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

[fskimospy]

I am fiscally conservative, why would I complain about that?

By all means tell us how the $1.4 trillion debt bill is a victory for fiscal conservatism.

 

[fskimospy]

Given the substantial student loan market and its easy money availability along with the cultural push for everyone to go to college there is no market pressure for universities to increase compensation rates.

Also, I’m not sure how making science degrees more expensive is a good thing for America.

 

[OutHouse]

By all means tell us how the $1.4 trillion debt bill is a victory for fiscal conservatism.

first, i did not say it was victory, stop putting words i my mouth.

second, i dont give a fuck about that, you democrats have not for decades so why should i?

it was just a number then as it is now. lol it just does not matter anymore.

 

[K1052]

first, i did not say it was victory, stop putting words i my mouth.

second, i dont give a fuck about that, you democrats have not for decades so why should i?

it was just a number then as it is now. lol it just does not matter anymore.

How would you describe your "fiscal conservatism" if deficits/debt don't matter?

 

[Engineer]

first, i did not say it was victory, stop putting words i my mouth.

second, i dont give a fuck about that, you democrats have not for decades so why should i?

it was just a number then as it is now. lol it just does not matter anymore.

Then you're not fiscally conservative.

By the way, the GOP has cared less about the deficit than Dems for the last few decades.....except when a Dem is in office that is.

 

[Engineer]

D/P

 

[Jhhnn]

How would you describe your "fiscal conservatism" if deficits/debt don't matter?

Deficits stemming from tax cuts for the Rich are good. Deficits stemming from any benefits accrued to the non-Rich are bad.

Deficits don't matter, anyway, except when Dems are in charge. See above for the explanation.

 

[Puffnstuff]

From what I can tell if Hitler were running instead of Moore they'd choose him over the Democrat.

 

[fskimospy]

first, i did not say it was victory, stop putting words i my mouth.

second, i dont give a fuck about that, you democrats have not for decades so why should i?

it was just a number then as it is now. lol it just does not matter anymore.

Great, so you aren’t actually a fiscal conservative. Stop claiming you are.

 

[OutHouse]

Then you're not fiscally conservative.

By the way, the GOP has cared less about the deficit than Dems for the last few decades.....except when a Dem is in office that is.

Great, so you aren’t actually a fiscal conservative. Stop claiming you are.

lol you toads are so easily triggered. you think you smell blood in the water.... when i said i was fiscally conservative i meant me and my personal finances.

lol never a dull moment

 

[brycejones]

lol you toads are so easily triggered. when i said i was fiscally conservative i meant me and my personal finances.

lol never a dull moment

You need to spin faster

 

[Engineer]

lol you toads are so easily triggered. you think you smell blood in the water.... when i said i was fiscally conservative i meant me and my personal finances.

lol never a dull moment

Only thing I can smell (and see) is a turd.

 

[repoman0]

when i said i was fiscally conservative i meant me and my personal finances.

"who, me?"

 

[Bitek]

You are? 1.5 trillion in new debt from this deal.

On top of our current $800B/yr deficits we'll run.

No money for roads.

No more money for the elderly.

No more money for defence.

No money for NASA, national parks, research and science.

Just buckets of borrowed money to handover to Trump's kids while everything else in America goes shitty.

 

[JSt0rm]

On top of our current $800B/yr deficits we'll run.

No money for roads.

No more money for the elderly.

No more money for defence.

No money for NASA, national parks, research and science.

Just buckets of borrowed money to handover to Trump's kids while everything else in America goes shitty.

We will be 3rd world. Slowly.

 

[fskimospy]

lol you toads are so easily triggered. you think you smell blood in the water.... when i said i was fiscally conservative i meant me and my personal finances.

lol never a dull moment

Nope, we just thought you meant balanced budgets. Instead you apparently meant some culture war where if we were ‘triggered’ mattered.

 

[theeedude]

There is no constituency for these tax cuts except for GOP donors. They will be repealed as soon as GOP loses grip on power.

 

[sandorski]

Not sure if posted yet, but...

 

[darkswordsman17]

On top of our current $800B/yr deficits we'll run.

No money for roads.

No more money for the elderly.

No more money for defence.

No money for NASA, national parks, research and science.

Just buckets of borrowed money to handover to Trump's kids while everything else in America goes shitty.

