CBO analysis of new tax bill, $100k+ earner gets big cuts, poorer earner will tax more after bill

[fskimospy]

We already went over this and it absolutely is true.

The number you requested I am capable of aggregating but the proof is in the infrastructure to the extent that it basic common sense.

Geography absolutely plays into why and where the federal government chooses to build that infrastructure.

You are not going to build a Pacific Ocean trade port capability in Alabama.

Well if it's absolutely true and common sense then we are all eagerly awaiting the results. Don't forget to include aggregate tax receipts as well so we can see if the investment was disproportionate.

 

[K1052]

JCT just pooped out their dynamic score, $458B of revenue vs $1.4T of static cost.

Deficit hawks prob not motivated to move off demanding a revenue trigger.

 

[fskimospy]

JCT just pooped out their dynamic score, $458B of revenue vs $1.4T of static cost.

Deficit hawks prob not going to move off demanding a revenue trigger.

That makes a bad bill even worse. What that means is that they are almost explicitly committing to a tax strategy where we cut taxes during good economic times and raise them during bad economic times. It's literally the polar opposite of economic sense.

It's hard to escape the conclusion that none of them have any idea what they are doing.

 

[Jhhnn]

We already went over this and it absolutely is true.

The number you requested I am capable of aggregating but the proof is in the infrastructure to the extent that it basic common sense.

Geography absolutely plays into why and where the federal government chooses to build that infrastructure.

You are not going to build a Pacific Ocean trade port capability in Alabama.

We already did that in Houston... Savannah... Charleston... Virginia...

http://www.inboundlogistics.com/cms/article/top-10-us-container-ports/

Mobile has an excellent & busy deep water port, anyway-

https://en.wikipedia.org/wiki/Port_of_Mobile

 

[Jhhnn]

That makes a bad bill even worse. What that means is that they are almost explicitly committing to a tax strategy where we cut taxes during good economic times and raise them during bad economic times. It's literally the polar opposite of economic sense.

It's hard to escape the conclusion that none of them have any idea what they are doing.

It's great for the financial elite because they profit from market movement up or down.

 

[K1052]

That makes a bad bill even worse. What that means is that they are almost explicitly committing to a tax strategy where we cut taxes during good economic times and raise them during bad economic times. It's literally the polar opposite of economic sense.

It's hard to escape the conclusion that none of them have any idea what they are doing.

Yes, they have no idea and don't seem to care.

 

[K1052]

It really would be best if this whole thing collapsed and they just passed some moderate debt financed corporate cuts that run out after 10 years. Just leave everything else alone lest haste and incompetence lay waste to a big chunk of America.

 

[Jhhnn]

It really would be best if this whole thing collapsed and they just passed some moderate debt financed corporate cuts that run out after 10 years. Just leave everything else alone lest haste and incompetence lay waste to a big chunk of America.

Please. They won't stop now that they have the head in...

 

[Starbuck1975]

We already did that in Houston... Savannah... Charleston... Virginia...

http://www.inboundlogistics.com/cms/article/top-10-us-container-ports/

Mobile has an excellent & busy deep water port, anyway-

https://en.wikipedia.org/wiki/Port_of_Mobile

I am not sure how that changes the discussion. Most of the ports you listed are in states complaining the most about the tax imbalance, yet the entire west coast from LA up to Seattle benefit from federal investments as the gateway to Asia.

Similarly, given the shift of manufacturing to the southeast, Savannah and Charleston are emerging as increasingly important economic hubs, but will create more of an inbalance due to less diverse economies.

Virginia is the only surprising anomaly

 

[K1052]

That makes a bad bill even worse. What that means is that they are almost explicitly committing to a tax strategy where we cut taxes during good economic times and raise them during bad economic times. It's literally the polar opposite of economic sense.

It's hard to escape the conclusion that none of them have any idea what they are doing.

Based upon the little floor drama that just unfolded in the Senate it looks almost certain there will be fiscal triggers added by amendment before the bill passes and heads to reconciliation. Corker/Flake/Johnson I think probably just gave Mitch a small stroke.

Edit: word coming that a trigger won't work so they've decided to raise tax...somewhere...to offset

 

[Puffnstuff]

McCain voted no.

 

[K1052]

McCain voted no.

On the vote to send the bill back to committee, as expected

 

[fskimospy]

Based upon the little floor drama that just unfolded in the Senate it looks almost certain there will be fiscal triggers added by amendment before the bill passes and heads to reconciliation. Corker/Flake/Johnson I think probably just gave Mitch a small stroke.

So explicitly pro-cyclical fiscal policy. Amazing how these morons took a historically bad tax bill and found a way to make it worse. Our only hope now is that some future congress is smarter than these clowns.

 

[Puffnstuff]

On the vote to send the bill back to committee, as expected

Games people play as I see this as a giant shell game. They're going to shuffle things around and try to convince the public that its in their best interest to support the final version. All they're doing is forcing me to party line next time.

 

[K1052]

So explicitly pro-cyclical fiscal policy. Amazing how these morons took a historically bad tax bill and found a way to make it worse. Our only hope now is that some future congress is smarter than these clowns.

Apparently the parliamentarian shot down the fiscal trigger and the Republicans agreed instead on new taxes to offset the deficit. I am very curious as to where they're going to find 1T in new tax revenue.

 

[Jhhnn]

I am not sure how that changes the discussion. Most of the ports you listed are in states complaining the most about the tax imbalance, yet the entire west coast from LA up to Seattle benefit from federal investments as the gateway to Asia.

Similarly, given the shift of manufacturing to the southeast, Savannah and Charleston are emerging as increasingly important economic hubs, but will create more of an inbalance due to less diverse economies.

Virginia is the only surprising anomaly

Virginia, Alabama, Georgia & S Carolina are net beneficiaries of federal largess. Texas come out about even. They don't want to get less, just give less.

 

[Puffnstuff]

I am very curious as to where they're going to find 1T in new tax revenue.

From us poor working folks that's where.

 

[MomentsofSanity]

Apparently the parliamentarian shot down the fiscal trigger and the Republicans agreed instead on new taxes to offset the deficit. I am very curious as to where they're going to find 1T in new tax revenue.

Roll back all the proposed cuts? Just an idea.

 

[fskimospy]

Apparently the parliamentarian shot down the fiscal trigger and the Republicans agreed instead on new taxes to offset the deficit. I am very curious as to where they're going to find 1T in new tax revenue.

Bold prediction: they won’t find anywhere near that and will end up voting for it anyway.

 

[dainthomas]

Bold prediction: they won’t find anywhere near that and will end up voting for it anyway.

Or just tax the poors more (or find some more credits to get rid of). Anything to reward the donor class for their patronage.

 

[bradly1101]

Repackaged trickle down arguments are attractive to people who don't know better. A large portion of the country doesn't know better.

Yet it was only back in '99 that we had a balanced budget, and a surplus. One intelligent man spoke of a silly lock box. /s He barely lost. We saw trickle up economics in action. More money in low and middle class pockets means that the rich still get richer? How the memory fades...

 

[MomentsofSanity]

I'm still waiting to hear how this is all the democrats fault.

The GOP. We just can't govern.

 

[Engineer]

From us poor working folks that's where.

Broadening the base baby....broadening the base!

 

[K1052]

They’re talking in the hundreds of billions worth of automatic taxes. Details TBD. Maybe corporate rate.

I don’t think a lot of house members are going to love that.

 

[Jhhnn]

Broadening the base baby....broadening the base!

Dilating the orifice.