quote Originally Posted by Eve1 View Post
    OH I know, pick me pick me I know the answer.

    IT'S TO PAY BACK THEIR BILLIONAIRE DONERS. ONE IN PARTICULAR, THE MERCER FAMILY, IS IN DEEP TAX SHIT. THEY NEED A BAIL OUT FROM TAXES THEY ALREADY OWE AND THIS WOULD HELP A LOT.
    Come on, come on... the partisan answers are obvious. But I'm genuinely interested in the conservative perspective on this.

    When all economic indicators suggest that the economy is doing well (and improving), what is the purpose of rocking the boat?
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    What does it address? All things are relative. Whatever the state of affairs is right now, what we need is MORE.

    Why should my donors make $10m per year when they can make $15m?

    Sheesh. Get with the program. I thought that was obvious.

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    Thought Provocateur NightSwimmer's Avatar
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    Republican Tax Reform - The Answer to ... What?

    How can Donald Trump and congressional Republicans claim to have accomplished anything at all in 2017?
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    Veteran Member Eve1's Avatar
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    Quote Originally Posted by Djinn View Post
    Come on, come on... the partisan answers are obvious. But I'm genuinely interested in the conservative perspective on this.

    When all economic indicators suggest that the economy is doing well (and improving), what is the purpose of rocking the boat?
    It's the simple and obvious answer that really is the answer. Looking for a hidden reason when the actual answer is staring you in the face is kind of a waste of time, No?
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    Moderator HayJenn's Avatar
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    Maybe this has something to do with it?

    A House Republican lawmaker acknowledged on Tuesday that he’s facing pressure from donors to ensure the GOP tax-reform proposal gets done.

    Rep. Chris Collins (R-N.Y.) had been describing the flurry of lobbying from special interests seeking to protect favored tax provisions when a reporter asked if donors are happy with the tax-reform proposal.

    “My donors are basically saying, ‘Get it done or don’t ever call me again,’ ” Collins replied.

    GOP lawmaker: Donors are pushing me to get tax reform done | TheHill
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    Council Member Djinn's Avatar
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    Seriously ... I'm hoping someone can answer this. It's not a challenge to the tax plan itself. I'm just asking what problem it's intended to fix.
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    Thought Provocateur NightSwimmer's Avatar
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    Quote Originally Posted by Djinn View Post
    Seriously ... I'm hoping someone can answer this. It's not a challenge to the tax plan itself. I'm just asking what problem it's intended to fix.
    Well, it's obviously not intended to fix a problem. We currently collect too little in federal tax revenues, and this proposed tax cut plan would only make the debt and deficits worse than they already are. As for economic stimulation, there is no empirical evidence to indicate that tax cuts under our current economic conditions would produce any economic stimulus. An infrastructure bill would be a better choice to stimulate the economy. Besides, we started the year with unemployment under 5%, and it simply can't go much lower than that.

    This legislation is nothing more than a big wet kiss to the 1 Percenters who finance the GOP's election campaigns. That shouldn't come as a surprise to anyone. It's what Republicans do every time they gain power.
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