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Analysis of Trump''s Tax Plan
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Rockydonovang
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Analysis of Trump''s Tax Plan

Old Post Dec 16th, 2017 04:24 PM
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DarthSkywalker0
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Before I being debunking this article, there are a few critical things to note FiveThirtyEight should not be your source in regards to tax plan analyses. The most accurate and reputable source is the Tax Foundation. So, I will be referring to their findings repeatedly throughout this debunk. I also want to make clear that the rest of the tax cuts are terrible. The corporate cuts are the only good part of this plan. So FiveThirtyEight beings talking about the effective corporate tax rate,

quote:
But thanks to a bevy of deductions, few American corporations actually pay 39 or even 35 percent. Estimates vary, but Kent Smetters, the Wharton School professor who runs the Penn Wharton Budget Model, said in an interview that he reckons the average effective rate that U.S. corporations pay is around 22 percent. That could explain the lack of enthusiasm that Cohn saw at the Journal event.


What this fails to note is that corporations are paying a lot more tax than taxes they write to the government treasury. Obama's IRS estimated that corporations and subsequent partnership are paying over 100 billion dollars to comply with business tax laws. Those taxes include their costs of recording, keeping and hiring paid tax professionals. The compliance costs are a result of all of the myriad deductions that corporations that government has laid out for corporations. The main problem, of course, is the lack of productivity in the economy as investors are forced to invest in tax-friendly activities rather than productive enterprise. The housing sector has had their returns depressed severely due to the incentive to invest in tax-free enterprise. The graph shows the hidden tax that is levied by tax-evasion. This is why the market has reacted so strongly to the cuts.
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As the economist Casey Mulligan notes,

quote:
If nobody adjusted their investment plans, the tax-favored activities would be a great deal — they would earn the amount up to the dashed line and owe no tax. But there is no free lunch. The tax favors induce investors to engage more in those activities.


The article continues prattling on about effective tax rates, but that should be handled in the first part of my response. The article now states that corporations would not invest their profits in new labor and would simply save the money earned.

quote:
There is academic support for the view that reducing corporate taxes could trigger job and wage growth. But in the real world, it seems unlikely that banks would use their tax cut to go on a hiring spree, as they have reduced their headcounts over the past decade. They might instead choose to take those billions and do more lending. Or they might give most of it back to their investors.

Bank of America chief executive officer Brian Moynihan, for one, noted in his letter to shareholders this year that the company had raised its minimum wage to $15 an hour. But his priority clearly was to use profits to repurchase the shares the company issued when it needed money to survive the financial crisis. “We need to continue to reduce the number of shares outstanding,” Moynihan said. “This is essential if we want our stock price to exceed the record highs we have achieved.”


Repurchase shares to give shareholders money so those shareholders invest in new businesses to stimulate the economy. That is how this works. The rest of the article is pretty debunked by the same logic. Now let's run over the numbers provided by the Tax Foundation. They concluded the corporate cuts in conjunction with the other minor changes in corporate tax policy will lead to 3.3% change with GDP.

Old Post Dec 16th, 2017 07:28 PM
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DarthSkywalker0
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The image didn't work my bad.

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Old Post Dec 16th, 2017 07:55 PM
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Raisen
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Best tax plan ever


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Old Post Dec 16th, 2017 11:31 PM
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Flyattractor
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A Califunnian would know, cause they Love to pay the Taxes in that State.


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Old Post Dec 16th, 2017 11:54 PM
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DarthSkywalker0
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quote: (post)
Originally posted by Raisen
Best tax plan ever


Nope...

Old Post Dec 16th, 2017 11:55 PM
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Nephthys
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Skip to about 4 minutes in, the host asks the guy to name ONE loophole this is eliminating for corporations and he can't. Eventually he just flat out admits "the point is for corporations to pay less." This tax plan is a naked hand out to corporations and the Republican parties top donors. They don't care how unpopular it is (30% approval, lower even than Trumps), they're prepared to sell out the American people to their donors.


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Last edited by Nephthys on Dec 17th, 2017 at 12:12 AM

Old Post Dec 17th, 2017 12:09 AM
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Raisen
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Little bit of sarcasm you dry mother phuckers


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Old Post Dec 17th, 2017 12:10 AM
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Raisen
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quote: (post)
Originally posted by Flyattractor
A Califunnian would know, cause they Love to pay the Taxes in that State.


What state are you in


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Old Post Dec 17th, 2017 12:12 AM
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Flyattractor
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Congested and with a fever.


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Old Post Dec 17th, 2017 05:09 AM
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Rockydonovang
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quote: (post)
Originally posted by Nephthys



Skip to about 4 minutes in, the host asks the guy to name ONE loophole this is eliminating for corporations and he can't. Eventually he just flat out admits "the point is for corporations to pay less." This tax plan is a naked hand out to corporations and the Republican parties top donors. They don't care how unpopular it is (30% approval, lower even than Trumps), they're prepared to sell out the American people to their donors.

