Trump calls for another round of tax cuts, further reductions to corporate tax rate

Sep 2012
14,227
18,115
SoCal
#1
How much damage is this sociopathic, narcissistic, egotistical, megalomaniac going to be able to do...

Trump calls for another round of tax cuts, further reductions to corporate tax rate
President Trump on Friday said he wanted to further lower the corporate tax rate, from 21 percent to 20 percent, as part of a second round of tax cuts later this year.

Trump, in an interview with Fox News to mark the six-month anniversary of the $1.5 trillion tax-cut law Republicans passed last year, said other parts of the new tax plan would be tailored to the middle class.

“One of the things we’re thinking about is bringing the 21 percent down to 20 and for the most part, the rest of it will go right to the middle class,” Trump said. “It’s a great stimulus.”

[…]

n December, Republicans lowered the corporate tax rate from 35 percent to 21 percent. Lowering the corporate tax rate from 21 to 20 would result in an additional $100 billion in tax cuts over 10 years, according to most models.

Trump also didn’t say whether Republicans planned any other changes to tax policy that might offset these new tax cuts in a way that would prevent a further increase in the deficit. The Congressional Budget Office and other nonpartisan analyses project the tax law passed in December will add more than $1 trillion to the deficit over the next decade. The White House has argued these figures overstate the increase in the deficit, as administration officials generally believe cutting the corporate tax rate leads to tremendous economic growth, thereby creating enough revenue to minimize the fiscal impact.

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([MENTION=27767]BigLeRoy[/MENTION])
 
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Jul 2014
38,922
33,906
Border Fence
#3
Trump, in an interview with Fox News to mark the six-month anniversary of the $1.5 trillion tax-cut law Republicans passed last year, said other parts of the new tax plan would be tailored to the middle class.
If Trump were serious about helping the middle class, he would have made the tax cuts in his last tax cut permanent for the middle class.




National debt at highest level since after WWII

In April 2017, Mr. Trump told the Washington Post he intended to eliminate the national debt "over a period of eight years." But his administration's push for tax cuts, combined with significant spending increases passed by Congress and signed into law by the president on top of already increasing non-discretionary spending, have driven the debt up, not pulled it down. The national debt topped $21 trillion for the first time in U.S. history earlier this year.

Republicans railed against the national debt during the Obama administration, when it nearly doubled from $10.6 trillion to $19.9 trillion. But Republicans — with few exceptions — have been more muted about the debt under Mr. Trump. Earlier this year, Kentucky GOP Sen. Rand Paul temporarily held up a spending bill on the Senate floor, blasting Republicans for approving of the spending levels they criticized under Obama
https://www.cbsnews.com/news/national-debt-at-highest-level-since-after-wwii/


...and Trump supporters are worried about whether Democrats are going to abolish ICE. It must be nice to live in a fantasy world.
 
Likes: 5 people
Jun 2018
1,175
175
US
#4
If Trump were serious about helping the middle class, he would have made the tax cuts in his last tax .


but Republicans have said they want to bring up a bill that would make permanent tax cuts they passed in December for families and individuals. Those tax cuts are currently scheduled to expire in 2025.

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Chief

Former Staff
Nov 2009
32,214
19,491
SoCal
#5
I'm curious how Trump fits this into his promise to end US debt in 8 years. So far this promise is another big failure.
 
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Jets

Former Staff
Feb 2011
22,210
11,870
New York
#7
I'm curious how Trump fits this into his promise to end US debt in 8 years. So far this promise is another big failure.
It’s not going to happen. Mountebanks are masters at political rhetoric. Just saying it apparently holds as much weight as actual follow thru....
 
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Jun 2014
46,581
46,326
United States
#8
If Trump were serious about helping the middle class, he would have made the tax cuts in his last tax cut permanent for the middle class.

The Republicans would have also made the middle class tax cuts substantial, were they not simply a facade to distract from the budget busting corporate tax cuts.
 
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Jul 2014
38,922
33,906
Border Fence
#10
but Republicans have said they want to bring up a bill that would make permanent tax cuts they passed in December for families and individuals. Those tax cuts are currently scheduled to expire in 2025.

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Why? They had the bill two months ago. Could it be that the tax cut did not work and ...now how they gonna sell it to the masses ...the masses who are going to have to pay for the cut?
 
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