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Reply to "Nancy's stimulus package"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Because even sane Democrats know there will be a gigantic price to pay. [b] There are no free lunches. US debt has gotten out of control since 2008. [/b]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. [/quote] 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.[/quote] 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? [quote]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.[/quote] https://www.nytimes.com/2019/04/14/business/economy/income-tax-cut.html 2. Corporate taxes were lowered. That is NOT a bad thing. [quote]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.[/quote] https://taxfoundation.org/benefits-of-a-corporate-tax-cut/ 3. Revenue increased after the tax cuts [quote]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.[/quote] https://www.wsj.com/articles/tax-revenue-keeps-rising-11557691166[/quote] We've been through this before but if you read further down in the first article it goes on to say that the tax cut for the middle class was small and temporary. The tax cut for billionaires and big corporations was much larger and permanent. Not lies, truth and you know it. Also, trickle down does not work so it will not help "create jobs" by giving corporations and wealthy people big tax cuts. [/quote]
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