Mainecat Posted December 22, 2019 Share Posted December 22, 2019 Trump's tax cut was a mammoth fraud Steve Chapman By Steve Chapman Chicago Tribune | Dec 21, 2019 | 12:54 PM Decades from now, many Americans will have to consult history books to gain an appreciation of the lowest point of Donald Trump’s presidency: his impeachment. But they will be able to feel the effects of his highest point: the 2017 tax bill, which he signed into law two years ago Sunday. That’s because they will still be paying for it. Trump and his party took great pride in enacting the biggest tax overhaul in a generation. “It’s going to be a tremendous thing for the American people,” the president exulted. But like most things he says, that claim was unfounded. The package turned out to be an extravagant mirage. Americans thought they got a tax cut. What they really got was a tax increase that hasn’t yet taken effect. When you cut taxes but don’t cut spending to match, as the Nobel laureate economist Milton Friedman often noted, you are not cutting taxes but merely delaying them. And total spending has not been reduced; it has been raised. The 2017 bill cut individual and corporate tax rates, raised the standard deduction, limited deductions for state and local taxes and allowed businesses to immediately write off outlays for new equipment, among other provisions. We were told it would propel economic growth to new heights, unleash a flood of capital investment, turbocharge job creation and boost wages. The supporters claimed that they could cut taxes without actually cutting revenue. Senate Republican leader Mitch McConnell said: “I’m totally confident this is a revenue-neutral bill. I think it’s going to be a revenue producer." But two years later, the evidence of failure is undeniable. Almost every promise made has been a promise broken. more... https://www.chicagotribune.com/columns/steve-chapman/ct-column-trump-tax-cut-2017-chapman-20191220-pp6eha6ktbhyxpwiagcrzuvqmm-story.html Quote Link to comment Share on other sites More sharing options...
Zambroski Posted December 22, 2019 Share Posted December 22, 2019 1 1 3 Quote Link to comment Share on other sites More sharing options...
Mainecat Posted December 22, 2019 Author Share Posted December 22, 2019 Speaking of mammoth frauds Quote Link to comment Share on other sites More sharing options...
Zambroski Posted December 22, 2019 Share Posted December 22, 2019 6 minutes ago, Mainecat said: Speaking of mammoth frauds Poor MC. Just dumb as a thimble of hair. 2 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted December 22, 2019 Platinum Contributing Member Share Posted December 22, 2019 Americans thought they got a tax cut. What they really got was a tax increase that hasn’t yet taken effect. Quote Link to comment Share on other sites More sharing options...
Gold Member Stephen Hawking Posted December 22, 2019 Gold Member Share Posted December 22, 2019 I'm really starting to wonder if he really believes this stuff or is just the world's greatest troll. 1 Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted December 22, 2019 Gold Member Share Posted December 22, 2019 Trump tax cuts aren’t permanent for individuals... only permanent for businesses so if it’s a tax increase we can just let expire in a few years Quote Link to comment Share on other sites More sharing options...
Mainecat Posted December 22, 2019 Author Share Posted December 22, 2019 1 hour ago, Stephen Hawking said: I'm really starting to wonder if he really believes this stuff or is just the world's greatest troll. Staying on subject is not your forte Quote Link to comment Share on other sites More sharing options...
Sleepr2 Posted December 22, 2019 Share Posted December 22, 2019 55 minutes ago, Mainecat said: Staying on subject is not your forte Honesty is not your forte 1 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted December 22, 2019 Platinum Contributing Member Share Posted December 22, 2019 9 hours ago, Sleepr2 said: Honesty is not your forte Sure it is. He is still on Russia. 4 Quote Link to comment Share on other sites More sharing options...
teamgreen02 Posted December 22, 2019 Share Posted December 22, 2019 The article rightly calls out the increase in spending. Both parties are responsible and neither care about the deficit or have the stones to make the tough decisions necessary to fix it. All we would need to do is balance the budget and grow the economy out of it. One thing it skips over completely is tax receipts are up post tax cut. Spending is just outpacing tax collections. Individual tax cuts should be made permanent and probably will. The same group complaining about corporate inversions are now the ones against the corporate tax cuts. It was time we finally got our corporate tax rates in line and competitive with the rest of the world. Corporations are just a safe group the Dems think they can go after with impunity. 1 Quote Link to comment Share on other sites More sharing options...
racer254 Posted December 22, 2019 Share Posted December 22, 2019 55 minutes ago, teamgreen02 said: The article rightly calls out the increase in spending. Both parties are responsible and neither care about the deficit or have the stones to make the tough decisions necessary to fix it. All we would need to do is balance the budget and grow the economy out of it. One thing it skips over completely is tax receipts are up post tax cut. Spending is just outpacing tax collections. Individual tax cuts should be made permanent and probably will. The same group complaining about corporate inversions are now the ones against the corporate tax cuts. It was time we finally got our corporate tax rates in line and competitive with the rest of the world. Corporations are just a safe group the Dems think they can go after with impunity. It really is amazing how the powers that be can convince people to vote and rally against tax cuts. You really have to be monumentally void of any type of common sense to believe tax cuts are bad. The OP is from a person who knowingly admits to living in a state other than he worked to maximize his tax savings. I am sorry, but people that get so easily manipulated should not be in the voting pool. Quote Link to comment Share on other sites More sharing options...
