Nancy's stimulus package

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Because even sane Democrats know there will be a gigantic price to pay. There are no free lunches. US debt has gotten out of control since 2008. Significant tax increases to address the issue will be required in the future. It's that or else giant spending programs like social security and medicare will require cuts. All of those options are politically unpalatable. They are coming though.

Then why did Trump and GOP give the billionaires and large corporations a big tax cut in 2017 with out of control debt? Maybe it's time they started paying taxes like the rest of us.

Just stop with this stupid liberal lies.

1. Most people in the US got a tax cut. You may not know it, but you got it. The reason you may not know it?

To a large degree, the gap between perception and reality on the tax cuts appears to flow from a sustained — and misleading — effort by liberal opponents of the law to brand it as a broad middle-class tax increase.

https://www.nytimes.com/2019/04/14/business/economy/income-tax-cut.html

2. Corporate taxes were lowered. That is NOT a bad thing.

One of the most significant provisions of the Tax Cuts and Jobs Act is the permanently lower federal corporate income tax rate, which decreased from 35 percent to 21 percent.
Prior to the Tax Cuts and Jobs Act, the United States’ high statutory corporate tax rate stood out among rates worldwide. Among countries in the Organisation for Economic Co-operation and Development (OECD), the U.S. combined corporate income tax rate was the highest. Now, post-tax reform, the rate is close to average.
A corporate income tax rate closer to that of other nations will discourage profit shifting to lower-tax jurisdictions.
New investment will increase the size of the capital stock, and productivity, output, wages, and employment will grow. The Tax Foundation Taxes and Growth model estimates that the total effect of the new tax law will be a 1.7 percent larger economy, leading to 1.5 percent higher wages, a 4.8 percent larger capital stock, and 339,000 additional full-time equivalent jobs in the long run.
Economic evidence suggests that corporate income taxes are the most harmful type of tax and that workers bear a portion of the burden. Reducing the corporate income tax will benefit workers as new investments boost productivity and lead to wage growth.
If lawmakers raised the corporate income tax rate from 21 percent to 25 percent, we estimate the tax increase would shrink the long-run size of the economy by 0.87 percent, or $228 billion. This would reduce the capital stock by 2.11 percent, wages by 0.74 percent, and lead to 175,700 fewer full time equivalent jobs.

https://taxfoundation.org/benefits-of-a-corporate-tax-cut/

3. Revenue increased after the tax cuts

You wouldn’t know it from the press coverage, but there’s some modest good news about the federal budget. The deficit is rising, but not as much as feared because tax revenues are increasing due to faster economic growth.

The Congressional Budget Office reports in its April budget review that revenues rose 2% to $2.041 trillion in the first seven months of fiscal 2019 from a year ago. Payroll tax revenue rose 4.7% due in part to rising employment and wages.

https://www.wsj.com/articles/tax-revenue-keeps-rising-11557691166

Revenues rose, yes, but rose less than inflation. Translation: the tax cut resulted in decreased real revenue. This has been well documented by multiple sources. Here is one.

https://www.brookings.edu/policy2020/votervital/did-the-2017-tax-cut-the-tax-cuts-and-jobs-act-pay-for-itself/

While some TCJA supporters observe that nominal revenues were higher in fiscal year 2018 (which began Oct. 1, 2017) than in FY2017, that comparison does not address the question of the TCJA’s effects. Nominal revenues rise because of inflation and economic growth. Adjusted for inflation, total revenues fell from FY2017 to FY2018 (Figure 1). Adjusted for the size of the economy, they fell even more.

[Anonymous]

Anonymous wrote:No way in h3ll I'm subsidizing poor run liberal states

Claw back those generous pensions and benefits from your state workers.

We should just impose a flat tax for defense and other truly Federal functions. Otherwise states keep their money. It’s in the best interest of the blue states and apparently red states are willing to forgo all the subsidies they receive to own the libs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The Dems have the people right where they want them. They just need to get their guy voted in for Prez and the free market, as we know it, will be gone. Get ready for food stamps and equal pay for all.

I prefer that to death, destruction and consolidation of wealth into an oligarchy.

Yep, me too. And I’m a capitalist!

+1

[Anonymous]

Anonymous wrote:No way in h3ll I'm subsidizing poor run liberal states

Claw back those generous pensions and benefits from your state workers.

Lol, blue states subsidize the red states

[Anonymous]

No anymore that SALT is capped. No more deducting super high blue state income taxes from your federal taxes.

[Anonymous]

Yup. 36.5 million unemployed and 40% of the jobs won't ever return.

Where will the revenue for $3 Trillion come from?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm a liberal, but I wonder about the focus on immigration. I think we need more paths towards legalization for those that are here, but we need free ourselves from relying on cheap and exploitative labor practices. Encouraging more low skilled immigration is not ideal.

It works fine today. Anchor baby turns 18 yo and CASA de Maryland sends in the paperwork to sponsor illegal Mom and Dad for greencards.

What about tomorrow when automation and robotics really kick in?

[Anonymous]

Anonymous wrote:Yup. 36.5 million unemployed and 40% of the jobs won't ever return.

Where will the revenue for $3 Trillion come from?

The same place that the lost real revenue for the 2017 tax cuts came from?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Yup. 36.5 million unemployed and 40% of the jobs won't ever return.

Where will the revenue for $3 Trillion come from?

The same place that the lost real revenue for the 2017 tax cuts came from?

Yeah, really? Compare the amounts.

[Anonymous]

Anonymous wrote:Yup. 36.5 million unemployed and 40% of the jobs won't ever return.

Where will the revenue for $3 Trillion come from?

Keynesian economics. Keep paying the unemployed so they can eat and keep up demand. If there is demand, companies will hire again to fulfill the demand. If you don't like paying them for nothing, have them dig for buried treasure or something. This is how we got out of the Great Depression. We paid people to kill each other and didn't worry about the cost. We just need to do it again this time, only we should try not to kill each other this time.

[Anonymous]

You do realize currency gets it's value from scarcity, correct? Have you seen rising prices on products and services and shrinking packaging? What will you do when a loaf of bread goes to $30?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Yup. 36.5 million unemployed and 40% of the jobs won't ever return.

Where will the revenue for $3 Trillion come from?

The same place that the lost real revenue for the 2017 tax cuts came from?

Yeah, really? Compare the amounts.

The same place that the $2T stimulus bill came from? My check was signed by Donald Trump!

You are 100% right to question how we would pay for such an expensive bill. But you are 100% wrong to single out the Democrats on this issue. As far as I can tell the parties seem to be competing to see who can give away money fast enough.

- actual conservative

[Anonymous]

Anonymous wrote:You do realize currency gets it's value from scarcity, correct? Have you seen rising prices on products and services and shrinking packaging? What will you do when a loaf of bread goes to $30?

Right now, we have a reduction in demand but the products still exist. This will cause prices to fall. Creating more money right now will stabilize prices.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You do realize currency gets it's value from scarcity, correct? Have you seen rising prices on products and services and shrinking packaging? What will you do when a loaf of bread goes to $30?

Right now, we have a reduction in demand but the products still exist. This will cause prices to fall. Creating more money right now will stabilize prices.

LOL WUT?

How will creating more money stabilize the prices?

What do you mean, "stabilize"?

[Anonymous]

Anonymous wrote:You do realize currency gets it's value from scarcity, correct? Have you seen rising prices on products and services and shrinking packaging? What will you do when a loaf of bread goes to $30?

Inflation was already low and demand is way down. $30 bread is not a real concern right now.