"The GOP Tax Cuts Didn’t Work"

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archives

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"Donald Trump’s signature legislative achievement was the corporate-tax cut he signed in 2017. Republicans said it would grow the economy by up to 6 percent, stimulate business investment, and pay for itself."

"None of those promises have come to pass. GDP growth has declined to less than 2 percent according to the latest report, released yesterday. Business investment has now declined for two straight quarters, dragging down economic growth. And the federal deficit exceeds $1 trillion."

https://www.theatlantic.com/ideas/a...jtPzhqETVHHGKk0xLiUhekbNr2N4VV3O_xLmHIIKaI5RM

How many times will the right fall for the supply side Laffer curve nonsense? Just a lot of "voodoo economics" promoted by a few to enrich the even fewer. Trump knew exactly what he was doing the night his tax cut passed when he told his supporters gathered at Mar-a-Lago that "you all got a lot richer"

And the crime of it is that Trump added trillions to the National Debt in the midst of a progressing economy that future generations will pay
 
Because poor decisions were made elsewhere, specifically the trade war and tariffs, that harmed the economy doesn’t mean the tax cuts were bad policy or were not effective.
 
cawacko said:
Because poor decisions were made elsewhere, specifically the trade war and tariffs, that harmed the economy doesn’t mean the tax cuts were bad policy or were not effective.
Click to expand...

Can the "easy to win" trade war explain the less than two percent growth? The only thing seemingly keeping some economic indicators up is consumer spending, and how long is that going to continue if circumstances continue to remain stagnant?

Point being it is pretty hard to find results for Trump's tax cut especially in the realm of what he promised
 
archives said:
"Donald Trump’s signature legislative achievement was the corporate-tax cut he signed in 2017. Republicans said it would grow the economy by up to 6 percent, stimulate business investment, and pay for itself."

"None of those promises have come to pass. GDP growth has declined to less than 2 percent according to the latest report, released yesterday. Business investment has now declined for two straight quarters, dragging down economic growth. And the federal deficit exceeds $1 trillion."

https://www.theatlantic.com/ideas/a...jtPzhqETVHHGKk0xLiUhekbNr2N4VV3O_xLmHIIKaI5RM

How many times will the right fall for the supply side Laffer curve nonsense? Just a lot of "voodoo economics" promoted by a few to enrich the even fewer. Trump knew exactly what he was doing the night his tax cut passed when he told his supporters gathered at Mar-a-Lago that "you all got a lot richer"

And the crime of it is that Trump added trillions to the National Debt in the midst of a progressing economy that future generations will pay
Click to expand...

They work great for my business and crew.
 
archives said:
Can the "easy to win" trade war explain the less than two percent growth? The only thing seemingly keeping some economic indicators up is consumer spending, and how long is that going to continue if circumstances continue to remain stagnant?

Point being it is pretty hard to find results for Trump's tax cut especially in the realm of what he promised
Click to expand...

You want to focus on Trump. Rubio would have passed this legislation if he won. Congressional Republicans have been chomping at the bit to reform the tax code and this was their opportunity. And yes, politicians over promise and under deliver. But that doesn’t change that it is good policy and reform that was needed.
 
cawacko said:
You want to focus on Trump. Rubio would have passed this legislation if he won. Congressional Republicans have been chomping at the bit to reform the tax code and this was their opportunity. And yes, politicians over promise and under deliver. But that doesn’t change that it is good policy and reform that was needed.
Click to expand...

Perhaps, but I don't know how you can label it "good policy" when it didn't work while adding trillions to the debt, are you sure you are a conservative?
 
cawacko said:
Because poor decisions were made elsewhere, specifically the trade war and tariffs, that harmed the economy doesn’t mean the tax cuts were bad policy or were not effective.
Click to expand...
disagree with you there. Long term the tariffs are needed to bring China to the table - if the Dems would pass NAFTA 2 it would shorten the negotiations ( and stop impeachment)
But the tariffs are a necessary evil. Mexico put troop on the border because of them
 
archives said:
Perhaps, but I don't know how you can label it "good policy" when it didn't work while adding trillions to the debt, are you sure you are a conservative?
Click to expand...
Tax cuts helped -expecially the corporate taxes that bring US taxes in line with other nations
( IOW high taxes lead to outsourcing)

I still think (can't document) the deregulation was much more important -
it changes the entire business climate to one much more friendly to business
 
archives said:
Perhaps, but I don't know how you can label it "good policy" when it didn't work while adding trillions to the debt, are you sure you are a conservative?
Click to expand...