Gotta love how the video starts with the senator blatantly lying about what studies have said and lying again about our corporate tax rate in the same sentence.

Old Post Dec 17th, 2017 05:11 PM
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Robtard
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If Corp taxes go down by 14%, that's going to leave a hole that needs to be filled, as the government runs on money. The middle-class will be the ones to mostly refill that hole, likely along with the cutting back of social programs, medicare, medicaid, social security. Which is essentially stealing money, as people pay into [some of] those programs.

Wouldn't be surprised if we're in another recession/crash in 2-3 years, after the bill passes. #maga


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Old Post Dec 18th, 2017 05:03 PM
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Emperordmb
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Here's an idea... why not cut government spending? Why does this not cross the minds of people complaining about the deficit in Trump's tax plan? Stop pouring inordinate amounts of money into entitlement programs.

Edit: Not social security though since people have paid into it


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Last edited by Emperordmb on Dec 18th, 2017 at 05:50 PM

Old Post Dec 18th, 2017 05:46 PM
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Robtard
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quote: (post)
Originally posted by Emperordmb
Here's an idea... why not cut government spending? Why does this not cross the minds of people complaining about the deficit in Trump's tax plan? Stop pouring inordinate amounts of money into entitlement programs.

Edit: Not social security though since people have paid into it


Such as? The military? Or?


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Old Post Dec 18th, 2017 06:01 PM
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DarthSkywalker0
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quote: (post)
Originally posted by Robtard
Such as? The military? Or?


The spending on the military is significantly less than the spending on social programs. You seem to be conflating discretionary spending with mandatory spending. You have to take an aggregate of the two to find the total fiscal bill.

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But, what we are also forgetting is the fiscal gap created by social programs. To ascertain this fiscal gap, we must simply look to the work done by Laurence Kotlikoff. The fiscal gap is $210 trillion according to Congressional Budget Office's July 2014 Alternative Fiscal Scenario extended on an infinite horizon. This method is endorsed by 17 Nobel Laureates in economics and over 1200 Ph.D. economists from MIT, Harvard, Stanford, Chicago, Berkeley, Yale, Columbia, Penn, and lesser known universities and colleges around the country. Medicare, Medicaid, and social security are going to continue racking up debt every year.

Old Post Dec 18th, 2017 06:16 PM
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Emperordmb
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Bu-bu-but Repulicans are driving up the debt! People not wanting to cram money into entitlement programs are just a bunch of selfish rich pricks... right? I mean it's not like anything objectively bad could come out of this much government spending.


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Old Post Dec 18th, 2017 06:24 PM
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DarthSkywalker0
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quote: (post)
Originally posted by Emperordmb
Bu-bu-but Repulicans are driving up the debt! People not wanting to cram money into entitlement programs are just a bunch of selfish rich pricks... right? I mean it's not like anything objectively bad could come out of this much government spending.


They would have a point if the policies were actually effective.

Old Post Dec 18th, 2017 06:25 PM
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Kurk
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Tax is theft


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Old Post Dec 18th, 2017 06:58 PM
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Robtard
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quote: (post)
Originally posted by DarthSkywalker0
The spending on the military is significantly less than the spending on social programs. You seem to be conflating discretionary spending with mandatory spending. You have to take an aggregate of the two to find the total fiscal bill.

[IMG]https://lh3.googleusercontent.com/-KY3YqFOTgT0/WjgGP8zCHfI/AAAAAAAAEBQ/Agf-swXNpqYaXE_5bh-P9Wgg23MISKXPQCL0BGAYYCw/h819/2017-12-18.png[/IMG

But, what we are also forgetting is the fiscal gap created by social programs. To ascertain this fiscal gap, we must simply look to the work done by Laurence Kotlikoff. The fiscal gap is $210 trillion according to Congressional Budget Office's July 2014 Alternative Fiscal Scenario extended on an infinite horizon. This method is endorsed by 17 Nobel Laureates in economics and over 1200 Ph.D. economists from MIT, Harvard, Stanford, Chicago, Berkeley, Yale, Columbia, Penn, and lesser known universities and colleges around the country. Medicare, Medicaid, and social security are going to continue racking up debt every year.


I considering healthcare and social security "mandatory spending", cos people need to live and they're entitled to their own money.


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Old Post Dec 18th, 2017 07:05 PM
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quote: (post)
Originally posted by Emperordmb
Bu-bu-but Repulicans are driving up the debt! People not wanting to cram money into entitlement programs are just a bunch of selfish rich pricks... right? I mean it's not like anything objectively bad could come out of this much government spending.


Tell me again how you're a Democrat?

What exactly do you consider an "entitlement program"?


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Old Post Dec 18th, 2017 07:06 PM
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