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Old 09-27-2017, 03:07 PM
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GOP Tax plan could cost $2.2 trillion

The GOP’s outline for tax reform could cost the country $2.2 trillion in lost revenues over a decade, according to a preliminary study by the Committee for a Responsible Federal Budget (CRFB), a fiscally conservative advocacy group.

“These numbers come with a high degree of uncertainty and exclude a number of potential offsets where no details exist. But it is clear that much more work needs to be done to ensure tax reform is fiscally responsible,” the group said in its study.


Senate Republicans are allowing themselves up to $1.5 trillion in deficit-financed tax cuts to pass tax reform. If the CRFB’s estimates are correct, they will need to find billions more in revenues to pass the bill according to standards they set for themselves.

The study found that tax cuts in the plan amounted to roughly $5.8 trillion over a decade. New revenues in the form of “base broadening” would bring the overall cost down to $2.2 trillion.

Other aspects of the plan could add even more to the cost.

“Given that it calls for only five years of expensing rather than permanent – a major budget gimmick – it also potentially sets the stage for an extenders package of over $1 trillion when expensing expires,” the study said.

Republicans say that increased economic growth and using a different baseline to measure the costs will help cover most, if not all of their deficit.
http://thehill.com/policy/finance/35...trillion-study

Oh boy, even more Ray-Gun-omics

How can I be broke, I have checks left.
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Old 09-27-2017, 03:45 PM
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GOP Tax plan could cost $2.2 trillion

Somehow that statement bolded in the above post does not reassure me at all. 😟
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Old 09-27-2017, 04:01 PM
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Yup, that is my favorite part. Nothing like another financial meltdown from deregulation could possibly occur. Or another tornado, or another manufactured war.
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Old 09-27-2017, 08:02 PM
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Ah, so the tax rate for Corporations is cut to 20% and foreign sold goods are not taxed anymore. Looks like repeal the estate tax and the capital gains tax. Raise taxes on the working poor,etc.



What a bunch of horses**t:

WH Budget proposal link

Tax Reform and Simplification
. We must reduce the tax burden on American workers and
businesses, so that we can maximize incomes and economic growth. We must also simplify our
tax system, so that individuals and businesses do not waste countless hours and resources simply
paying their taxes.

Immigration Reform
. We must reform immigration policy so that it serves our national interest.
We will adopt commonsense proposals that protect American workers, reduce burdens on taxpayers
and public resources, and focus Federal funds on underserved and disadvantaged citizens.

Reductions in Federal Spending
. We must scrutinize every dollar the Federal Government
spends. Just as families decide how to manage limited budgets, we must ensure the Federal
Government spends precious taxpayer dollars only on our highest national priorities, and always in
the most efficient, effective manner.
Regulatory Rollback

. We must eliminate every outdated, unnecessary, or ineffective Federal
regulation, and move aggressively to build regulatory frameworks that stimulate—rather thstagnate—job creation. Even for those regulations we must leave in place, we must strike every
provision that is counterproductive, ineffective, or outdated.

American Energy Development
. We must increase development of America’s energy resources,
strengthening our national security, lowering the price of electricity and transportation fuels, and
driving down the cost of consumer goods so that every American individual and business has more
money to save and invest. A consistent, long-term supply of lower-cost American energy brings with
it a much larger economy, more jobs, and greater security for the American people.

Welfare Reform
. We must reform our welfare system so that it does not discourage able-bodied
adults from working, which takes away scarce resources from those in real need. Work must be the
center of our social policy.

Education Reform
. We need to return decisions regarding education back to the State and local
levels, while advancing opportunities for parents and students to choose, from all available options, the school that best fits their needs to learn and succeed
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Old 09-28-2017, 04:40 PM
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This is a Tax plan, let's not even be stupid enough to call it a reform, a plan for Trump and his ilk cobbled together in secret by the GOP. Here is a summary on WaPo.
Quote:
This much is clear: The tax “framework” published by Republican leaders on Wednesday would greatly increase the federal deficit, would not turbocharge economic growth and could leave many middle-class families worse off by ending deductions they rely on. It would do little or nothing to improve the lot of the working class, a group President Trump says he is fighting for. It would instead provide a windfall to hedge fund managers, corporate executives, real estate developers and other members of the 1 percent. And can it be just a happy coincidence that Mr. Trump and his family would benefit “bigly” from this plan?
https://www.nytimes.com/2017/09/27/o...ft-region&_r=0
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Old 09-28-2017, 05:49 PM
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Funny how our friends on the right side of the aisle aren't screeching about blowing a hole in the deficit big enough to drive an aircraft carrier through.

Fecking hypocrites.
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Old 09-28-2017, 06:41 PM
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Quote:
House Speaker Paul D. Ryan (R-Wis.) on Sept. 27 said congressional Republicans want to revise the tax code to make it “pro-growth and pro-family.” (Reuters)

House Speaker Paul Ryan’s (R-Wis.) statement today about the tax plan would be hysterically funny if we weren’t talking about the future of the United States’ economy and politics. With his best game face, he proclaimed, “We made sure we’re on the same page … [and] we made sure we did the hard lifting and the tough work ahead of rollout.”

The latter is false, and the former is ridiculous (if we presume he means being on the same page with the White House).

The Republicans avoided all the hard lifting and tough work because they have no way of packaging, selling and passing a bill that benefits the rich, leaves a gaping revenue hole and may actually raise taxes — even Gary Cohn admitted as such — for some middle-class people. They therefore don’t seem to have figured out where the income cutoffs for the brackets go, which deductions to eliminate, whether to put in another higher bracket, how to pay for this or really any other hard issue. They either don’t know how or don’t think the public will buy it.
I love this description, "pro-growth & pro-family". This sounds so stupid that we all can laugh at it.

https://www.washingtonpost.com/blogs...=.f9d0d3088975
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Old 09-28-2017, 07:53 PM
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A rule of thumb on GOP tax proposals: The more growth they promise, the worse their plan probably is. Why? Because the promise of bonkers growth usually means the politicians need that bonkers growth to paper over the ginormous deficits sure to follow — in the real world, under more realistic assumptions.

If you promise that your policy will “pay for itself” through faster economic growth, you must commit — in advance — to cutting the programs you love most if that growth doesn’t materialize.

For Republicans, that means writing language into their tax bill lopping trillions off defense spending. Hey, if they truly believe their plan won’t cost a dime, surely there’s no risk to our national security.


https://www.washingtonpost.com/opini...efa_story.html
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Old 09-29-2017, 08:14 AM
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The GOP's plan all along. Bankrupt the country thereby forcing no choice in cutting programs!



Barney
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Old 09-30-2017, 01:35 AM
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'If at first you don't succeed? Fuck it, change the rules'

"Buried in the fine print of the newly released Senate Republican budget language making it much easier to rush a tax cut through Congress.


The budget would erase a Senate rule requiring a full Congressional Budget Office estimate of the cost of the legislation at least 28 hours before a vote. It would get rid of a provision that required a Senate budget reconciliation bill to reduce the deficit by at least as much as a House reconciliation bill. That language caused headaches for Republicans during their failed Obamacare repeal effort." Bloomberg

https://www.bloomberg.com/news/artic...h-u-s-congress
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Last edited by bobabode; 09-30-2017 at 01:40 AM.
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