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Author: Subject: Senate passes President Trump/GOP Tax Cuts and Reform Bill

Peach Extraordinaire





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  posted on 12/2/2017 at 09:46 AM
Senate passes President Trump/GOP Tax Cuts and Reform Bill

President Trump and The Republicans get the job done. Democrats become even more irrelevant.

Trump triumphs after the Senate passes the 'biggest tax bill and tax cuts in history'

http://www.businessinsider.com/trump-statement-tweet-on-senate-tax-bill-vot e-republican-passage-2017-12


Senate passes huge tax cuts after last-minute changes; conference with House next

https://www.usatoday.com/story/news/politics/2017/12/01/senate-passes-huge- tax-cuts-after-last-minute-changes-conference-house-next/914701001/


Senate GOP tax bill passes in major victory for Trump, Republicans

https://www.washingtonpost.com/business/economy/johnson-to-back-senate-tax- bill-putting-gop-leaders-close-to-securing-passage/2017/12/01/0226ff98-d6a2 -11e7-b62d-d9345ced896d_story.html?utm_term=.97b64246a982



 
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Maximum Peach



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  posted on 12/2/2017 at 10:37 AM
Tax cuts for the wealthy, at the expense of the working poor and middle class. gutting medicare and eliminating the estate tax. adding 1.4 trillion in debt over 10 years. there's a real accomplishment.
 

Ultimate Peach



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  posted on 12/2/2017 at 01:17 PM
quote:
Tax cuts for the wealthy, at the expense of the working poor and middle class. gutting medicare and eliminating the estate tax. adding 1.4 trillion in debt over 10 years. there's a real accomplishment.


The sad part is that Trump said the tax plan will cost him, and he won't benefit. We know he's an individual of integrity and can crunch numbers so he must be right. The sadder point is that many of those who voted him and will end up getting screwed probably believe him when he makes such outlandish statements.

For the last 8 years all we heard was "deficit" talk from GOP deficit hawks. Now supply side economics will work. Waiting on that to happen. What happens when dynamic growth doesn't result from disproven text book theory and historical case study?

 

Zen Peach



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  posted on 12/2/2017 at 01:24 PM
Right now, the 3 wealthiest people on Forbes list have as much in assets as the LOWER 50% of the US population (about 160 million people). The top 8 own as much as the lower 50% of the WORLD'S population.

Good thing they are getting all these breaks......

My fear is that this is going to lead to revolution very soon....

 

Ultimate Peach



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  posted on 12/2/2017 at 01:32 PM
Many corporations have already said that they will pass their savings on taxes to their shareholders. This will not grow the economy. What grows the economy is the middle class have money to spend. This increases demand, which increases production, which creates jobs, which improves the overall economy. Trickle down has never worked and will never work. We are headed towards another recession if this bill is allowed to become law. The best hope right now is that the House will reject the Senate bill. I believe that this is possible since they all face reelection next year and the approval rating among the people of this bill is very low.
 

Ultimate Peach



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  posted on 12/2/2017 at 01:39 PM
He passed something! We have production folks!
 

Universal Peach



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  posted on 12/2/2017 at 02:48 PM
quote:
He passed something! We have production folks!


Well, not really....Mitch McConnell and Ryan did. Like most of Congress, Trump has no idea what's even in the bill.

Even worse, Trump supporters don't even grasp just how bad they just got f*cked....

 

Peach Pro



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  posted on 12/2/2017 at 04:37 PM
Yep tax breaks for the rich yet the poor, inbred, racist, gullible coal mining buffoons are still dumb enough to think a silver spoon NYC con man is on their side. God bless America. Have fun standing in the soup line Muledouche
 

Peach Pro



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  posted on 12/2/2017 at 04:46 PM
quote:
quote:
He passed something! We have production folks!


Well, not really....Mitch McConnell and Ryan did. Like most of Congress, Trump has no idea what's even in the bill.

Even worse, Trump supporters don't even grasp just how bad they just got f*cked....


Agreed. McConnell, Ryan and Pence are driving this train, Trump is only there to keep the reality tv watching schmucks that voted for him entertained by his Twitter account and distracted from the fact that this administration is continuing to decimate the working class. We’ll be back into a feudal system soon, but hey look at the pretty pony over there!

 

Peach Extraordinaire



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  posted on 12/3/2017 at 10:15 AM
Okay, now we have heard from the uninformed who obviously have not read the actual bills.
Parroting the left-wing talking points only shows just another reason why the left cannot win elections.


