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Old 09-29-2017, 12:15 AM   #31
Cleverness
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Default Re: Trumps tax reform plan

Quote:
Originally Posted by ThePhantomCreep
There's no evidence that high taxes are a burden on innovation. If the demand is there, companies will innovate to stay relevant. Simple as that.

I don't have any evidence, but I would think that high taxes would result in

1. less business. if your margins are slim, higher taxes put you out of business. less business = less innovation

2. less profit to allocate to R&D. less R&D = less innovation
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Old 09-29-2017, 12:54 AM   #32
r15mohd
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Default Re: Trumps tax reform plan

Quote:
Originally Posted by Cleverness
I don't have any evidence, but I would think that high taxes would result in

1. less business. if your margins are slim, higher taxes put you out of business. less business = less innovation

2. lss profit to allocaete to R&D. less R&D = less innovation


we've had taxes raised (moreso tax cuts eliminated by the Obama admin from GWB's taxcut sabotage) and as a result, under his 8yr tenure, business have had some of the most profitable years ever (it spans across the board for most major corps).

even today, under Trump, the business world in America still pushes through with Obama's initiatives/legislation, as Trump has accomplished not 1 major legislation, especially anything remotely close to boosting the economy, jobs, etc. Trump can take the credit all he wants (as he loves to do), but any person with a brain knows why the country has been on an upward climb for a few years now (not as great as we all want it to be, but always getting better overall) and it was the recovery efforts from the depression-state around 2008 and putting the country on the right track going forward
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Old 09-29-2017, 01:20 AM   #33
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Default Re: Trumps tax reform plan

Quote:
Originally Posted by r15mohd
we've had taxes raised (moreso tax cuts eliminated by the Obama admin from GWB's taxcut sabotage) and as a result, under his 8yr tenure, business have had some of the most profitable years ever (it spans across the board for most major corps).

even today, under Trump, the business world in America still pushes through with Obama's initiatives/legislation, as Trump has accomplished not 1 major legislation, especially anything remotely close to boosting the economy, jobs, etc. Trump can take the credit all he wants (as he loves to do), but any person with a brain knows why the country has been on an upward climb for a few years now (not as great as we all want it to be, but always getting better overall) and it was the recovery efforts from the depression-state around 2008 and putting the country on the right track going forward

There's no way to prove that the alternative (doing nothing) wouldn't have also provided the same results. You can check the employed to population ratio as well. It's still not the same pre recession.

You're forgetting that the economy has been supported with zero to near zero interest rates and three QE rounds from the federal reserve which send false demand signals to corporations. We'll see what happens when the federal reserve starts increasing the rate.
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Old 09-29-2017, 01:36 AM   #34
r15mohd
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Default Re: Trumps tax reform plan

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Originally Posted by Hawker
There's no way to prove that the alternative (doing nothing) wouldn't have also provided the same results. You can check the employed to population ratio as well. It's still not the same pre recession.

You're forgetting that the economy has been supported with zero to near zero interest rates and three QE rounds from the federal reserve which send false demand signals to corporations. We'll see what happens when the federal reserve starts increasing the rate.


uhh yeah there is , remember 2008 when the economy took a sh!t - well think that scenario and amplify it times 1000. doing nothing and remaining with the cuts was driving the country to the brink of basic extinction and likely some foreign entity (the european union possibly) owning the USA outright without any resistance.
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Old 09-29-2017, 02:05 AM   #35
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Default Re: Trumps tax reform plan

Quote:
Originally Posted by r15mohd
uhh yeah there is , remember 2008 when the economy took a sh!t - well think that scenario and amplify it times 1000. doing nothing and remaining with the cuts was driving the country to the brink of basic extinction and likely some foreign entity (the european union possibly) owning the USA outright without any resistance.

You did nothing to prove it and we can't because we'd have to have a time machine to do that.
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Old 09-29-2017, 03:58 AM   #36
bladefd
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Default Re: Trumps tax reform plan

Quote:
Originally Posted by Hawker
Do you understand how a job is created?

It is essentially trickle down economics. You know what has happened whenever these sorts of practices have been implemented? People at the top take the savings and pocket them. That's it. It seldom works itself down to the folks at the bottom.. Most of the savings are pocketed and passed into overseas banks through loopholes.

I know Trump uses these loopholes just like Hillary Clinton and much of Congress. Why isn't Trump fighting to get rid of the loopholes that continue to be exploited? You want to help the middle class? Close those loopholes costing billions upon billions of tax dollars each year. Trump was talking all about stopping that during campaign but where is all that now? You Trump boys are being played and trampled over by Trump without you even realizing what's happening.
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Old 09-29-2017, 04:12 AM   #37
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Default Re: Trumps tax reform plan

By the way, I don't want to raise corporate taxes, I just want to enforce them. Hell, drop them to 25%, but I want every company paying their 25%.. None of these 0% taxes through loophole exploitation by companies like Apple, Google (Trump’s companies use same loopholes).
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Old 09-29-2017, 09:07 AM   #38
UK2K
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Default Re: Trumps tax reform plan

Quote:
Originally Posted by Cleverness
op sounds about right

we don't know a whole lot right now because we don't know the actual income brackets

that being said

it appears the losers are the 100k-200k/yr (filing single) earners who live in states w/ high income tax. everyone else "wins"

Not me.

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Old 09-29-2017, 09:20 AM   #39
tpols
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Default Re: Trumps tax reform plan

Quote:
Originally Posted by UK2K
Not me.



Yup...Kentucky is one of the most federally dependant states in the country. They take way more federal taxpayer dollars than they contribute, unfortunately. Free loaders...





Now that I look at it... ALL the biggest federal deficit runners are down south red states..who woulda thunk it?
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Old 09-29-2017, 09:22 AM   #40
fiddy
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Default Re: Trumps tax reform plan

wtf California
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Old 09-29-2017, 09:29 AM   #41
kurple
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Default Re: Trumps tax reform plan

Quote:
Originally Posted by Ben Simmons
It's not bad. The idea that it's gonna stimulate enough growth to cover the loss of revenue is delusional and everyone knows it.

However, we really need to reduce taxes in general and it's a start. But they also have to reduce spending.
America gonna be in so much dept they will implode like the Roman empire
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Old 09-29-2017, 11:00 AM   #42
UK2K
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Default Re: Trumps tax reform plan

Quote:
- Growth by cutting. Trump wants to cut the business tax rate with the theory that businesses will then spend the extra cash expanding and hiring here in the U-S-of-A.

- Subtraction by addition. Plan is to raise the bottom tax rate but double the standard deduction. In English this means many more folks will pay no tax. Nice. It’d be a tax cut for the middle class. Nice.

- Cuts for the top. The plan also calls for cutting the income tax brackets from 7 (current) to 3 and decreasing the top’s rate from 39.6% (current) to 35%.

Yes this means tax cuts for wealthy people.

- Cost. This will cost the government about $5.8 trillion. How we going to pay for that?

(who cares just give us the money)

But no, really, there’s a loose proposal to afford it by closing some other tax breaks and some programs benefiting the middle class. Whatever. Haven’t quite ironed that part out yet.

- Ultimately. You’re going to see lots of different headlines. Some focusing on the fact that Trump himself will save millions with this plan; others acting like Trump is making the middle class rich.

I think the folks at Axios do a good job of diligently yet concisely reporting, so here’s a few things they wrote that stuck out to me:

“they can accurately call it a tax cut for the middle class as well as for the wealthy”

“Trump can accurately argue that many more low income earners would pay no tax under his plan”

The gist.
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