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from the that-will-help-reduce-the-deficit,-right? dept.
The White House and congressional Republicans are finalizing a tax plan that would slash the corporate rate while likely reducing the levy for the wealthiest Americans
[...] The plan would likely cut the tax rate for the wealthiest Americans, now at 39.6 percent, to 35 percent, people familiar with the plan said Monday. They spoke on condition of anonymity ahead of a formal announcement.
In addition, the top tax for corporations would be reduced to around 20 percent from the current 35 percent, they said. It will seek to simply the tax system by reducing the number of income tax brackets from seven to three.
[...] Republican senators on opposing sides of the deficit debate have tentatively agreed on a plan for $1.5 trillion in tax cuts. That would add substantially to the debt and would enable deeper cuts to tax rates than would be allowed if Republicans followed through on earlier promises that their tax overhaul wouldn't add to the budget deficit.
https://www.apnews.com/d7929cdd15c3437db07147d219b391c4
(Score: 2, Insightful) by Anonymous Coward on Tuesday October 17 2017, @05:34PM (3 children)
GOP has magically stopped worrying about the debt. Their spin is that tax cuts will stimulate the economy to increase tax revenues. But it's highly unlikely because on average companies already have plenty of cash that they are sitting on. More cash just means a taller chair to sit on. The bottleneck is lack of cash in regular consumer pockets; tax-cuts won't solve that because the middle class already pays relatively little tax. I can see making the middle pay none, but if you also cut taxes for the rich, you double the tax-revenue problem. There seem to be a handful of Republicans who will pay attention to the debt, perhaps enough to derail this. Maybe they should tie the tax cuts to the debt level.
(Score: 3, Interesting) by bradley13 on Tuesday October 17 2017, @06:53PM (2 children)
GOP has magically stopped worrying about the debt.
Yeah, that always happens. They aren't called the "stupid party" for nothing.
Seriously, the "establishment" GOP is just the other side of the "establishment" democrats. They all went to the same schools and belong to the same clubs. Note how loud the R's yelled that they would kill Obamacare, and yet now - they have both houses of Congress - somehow nothing happens. They're just ordinary politicians, out for their own gain at everyone else's expense.
If Trump has done nothing else, he has shown the R's for the hypocrites that they are...
Everyone is somebody else's weirdo.
(Score: 0) by Anonymous Coward on Wednesday October 18 2017, @04:21AM (1 child)
My question is where are the goddam tea parties now?
I remember those idiots putting a price tag on air force one every time Obama went somewhere. They whined oooooh he spent 700k on that trip.
Trump can spend that without a peep, and worse, he pays himself by staying at his own properties
Those assholes crawled back into the woodwork like the cockroaches they are.
Talk about hypocrites.......
(Score: 0) by Anonymous Coward on Wednesday October 18 2017, @05:23PM
Apparently you aren't paying attention. I see a lot of that stuff.
Right now they seem to mostly be concentrating on policy issues, because that's top of the agenda given the change in structures. The bad news for them is that they aren't getting much of the change that they wanted - but it's not for a lack of consistency on their part.
In the long run, the folks in DC are shooting themselves in the foot, by giving the populists so much to bitch about. One way or another, that swamp is going to get drained, or blown up. The earlier they set about doing it, the less traumatic it will be ...