The far-left extremist’s lies about the President Trump/GOP Tax Cut and Reform bill exposed:

This deceit was on full display at a CNN Town Hall debate this week, where career politicians Sens. Bernie Sanders of Vermont and Maria Cantwell of Washington state leaned on shopworn Democratic talking points as the basis for the their opposition to the tax bill. These include the following five myths that have been making the rounds among Democrats and their media allies.


MYTH 1: The tax bill is a tax increase on the middle class.

Cantwell: “Raising taxes on the middle class is wrong, and that’s what this bill does.”

Recognizing the popularity of a middle-class tax cut, Democrats are trying to use the Bizarro-world argument that the tax cut bill is actually a tax increase. They cite a Tax Policy Center report claiming the bill would raise taxes on 87 million middle-class families.

What the Democrats don’t mention is that the Tax Policy Center is a project of the left-wing Brookings Institution and Urban Institute, funded by donors like George Soros who want to disrupt President Trump’s agenda by any means necessary.

The Tax Policy Center can only arrive at this eyebrow-raising conclusion by making the unrealistic assumption that the tax cuts would expire after 10 years.

In reality, the tax bill would provide significant relief for the middle class by doing the following: doubling the income threshold under which families pay no taxes at all to $24,000; doubling the child tax credit to $2,000; and eliminating the 15 percent tax rate in favor of an expanded 12 percent rate, among other provisions.

The above changes would save ordinary families thousands of dollars a year.


MYTH 2: The majority of the tax bill’s benefits go to the top 1 percent of earners.

Sen. Sanders: “60 percent of the tax benefits in the Republican plan would go to the top 1 percent.”

Democrats are trying to distract from the bill’s middle-class tax relief by claiming most of the benefits go to the super-rich. But in reality, the bill is targeted at the middle class.

In addition to the middle-class provisions mentioned above, consider the bill’s relief for Main Street small businesses. The bill offers a 20 percent small business tax deduction for all small businesses earning less than $500,000 a year.

This 20 percent tax deduction would allow small business owners to keep more of their earnings, helping them to compete with their big business and international competitors – as well as hire more employees, raise wages and expand.

According to the Tax Foundation, 97 percent of small businesses earn less than this $500,000 threshold, meaning the overwhelming majority of small businesses would see relief from this provision.

But who would see little-to-no relief from it? The top 1 percent, with annual incomes of roughly $500,000 and higher.

Given this clear middle-class relief, how do Democrats back up their 1 percent claim? By pointing to the tax bill’s provision to bring the corporate tax rate in line with international standards.

However, survey and economic evidence demonstrates that corporate tax cuts benefit the middle class in the form of higher wages, better workplace benefits, new job opportunities and lower consumer prices.

Even higher dividend payouts benefit the middle class, because the majority of corporate stock is owned by retirement plans, including IRAs, 401ks and government pension plans that help ordinary Americans save.


MYTH 3: The tax bill will grow deficit by $1.4 trillion.

Sen. Sanders: “This legislation will grow the deficit by $1.4 trillion. Mark my words.”

Democrats are suddenly pretending to care about the nation’s fiscal state by pointing to the tax bill’s $1.4 trillion of lost revenues on a static basis over 10 years. What isn’t said is that this is only a 3 percent drop from the $43 trillion Congressional Budget Office (CBO) revenue projection over this timeframe.

But in the real world – outside of simplistic Excel spreadsheets – people respond to incentives. With more money in their pockets and in their communities, consumers, businesses and investors will spend more, creating economic growth that will more than pay for the $1.4 trillion in lost revenues.

According to the CBO, every 0.1 percent increase in the gross domestic product adds over $250 billion in revenue over 10 years. This means that even returning to 2.5 percent economic growth – still well below the U.S. historical average – would more than pay for the tax cut.


MYTH 4: The tax bill won’t create economic growth.

Sen. Cantwell: “No, I don’t think (the tax bill) will grow (the economy).”

Given the dynamic effects on tax revenue from even minor economic growth, Democrats are at pains to deny the growth created by tax cuts. They cite left-wing economists to make their case – but historical evidence and commonsense undermine it.

The tax cuts enacted under Presidents Coolidge, Kennedy and Reagan, among others, all generated several years of supercharged economic growth. The principle is simple: More money in the wealth-creating hands of the private economy – and less in the wealth-destroying hands of government – creates economic growth.

