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Trump calls for dramatic tax cuts for individuals and businesses

Apparently this tax plan really benefits Trump himself, as he is removing the stuff that he's had to pay. I see the deficit rising to new and exciting heights. Apparently economists do not believe that economic growth will make up the loss, but who knows for sure.

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This policy I guess really relies on the 'trickle down' economics, whereby the rich gets a tax cut and spends more money and hopefully that benefits those who make less.


The problem to me is the rich sometimes don't spend nearly as much as the poor (they tend to save and invest instead). It's the less well off that tends to spend almost all of what they earn.


Tax cut to businesses is a nice to have, but how much of those are going into hiring more staff and expanding, and how much of those are going into owner's pockets? As a business owner if you get a tax cut do you hire the extra staff straight away, or do you use it to pay down your home mortgage?



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Cut taxes without reducing spending. How establishment of him.
 
Siro said:
Cut taxes without reducing spending. How establishment of him.
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This is pretty classic Reaganomics. But taxes for a bit until everyone realizes that the economy is tanking, then raise taxes when everyone agrees that it's the right thing. You still get credit for the tax cuts, and credit for curing the deficit back to previous levels. It's insane.
 
Could this be a negotiation ploy? Like an initial offer. He wants 20% so he starts at 10% for example.
 
Why should taxes be lowered again? What's the need when those who wouldmbe efit the most from this are already making record profits while those who benefit the least are the ones struggling the most (and elected trump on a populist wave)?

Is the economy struggling right now? Didn't trump promise to invest heavily in infrastructure? Health care? Didn't he just propose increasing the defense budget by $54 billion?

So apparently we failed to learn under Reagan and Bush that tax cuts + increased spending = larger deficits

Lastly, what if bad economic years lie just ahead? Then what? Raise taxes then sending us from a recession to a depression? Or lower them even further to promote economic growth thereby increasing the deficit exponentially?

I read economic pieces onnnearly a weekly basis and I have yet to read from any credible economist that believes that taxes should be lowered right now. Especially, If deficit reduction or infrastructure investment is a priority. If anything, we need to increase taxes, especially on the wealthy, to combat the massive wealth inequality that Donald campaigned against but seems to promote now that he is POTUS.
 
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Some early analysis on trump's tax plan which would increase the national debt by $21 trillion:

"There are legitimate reasons to run deficits, including lifting the economy in tough times, strengthening the military against proven threats and building or rebuilding public infrastructure. Borrowing trillions of dollars to provide a huge windfall for people at the top is not one of those reasons...

Regardless of the plan’s fate, Mr. Trump has already sent a strong message about where his sympathies really lie. They lie not with the working people who elected him, but with the plutocracy that envelops him."
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https://mobile.nytimes.com/2017/04/...taxes.html?smid=fb-nytimes&smtyp=cur&referer=
 
Trump calls for dramatic tax cuts for... himself.
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Don't lose site of this. He could give a **** less about you. But if he doesn't have to pay his accounting staff as much to find loopholes to keep his taxes low, that's a win/win.
 
I've said it a billion times.

If you're going to give tax cuts, you also have to implement policies that encourage individuals and business owners to spend. Rapid depreciation scales, lower interest business loans, etc etc.

Encourage people to invest in their business, and it really is good for everybody.
 
If tour going to lower taxes and you want to help businesses and the labor force then start with payroll taxes.
 
One thing I am curious about is Trump's proposal to eliminate the SALT deduction. That is something I could perhaps get behind. Which is probably the first and only time I've ever agreed with trump on any issue.
 
The Thriller said:
Cut payroll taxes?

So then how would SS and Medicare be funded? How would defunding those two programs help the labor force?
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Do you think that that is the best/only way to fund those programs? Shouldn't you consider that before setting up your strawman?
 
♪alt13 said:
Do you think that that is the best/only way to fund those programs? Shouldn't you consider that before setting up your strawman?
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Lmfao, yes he should but don't be surprised. This is charted waters right here.
 
♪alt13 said:
Do you think that that is the best/only way to fund those programs? Shouldn't you consider that before setting up your strawman?
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How am I setting up a straw man?

You could've explained your post better. What alt ways of taxation do you propose that would fund those two programs better than payroll taxes? I'm sorry you created a poorly written post leading me to ask questions on how two major entitlement programs would be funded.
 
Stoked said:
Lmfao, yes he should but don't be surprised. This is charted waters right here.
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Why are you trolling me? Shouldn't moderators have to abide by the same rules that they enforce on others? Seriously, how does your post move this discussion along in a civil manner?
 
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