Oh, defense will be the last to go, but it'll be the most devastating. Republicans will fabricate more lies to try and go to war to deflect from their fuckups, but then they'll struggle to fund it after all the countries decide that owning debt of a country that has no plan for actually paying it back (other than borrowing more money while they slowly shred their economy and the wealthy and corporations hide their money elsewhere) is not a smart fiscal move, and cuts us off, making it so we can't even wage war.

 

[Puffnstuff]

The GOP doesn't care about the end result unless it is them holding onto all the power and wealth in this country.

 

[Engineer]

What's more concerning is that our debt is now larger than our GDP and growing. I could at least understand if your economy is growing as fast or a little faster than your debt in that your income would grow fast enough to pay for it all but in this case, we're taking a pay cut with no guarantee that the economy is going to benefit.

T-Rump and the GOP say that the economy is stuck and needs a push and yet the Fed is building a case that the economy is too hot and needs a rate hike (or 2) to slow it down.

I guess as long as the share holder class get the most, there won't be much to worry about on the economy overheating....maybe Wall Street but definitely not Main Street. The 'trickle' will never make it down below the penthouse.

 

[fskimospy]

What's more concerning is that our debt is now larger than our GDP and growing. I could at least understand if your economy is growing as fast or a little faster than your debt in that your income would grow fast enough to pay for it all but in this case, we're taking a pay cut with no guarantee that the economy is going to benefit.

T-Rump and the GOP say that the economy is stuck and needs a push and yet the Fed is building a case that the economy is too hot and needs a rate hike (or 2) to slow it down.

I guess as long as the share holder class get the most, there won't be much to worry about on the economy overheating....maybe Wall Street but definitely not Main Street. The 'trickle' will never make it down below the penthouse.

They are simultaneously saying the economy is great and that it needs fiscal stimulus, which makes no sense. The Fed will likely respond with further rate hikes and these, combined with the damage to the housing market from this bill, will likely offset whatever growth effects this might have had.

There is no competent person I am aware of that thinks this bill is a good idea. It’s just throwing big sacks of cash at rich people for no reason.

 

[bshole]

They are simultaneously saying the economy is great and that it needs fiscal stimulus, which makes no sense. The Fed will likely respond with further rate hikes and these, combined with the damage to the housing market from this bill, will likely offset whatever growth effects this might have had.

There is no competent person I am aware of that thinks this bill is a good idea. It’s just throwing big sacks of cash at rich people for no reason.

And yet every Republican I talk to is for the tax plan. I know many at work (and they are intelligent engineers) who are for this. It is completely inexplicable. You will notice that Doc never actually defended the plan with evidence (he has none of course) but he remains positive towards it.

Is it simply partisanship?

 

[K1052]

What's going to happen if the plan passes:

Major companies including Cisco Systems Inc., Pfizer Inc. and Coca-Cola Co. say they’ll turn over most gains from proposed corporate tax cuts to their shareholders, undercutting President Donald Trump’s promise that his plan will create jobs and boost wages for the middle class.

The president has held fast to his pledge even as top executives’ comments have run counter to it for months. Instead of hiring more workers or raising their pay, many companies say they’ll first increase dividends or buy back their own shares.

Robert Bradway, chief executive of Amgen Inc., said in an Oct. 25 earnings call that the company has been “actively returning capital in the form of growing dividend and buyback and I’d expect us to continue that.” Executives including Coca-Cola CEO James Quincey, Pfizer Chief Financial Officer Frank D’Amelio and Cisco CFO Kelly Kramer have recently made similar statements.

“We’ll be able to get much more aggressive on the share buyback” after a tax cut, Kramer said in a Nov. 16 interview.

https://www.bloomberg.com/news/arti...ses-undercut-by-ceo-plans-to-reward-investors

The vast majority that corporations save on taxes and the funds they move back under the repatriation scheme will be paid to shareholders one way or another. Not paid out in higher wages, not spent to hire people, not spent to build more factories, not spent on R&D. If anything a tidal wave of cash hitting corporations could trigger a wave of acquisitions that will eliminate redundancy (jobs) to return yet more money to shareholders.

If you don't own a big pile of equities this thing is going to fuck you in the ass.

 

[fskimospy]

And yet every Republican I talk to is for the tax plan. I know many at work (and they are intelligent engineers) who are for this. It is completely inexplicable. You will notice that Doc never actually defended the plan with evidence (he has none of course) but he remains positive towards it.

Is it simply partisanship?

Yes. Unless you are rich there is no logical reason to be in favor of this plan. If you ask them what there is about it that they like I imagine they will give similarly nonsensical answers.