Some 100 economists wrote an open letter to Congress with the following message: “Economic growth will accelerate if the Tax Cuts and Jobs Act passes, leading to more jobs, higher wages, and a better standard of living for the American people.”


MYTH 5: The tax bill will cause 13 million people to lose health insurance.

Sen. Sanders: “This bill… will result in 13 million people losing their health insurance.”

Given this scare tactic worked so well to kill health-care reform, Democrats are trotting it out in an attempt to do the same to tax reform. But the facts are very different this time around.

Far from kicking people off health insurance as Democrats imply, the tax bill would simply eliminate the health-care tax on those who choose not to purchase health insurance. This tax is borne mostly by working- and middle-class Americans: Nearly 80 percent earn $50,000 a year or less. In fact, this provision would reduce the middle-class tax burden even further.

The tax-cut bill just passed by the Senate offers ordinary Americans the best opportunity for tax relief in a generation. But Democrats are putting their narrow political interests ahead of what’s good for the country and lying to try to sink it. Their agenda should be exposed.



 

Ultimate Peach



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  posted on 12/3/2017 at 01:11 PM
You can’t prove any of that. All speculation, no links.
 

Universal Peach



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  posted on 12/3/2017 at 03:44 PM
quote:
Okay, now we have heard from the uninformed who obviously have not read the actual bills.
Parroting the left-wing talking points only shows just another reason why the left cannot win elections.


The far-left extremist’s lies about the President Trump/GOP Tax Cut and Reform bill exposed:

This deceit was on full display at a CNN Town Hall debate this week, where career politicians Sens. Bernie Sanders of Vermont and Maria Cantwell of Washington state leaned on shopworn Democratic talking points as the basis for the their opposition to the tax bill. These include the following five myths that have been making the rounds among Democrats and their media allies.


MYTH 1: The tax bill is a tax increase on the middle class.

Cantwell: “Raising taxes on the middle class is wrong, and that’s what this bill does.”

Recognizing the popularity of a middle-class tax cut, Democrats are trying to use the Bizarro-world argument that the tax cut bill is actually a tax increase. They cite a Tax Policy Center report claiming the bill would raise taxes on 87 million middle-class families.

What the Democrats don’t mention is that the Tax Policy Center is a project of the left-wing Brookings Institution and Urban Institute, funded by donors like George Soros who want to disrupt President Trump’s agenda by any means necessary.

The Tax Policy Center can only arrive at this eyebrow-raising conclusion by making the unrealistic assumption that the tax cuts would expire after 10 years.

In reality, the tax bill would provide significant relief for the middle class by doing the following: doubling the income threshold under which families pay no taxes at all to $24,000; doubling the child tax credit to $2,000; and eliminating the 15 percent tax rate in favor of an expanded 12 percent rate, among other provisions.

The above changes would save ordinary families thousands of dollars a year.


MYTH 2: The majority of the tax bill’s benefits go to the top 1 percent of earners.

Sen. Sanders: “60 percent of the tax benefits in the Republican plan would go to the top 1 percent.”

Democrats are trying to distract from the bill’s middle-class tax relief by claiming most of the benefits go to the super-rich. But in reality, the bill is targeted at the middle class.

In addition to the middle-class provisions mentioned above, consider the bill’s relief for Main Street small businesses. The bill offers a 20 percent small business tax deduction for all small businesses earning less than $500,000 a year.

This 20 percent tax deduction would allow small business owners to keep more of their earnings, helping them to compete with their big business and international competitors – as well as hire more employees, raise wages and expand.

According to the Tax Foundation, 97 percent of small businesses earn less than this $500,000 threshold, meaning the overwhelming majority of small businesses would see relief from this provision.

But who would see little-to-no relief from it? The top 1 percent, with annual incomes of roughly $500,000 and higher.

Given this clear middle-class relief, how do Democrats back up their 1 percent claim? By pointing to the tax bill’s provision to bring the corporate tax rate in line with international standards.

However, survey and economic evidence demonstrates that corporate tax cuts benefit the middle class in the form of higher wages, better workplace benefits, new job opportunities and lower consumer prices.

Even higher dividend payouts benefit the middle class, because the majority of corporate stock is owned by retirement plans, including IRAs, 401ks and government pension plans that help ordinary Americans save.


MYTH 3: The tax bill will grow deficit by $1.4 trillion.

Sen. Sanders: “This legislation will grow the deficit by $1.4 trillion. Mark my words.”

