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Trump Tax "Hoax" Would Blow $5 Trillion Hole In Budget Over Next Decade: Analysis


#1

Trump Tax "Hoax" Would Blow $5 Trillion Hole In Budget Over Next Decade: Analysis

Jon Queally, staff writer

Trumpcare may be dead again (for a while at least) on Tuesday, but Republicans now want to get serious about what they call "tax reform," but which critics are resolute in saying is just a major push to give the nation's corporation and wealthiest individuals another massive giveaway they don't need and certainly don't deserve.


#2

R’Con/1% tax “reform” hoax/scam (“re-formed” to give the wealthiest individuals corporations & execs, banker/wall street usurers and “defense” industry swine even more advantages, tax cuts and “legal” evasions - The only 'trickle-down" will be from them pissing down our backs & telling us its raining!

https://web.stanford.edu/class/polisci120a/immigration/Federal%20Tax%20Brackets.pdf

We need to get back to true progressive tax brackets more in the range of 1950 thru 19’60! In the neighborhood of 90% for the highest earners! Add ending loopholes and other offshore evasions and we will have the cash to fund health care, education, mass transit, etc, etc…and slow the subversion of our republic and politics by big-money


#3

Democrats are corrupt, Republicans are evil and corrupt, and more comfortable with stealing everything in sight …


#4

Still waiting to hear the argument infavor of tax cuts… I won’t be holding my breath.


#5

The tax rates of the 50’s were left over from WWII and were in place when American industry was booming as a result of the competition having been destroyed in the war. First eliminate the tax loopholes and offshore evasion techniques and see where we stand with current rates. Adjust the rates only after you have eliminated the loopholes and thrown all of the illegal tax avoiders in prison.


#6

I highly doubt that the majority of Trump voters are favoring tax cuts for the wealthy.


#7

Remember that reforming the tax system demands major revisions to transparency, accountability and the political fraud usually referred to as congress and the senate.
There is no tax reform without an enforceable regulation of the decepticons that will put an end to their reign and put any further attempts to replicate same in prison.
Place tax reform in the context of a true democracy - not the prevailing corporate, authoritarian governance.


#8

What trade we did have was balanced because of meaningful tariffs and quotas both before the war and for the 3 decades after it…the fact that many countries were bombed out had nothing to do with the good growth from 1950 to 1975.


#9

I hope “Republican tax reform” fails because America protests long and loudly.


#10

They are relying of the knee jerk reaction of Americans to the term tax cuts. They pulled the wool over the eyes of GOP voters for decades. I don’t see how this time will be any different.


#11

Maybe. I may be wrong, but it seems that Americans are much more aware of what the government is doing because Trump has called blaring attention to it.


#12

The ruling elites cannot understand (or refuse to acknowledge) what the “commoners” are experiencing under the crushing weight of neo-liberalism. The ruling elites are forcing a literal physical class war that hasn’t been seen in the USA since the early 20th century.


#13

The rich people and their GOP representatives in congress have in the past 20 years especially used gimmicks like austerity, repealing the inheritance tax, changed the AMT (alternative minimum tax) and other tax cuts for the rich.

These tax cuts are all designed to transfer the burden of taxation to the low income working class. Below i have put reports of the Congressional Budget Office under W. Bush that states clearly that the tax breaks end up adding to the deficit.
After the tax law passage the GOP then argues that the deficit is out of control and that we must cut services etc…thus the game continues.

Read on Wikipedia:
The non-partisan Congressional Budget Office has consistently reported that the Bush tax cuts did not pay for themselves and represented a sizable decline in revenue for the Treasury:
The CBO estimated in June 2012 that the Bush tax cuts of 2001 (EGTRRA) and 2003 (JGTRRA) added approximately $1.5 trillion total to the debt over the 2002-2011 decade, excluding interest.[2]
The CBO estimated in January 2009 that the Bush tax cuts would add approximately $3.0 trillion to the debt over the 2010-2019 decade if fully extended at all income levels, including interest.[3]
The CBO estimated in January 2009 that extending the Bush tax cuts at all income levels over the 2011-2019 period would increase the annual deficit by an average of 1.7% GDP, reaching 2.0% GDP in 2018 and 2019.[3]


#14

Total sham!!! Reagan all over again!


#15

Really? How does that work?

According to the IRS for 2014, the top 10% paid 70.88% of taxes paid while the entire bottom 50% paid 2.5% of taxes paid. The rest was paid by the top 5% and 1%.

The top 10% paid a total of $974,124,000,000 while the entire bottom 50% paid $37,740,000,000.

How does the current GOP proposal change that?
I’m not disputing the assumption, after all, Congress is completely corrupt.
I’d just like to see the numbers.


#16

We need to un-invent the coin and the dollar bill which allows the
buying of corrupt power …

and acknowledge and stop the violence which secures that corrupt hold on power.


#17

How can this be framed simply? Trickle down has not worked for 40 years but they spout the same lies. How come there people believe it.

Media consolidation, media monopolies who benefit from these tax cuts. Faux news “Brainwashing My Dad” movie. The heck with Russian influence, we’ve been lied to over and over again but if it is the Russian scandal that will bring this down? Bet not, repugs always frame things that get repeated and repeated and repeated.

Where have dems been?


#18

Yeah really, shit if what you are saying were true then why is it that the top 10% fat cats are against a 10% flat tax???
Let me tell you why, it’s because opportunistic corporations and individuals like GE, Bank of America, Boeing, Apple, Chevron oil and Wells Fargo not only didn’t pay a dime some of them received tax credits. And if we count the wealthy people’s put away cash in Swiss banks, Barbados, and the Bahama, Jersey Island’s phony accounts.
Read below investigative report:


#19

Exactly as planned. Then, they can say “deficit!! deficit! We must cut social programs, they are causing the deficit!!”

Works like a charm!


#20

Please expand on that. Are you suggesting a state of being based on direct barter and/or gifting?