Cold War Posted December 22, 2019 Share Posted December 22, 2019 8 minutes ago, racer254 said: It really is amazing how the powers that be can convince people to vote and rally against tax cuts. You really have to be monumentally void of any type of common sense to believe tax cuts are bad. The OP is from a person who knowingly admits to living in a state other than he worked to maximize his tax savings. I am sorry, but people that get so easily manipulated should not be in the voting pool. I mean it goes way beyond handing more of your hard earned money away. It reminds of the tami Faye- Jim Baker special we were watching Friday. People that are scraping to get by sending these idiots money so they can live this disgustingly lavish lifestyle. So, yeah......people are pretty fucking stupid. The best part of the article is the random, unrelated dig at the American people, too stupid to understand the gravity of Trumps crimes. 10, 20, 30 years from now when you are flipping through that history book.....man are you going feel dumb, when it hits you. Quote Link to comment Share on other sites More sharing options...
Edmo Posted December 22, 2019 Share Posted December 22, 2019 52 minutes ago, Cold War said: I mean it goes way beyond handing more of your hard earned money away. It reminds of the tami Faye- Jim Baker special we were watching Friday. People that are scraping to get by sending these idiots money so they can live this disgustingly lavish lifestyle. So, yeah......people are pretty fucking stupid. The best part of the article is the random, unrelated dig at the American people, too stupid to understand the gravity of Trumps crimes. 10, 20, 30 years from now when you are flipping through that history book.....man are you going feel dumb, when it hits you. MC and the dishonest media dig this story up every few months or so. Gets the base all riled up. Russia dud. Impeachment dud. Stay tuned for more on his tax returns. Quote Link to comment Share on other sites More sharing options...
Cold War Posted December 22, 2019 Share Posted December 22, 2019 (edited) 11 minutes ago, Edmo said: MC and the dishonest media dig this story up every few months or so. Gets the base all riled up. Russia dud. Impeachment dud. Stay tuned for more on his tax returns. Yep, I think they threw it out before thanksgiving too. “Sumptin “ you can be the ass of the family gathering with, when your racist relatives start talking about how great the economy is. Edited December 22, 2019 by Cold War Quote Link to comment Share on other sites More sharing options...
racer254 Posted December 22, 2019 Share Posted December 22, 2019 36 minutes ago, Edmo said: MC and the dishonest media dig this story up every few months or so. Gets the base all riled up. Russia dud. Impeachment dud. Stay tuned for more on his tax returns. They have been saying this shit for decades. And the same people who actually believe the mantra that "tax cuts don't work" are the exactly the same people trying every year to manipulate their tax returns so that they can get OUT of paying these taxes. It's just unbelievable how hypocritical and dishonest these people are. Quote Link to comment Share on other sites More sharing options...
Gold Member Stephen Hawking Posted December 22, 2019 Gold Member Share Posted December 22, 2019 The guy that wrote that is a columnist/editorial writer, thus another opinion piece. Quote Link to comment Share on other sites More sharing options...
racer254 Posted December 23, 2019 Share Posted December 23, 2019 8 hours ago, Stephen Hawking said: The guy that wrote that is a columnist/editorial writer, thus another opinion piece. And no one can say they are trying to pay more taxes than they need to. Quote Link to comment Share on other sites More sharing options...
racer254 Posted December 23, 2019 Share Posted December 23, 2019 Crickets. Quote Link to comment Share on other sites More sharing options...
racer254 Posted December 27, 2019 Share Posted December 27, 2019 Hello? Quote Link to comment Share on other sites More sharing options...
Angry ginger Posted December 27, 2019 Share Posted December 27, 2019 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted December 27, 2019 Platinum Contributing Member Share Posted December 27, 2019 (edited) I think people will be shocked when they see 2019 tax receipts. 10's of thousands if not 100's of thousands of small business owners took advantage of the ability to use cash method accounting. As I posted before my accounting firm which is a large national firm said every single client they have in a large Midwest area that could took advantage of this tax "delay" except one. https://dhjj.com/cash-basis-tax-savings-for-manufacturers/ Edited December 27, 2019 by Highmark Quote Link to comment Share on other sites More sharing options...
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