Democrats are suddenly pretending to care about the nation’s fiscal state by pointing to the tax bill’s $1.4 trillion of lost revenues on a static basis over 10 years. What isn’t said is that this is only a 3 percent drop from the $43 trillion Congressional Budget Office (CBO) revenue projection over this timeframe.

But in the real world – outside of simplistic Excel spreadsheets – people respond to incentives. With more money in their pockets and in their communities, consumers, businesses and investors will spend more, creating economic growth that will more than pay for the $1.4 trillion in lost revenues.

According to the CBO, every 0.1 percent increase in the gross domestic product adds over $250 billion in revenue over 10 years. This means that even returning to 2.5 percent economic growth – still well below the U.S. historical average – would more than pay for the tax cut.


MYTH 4: The tax bill won’t create economic growth.

Sen. Cantwell: “No, I don’t think (the tax bill) will grow (the economy).”

Given the dynamic effects on tax revenue from even minor economic growth, Democrats are at pains to deny the growth created by tax cuts. They cite left-wing economists to make their case – but historical evidence and commonsense undermine it.

The tax cuts enacted under Presidents Coolidge, Kennedy and Reagan, among others, all generated several years of supercharged economic growth. The principle is simple: More money in the wealth-creating hands of the private economy – and less in the wealth-destroying hands of government – creates economic growth.

Some 100 economists wrote an open letter to Congress with the following message: “Economic growth will accelerate if the Tax Cuts and Jobs Act passes, leading to more jobs, higher wages, and a better standard of living for the American people.”


MYTH 5: The tax bill will cause 13 million people to lose health insurance.

Sen. Sanders: “This bill… will result in 13 million people losing their health insurance.”

Given this scare tactic worked so well to kill health-care reform, Democrats are trotting it out in an attempt to do the same to tax reform. But the facts are very different this time around.

Far from kicking people off health insurance as Democrats imply, the tax bill would simply eliminate the health-care tax on those who choose not to purchase health insurance. This tax is borne mostly by working- and middle-class Americans: Nearly 80 percent earn $50,000 a year or less. In fact, this provision would reduce the middle-class tax burden even further.

The tax-cut bill just passed by the Senate offers ordinary Americans the best opportunity for tax relief in a generation. But Democrats are putting their narrow political interests ahead of what’s good for the country and lying to try to sink it. Their agenda should be exposed.





Is that you, Lou?

 

Ultimate Peach



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  posted on 12/3/2017 at 06:04 PM
quote:
quote:
Okay, now we have heard from the uninformed who obviously have not read the actual bills.
Parroting the left-wing talking points only shows just another reason why the left cannot win elections.


The far-left extremist’s lies about the President Trump/GOP Tax Cut and Reform bill exposed:

This deceit was on full display at a CNN Town Hall debate this week, where career politicians Sens. Bernie Sanders of Vermont and Maria Cantwell of Washington state leaned on shopworn Democratic talking points as the basis for the their opposition to the tax bill. These include the following five myths that have been making the rounds among Democrats and their media allies.


MYTH 1: The tax bill is a tax increase on the middle class.

Cantwell: “Raising taxes on the middle class is wrong, and that’s what this bill does.”

Recognizing the popularity of a middle-class tax cut, Democrats are trying to use the Bizarro-world argument that the tax cut bill is actually a tax increase. They cite a Tax Policy Center report claiming the bill would raise taxes on 87 million middle-class families.

What the Democrats don’t mention is that the Tax Policy Center is a project of the left-wing Brookings Institution and Urban Institute, funded by donors like George Soros who want to disrupt President Trump’s agenda by any means necessary.

The Tax Policy Center can only arrive at this eyebrow-raising conclusion by making the unrealistic assumption that the tax cuts would expire after 10 years.

In reality, the tax bill would provide significant relief for the middle class by doing the following: doubling the income threshold under which families pay no taxes at all to $24,000; doubling the child tax credit to $2,000; and eliminating the 15 percent tax rate in favor of an expanded 12 percent rate, among other provisions.

The above changes would save ordinary families thousands of dollars a year.


MYTH 2: The majority of the tax bill’s benefits go to the top 1 percent of earners.

Sen. Sanders: “60 percent of the tax benefits in the Republican plan would go to the top 1 percent.”

Democrats are trying to distract from the bill’s middle-class tax relief by claiming most of the benefits go to the super-rich. But in reality, the bill is targeted at the middle class.

In addition to the middle-class provisions mentioned above, consider the bill’s relief for Main Street small businesses. The bill offers a 20 percent small business tax deduction for all small businesses earning less than $500,000 a year.

This 20 percent tax deduction would allow small business owners to keep more of their earnings, helping them to compete with their big business and international competitors – as well as hire more employees, raise wages and expand.

According to the Tax Foundation, 97 percent of small businesses earn less than this $500,000 threshold, meaning the overwhelming majority of small businesses would see relief from this provision.

But who would see little-to-no relief from it? The top 1 percent, with annual incomes of roughly $500,000 and higher.

Given this clear middle-class relief, how do Democrats back up their 1 percent claim? By pointing to the tax bill’s provision to bring the corporate tax rate in line with international standards.

However, survey and economic evidence demonstrates that corporate tax cuts benefit the middle class in the form of higher wages, better workplace benefits, new job opportunities and lower consumer prices.

Even higher dividend payouts benefit the middle class, because the majority of corporate stock is owned by retirement plans, including IRAs, 401ks and government pension plans that help ordinary Americans save.


MYTH 3: The tax bill will grow deficit by $1.4 trillion.

Sen. Sanders: “This legislation will grow the deficit by $1.4 trillion. Mark my words.”

Democrats are suddenly pretending to care about the nation’s fiscal state by pointing to the tax bill’s $1.4 trillion of lost revenues on a static basis over 10 years. What isn’t said is that this is only a 3 percent drop from the $43 trillion Congressional Budget Office (CBO) revenue projection over this timeframe.

But in the real world – outside of simplistic Excel spreadsheets – people respond to incentives. With more money in their pockets and in their communities, consumers, businesses and investors will spend more, creating economic growth that will more than pay for the $1.4 trillion in lost revenues.

According to the CBO, every 0.1 percent increase in the gross domestic product adds over $250 billion in revenue over 10 years. This means that even returning to 2.5 percent economic growth – still well below the U.S. historical average – would more than pay for the tax cut.


MYTH 4: The tax bill won’t create economic growth.

Sen. Cantwell: “No, I don’t think (the tax bill) will grow (the economy).”

Given the dynamic effects on tax revenue from even minor economic growth, Democrats are at pains to deny the growth created by tax cuts. They cite left-wing economists to make their case – but historical evidence and commonsense undermine it.

The tax cuts enacted under Presidents Coolidge, Kennedy and Reagan, among others, all generated several years of supercharged economic growth. The principle is simple: More money in the wealth-creating hands of the private economy – and less in the wealth-destroying hands of government – creates economic growth.

Some 100 economists wrote an open letter to Congress with the following message: “Economic growth will accelerate if the Tax Cuts and Jobs Act passes, leading to more jobs, higher wages, and a better standard of living for the American people.”


MYTH 5: The tax bill will cause 13 million people to lose health insurance.

Sen. Sanders: “This bill… will result in 13 million people losing their health insurance.”

Given this scare tactic worked so well to kill health-care reform, Democrats are trotting it out in an attempt to do the same to tax reform. But the facts are very different this time around.

Far from kicking people off health insurance as Democrats imply, the tax bill would simply eliminate the health-care tax on those who choose not to purchase health insurance. This tax is borne mostly by working- and middle-class Americans: Nearly 80 percent earn $50,000 a year or less. In fact, this provision would reduce the middle-class tax burden even further.

The tax-cut bill just passed by the Senate offers ordinary Americans the best opportunity for tax relief in a generation. But Democrats are putting their narrow political interests ahead of what’s good for the country and lying to try to sink it. Their agenda should be exposed.





Is that you, Lou?


Close, but not quite.

We all know that Mule rejects left leaning site. So, I assume he would never use a right leaning site. So, it appears that Alfredo Ortiz of Fox News plagiarized our fair and balanced poster.

http://www.foxnews.com/opinion/2017/11/30/tax-reform-is-on-track-and-democr ats-want-to-derail-it-dont-believe-these-myths-about-senate-s-bill.html


 

Maximum Peach



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  posted on 12/3/2017 at 07:27 PM
quote:
Many corporations have already said that they will pass their savings on taxes to their shareholders. This will not grow the economy. What grows the economy is the middle class have money to spend. This increases demand, which increases production, which creates jobs, which improves the overall economy. Trickle down has never worked and will never work. We are headed towards another recession if this bill is allowed to become law. The best hope right now is that the House will reject the Senate bill. I believe that this is possible since they all face reelection next year and the approval rating among the people of this bill is very low.
Static economic thinking. Fortunately money doesn't work that way.

So what if the money goes to shareholders? Are they gonna take it and hide it under their beds? If not, it becomes funds for investment, whether in the original company or others it might get moved to. Even if placed in the worst place of all - a bank - it will be re-used for mortgages, businesses, loans, ect. You know; things that grow the economy.

And aren't the shareholders also millions and millions of middle class folks with their 401k's? They couldn't possibly put additional wealth to use in the economy.

And then that rusty old boogeyman: trickle down! Since the invention of money, its how the economy works. But since being transmuted into a political bludgeon, its served a new life as tool for economic ignorance. Here's a question: name any period of economic growth where the wealthy didn't prosper? Good luck with that, but it forms the feeble opposition of every attempt to give the producers their money back instead of trusting politicians to use it for their political gain. How anyone can defend the latter is mind-boggling.

And finally; recession? You know those have almost always been driven by currency and regulatory mismanagement by gov't, right? If lower corporate taxes are such a bad idea (they should be zero, but that's another discussion), they why are countries the world over moving to lower corp rates?

 

____________________
Obamacare: To insure the uninsured, we first make the insured
uninsured and then make them pay more to be insured again,
so the original uninsured can be insured for free.

 

Ultimate Peach



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  posted on 12/3/2017 at 08:01 PM
Fujirich, everything you say is true, but with this big “if”:

quote:
So what if the money goes to shareholders? Are they gonna take it and hide it under their beds?


Some might say that it does, in the form of a 4th mansion, and Wolf of Wall Street lifestyles. Despite the money tricking down, that’s not exactly the idea.

 

Ultimate Peach



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  posted on 12/3/2017 at 08:06 PM
quote:
Fujirich, everything you say is true, but with this big “if”:

quote:
So what if the money goes to shareholders? Are they gonna take it and hide it under their beds?


Some might say that it does, in the form of a 4th mansion, and Wolf of Wall Street lifestyles. Despite the money tricking down, that’s not exactly the idea.


The majority of shareholders are either wealthy people or people with 401k's. Neither of these groups will put the money back into the economy.

The 2008 recession was caused by the complete lack of regulations, not excessive regulations. Mortgage vendors loaned money to people who had no ability to repay and that forced housing prices to exceed their true market value.

Trickle down has never worked and will not work now.

Other than those things, Fujirich is wrong. Oh wait, he iwas wrong about those things as well.

 

Maximum Peach



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  posted on 12/3/2017 at 09:31 PM
A recession is on the way, so trump and his wealthy friends can cash in on others misery. he ought to be drawn and quartered, along with pence, mcconnell, and ryan.
 

Zen Peach



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  posted on 12/3/2017 at 09:41 PM
quote:
A recession is on the way


Source?

 

____________________


 

Maximum Peach



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  posted on 12/3/2017 at 10:43 PM
quote:
quote:
A recession is on the way


Source?
Believe me

 

Maximum Peach



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  posted on 12/3/2017 at 10:55 PM
quote:
Fujirich, everything you say is true, but with this big “if”:

quote:
So what if the money goes to shareholders? Are they gonna take it and hide it under their beds?


Some might say that it does, in the form of a 4th mansion, and Wolf of Wall Street lifestyles. Despite the money tricking down, that’s not exactly the idea.
In 1990, George "Read My Lips" Bush signed an omnibus tax bill that included a 10% luxury tax on boats built here. Within a year, thousands of workers at US boat builders were laid off. The private yacht industry, filled with skilled craftsman making high wages, was destroyed and has never recovered.

Did the wealthy stop buying boats? Of course not. The industry just operates out of Asia and parts of Europe now. See what happens when you let politicians tax producers?

I'm sure many of you remember (and maybe were cheering for) Obama's call to slap a similar luxury tax on the private aircraft industry. Playing to his base, he and Congress stoked the class warfare fires with sights of corp execs answering if they had flown in for their testimony on a private jet or not. Fun, wasn't it? But had they taken similar action, the same net result would have befallen a huge industry filled with well-paid middle class workers.

Some of you so love the class battle that you can't seem to see the fallout landing right on your heads. BTW; those hookers in Wolf of Wallstreet made a fortune. So what if Daddy Warbucks builds a 4th mansion, doesn't someone have to build it, supply the parts, and help take care of it afterward?

 

____________________
Obamacare: To insure the uninsured, we first make the insured
uninsured and then make them pay more to be insured again,
so the original uninsured can be insured for free.

 

Zen Peach



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  posted on 12/3/2017 at 11:09 PM
quote:
quote:
quote:
A recession is on the way


Source?
Believe me


Time frame?

 

____________________


 

Ultimate Peach



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  posted on 12/4/2017 at 01:16 AM
quote:
So what if Daddy Warbucks builds a 4th mansion, doesn't someone have to build it, supply the parts, and help take care of it afterward?


I care, because the poor and the middle class will be paying more taxes, while the wealthy get a HUGE tax break to buy that 4th mansion.

Plus, the deficit is going to balloon. Why is it 5 years ago the Republicans were so concerned with the deficit and the national debt, and now it's never a topic we hear mentioned? I guess that was all fake outrage then?

 

Maximum Peach



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  posted on 12/4/2017 at 02:51 PM
quote:
quote:
quote:
quote:
A recession is on the way


Source?
Believe me


Time frame?
Soon enough. Ill guess Aug 2018.

 

A Peach Supreme



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  posted on 12/4/2017 at 04:00 PM
quote:
quote:
Fujirich, everything you say is true, but with this big “if”:

quote:
So what if the money goes to shareholders? Are they gonna take it and hide it under their beds?


Some might say that it does, in the form of a 4th mansion, and Wolf of Wall Street lifestyles. Despite the money tricking down, that’s not exactly the idea.
In 1990, George "Read My Lips" Bush signed an omnibus tax bill that included a 10% luxury tax on boats built here. Within a year, thousands of workers at US boat builders were laid off. The private yacht industry, filled with skilled craftsman making high wages, was destroyed and has never recovered.

Did the wealthy stop buying boats? Of course not. The industry just operates out of Asia and parts of Europe now. See what happens when you let politicians tax producers?

I'm sure many of you remember (and maybe were cheering for) Obama's call to slap a similar luxury tax on the private aircraft industry. Playing to his base, he and Congress stoked the class warfare fires with sights of corp execs answering if they had flown in for their testimony on a private jet or not. Fun, wasn't it? But had they taken similar action, the same net result would have befallen a huge industry filled with well-paid middle class workers.

Some of you so love the class battle that you can't seem to see the fallout landing right on your heads. BTW; those hookers in Wolf of Wallstreet made a fortune. So what if Daddy Warbucks builds a 4th mansion, doesn't someone have to build it, supply the parts, and help take care of it afterward?
I knew I was missing somebody! I have ALWAYs LOVED reading your posts! It is a welcome sight to see you posting.

 

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I still have two strong legs and even wings to fly"

 

Zen Peach



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  posted on 12/4/2017 at 04:23 PM
quote:
quote:
Many corporations have already said that they will pass their savings on taxes to their shareholders. This will not grow the economy. What grows the economy is the middle class have money to spend. This increases demand, which increases production, which creates jobs, which improves the overall economy. Trickle down has never worked and will never work. We are headed towards another recession if this bill is allowed to become law. The best hope right now is that the House will reject the Senate bill. I believe that this is possible since they all face reelection next year and the approval rating among the people of this bill is very low.
Static economic thinking. Fortunately money doesn't work that way.

So what if the money goes to shareholders? Are they gonna take it and hide it under their beds? If not, it becomes funds for investment, whether in the original company or others it might get moved to. Even if placed in the worst place of all - a bank - it will be re-used for mortgages, businesses, loans, ect. You know; things that grow the economy.

And aren't the shareholders also millions and millions of middle class folks with their 401k's? They couldn't possibly put additional wealth to use in the economy.

And then that rusty old boogeyman: trickle down! Since the invention of money, its how the economy works. But since being transmuted into a political bludgeon, its served a new life as tool for economic ignorance. Here's a question: name any period of economic growth where the wealthy didn't prosper? Good luck with that, but it forms the feeble opposition of every attempt to give the producers their money back instead of trusting politicians to use it for their political gain. How anyone can defend the latter is mind-boggling.

And finally; recession? You know those have almost always been driven by currency and regulatory mismanagement by gov't, right? If lower corporate taxes are such a bad idea (they should be zero, but that's another discussion), they why are countries the world over moving to lower corp rates?


http://www.businessinsider.com/trump-gop-tax-plan-gary-cohn-bill-2017-11

 

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