SMH. Not sure if serious. You realize congress has the ability to cut spending right? That tax cuts don’t act alone in a vacuum?

Because a politician(s) over promised something or made bad choices elsewhere doesn’t automatically make the tax policy a bad one.

You think conservatives don’t support tax reform and lower taxes?
 
dukkha said:
disagree with you there. Long term the tariffs are needed to bring China to the table - if the Dems would pass NAFTA 2 it would shorten the negotiations ( and stop impeachment)
But the tariffs are a necessary evil. Mexico put troop on the border because of them
Click to expand...

There are Republicans in the House who aren't even behind NAFTA II, which is largely just an update of NAFTA I, and that hardly explains why the tax cut didn't work

Confronting China was necessary, but getting into a trade war might not have been the brightest way to do it as we are finding out now, but don't worry, come I'd say next Spring Trump will get his photo op saying the trade war is over and China gave up even though the final details revealed later will show nothing substantial was really accomplished, kinda like his big deal with North Korea
 
cawacko said:
SMH. Not sure if serious. You realize congress has the ability to cut spending right? That tax cuts don’t act alone in a vacuum?

Because a politician(s) over promised something or made bad choices elsewhere doesn’t automatically make the tax policy a bad one.

You think conservatives don’t support tax reform and lower taxes?
Click to expand...

True, but it was a GOP Congress that began all that spending and it is the tax cuts loss of revenue that is adding trillions to the debt, makes one suspicious what conservatives believe given none of that is what one would label fiscal conservatism
 
dukkha said:
disagree with you there. Long term the tariffs are needed to bring China to the table - if the Dems would pass NAFTA 2 it would shorten the negotiations ( and stop impeachment)
But the tariffs are a necessary evil. Mexico put troop on the border because of them
Click to expand...

The trade war and tariffs f’d the momentum that tax reform created. The animal spirits had been unleashed on the economy and the tariffs took it away.

You can argue we needed the short term pain from the tariffs for long term gain (I don’t agree with that but it can be argued) but there’s no question the tariffs have hurt businesses and slowed economic growth in the present.
 
archives said:
True, but it was a GOP Congress that began all that spending and it is the tax cuts loss of revenue that is adding trillions to the debt, makes one suspicious what conservatives believe given none of that is what one would label fiscal conservatism
Click to expand...

Tax reform and reducing spending are two different things.
 
Economists agree,it did not work unless cranking trillion plus to the debt was the goal. It has accomplished that.
 
archives said:
"Donald Trump’s signature legislative achievement was the corporate-tax cut he signed in 2017. Republicans said it would grow the economy by up to 6 percent, stimulate business investment, and pay for itself."

"None of those promises have come to pass. GDP growth has declined to less than 2 percent according to the latest report, released yesterday. Business investment has now declined for two straight quarters, dragging down economic growth. And the federal deficit exceeds $1 trillion."

https://www.theatlantic.com/ideas/a...jtPzhqETVHHGKk0xLiUhekbNr2N4VV3O_xLmHIIKaI5RM

How many times will the right fall for the supply side Laffer curve nonsense? Just a lot of "voodoo economics" promoted by a few to enrich the even fewer. Trump knew exactly what he was doing the night his tax cut passed when he told his supporters gathered at Mar-a-Lago that "you all got a lot richer"

And the crime of it is that Trump added trillions to the National Debt in the midst of a progressing economy that future generations will pay
Click to expand...
The tax cuts worked exactly as planned. As for the lies about the effect on the economy? Was anyone fooled by that?

Their only regret was that they couldn't kill the ACA, with the 3.8% tax on cap gains earnings over $250k/year. They came close, but they failed.
 
archives said:
Can the "easy to win" trade war explain the less than two percent growth? The only thing seemingly keeping some economic indicators up is consumer spending, and how long is that going to continue if circumstances continue to remain stagnant?

Point being it is pretty hard to find results for Trump's tax cut especially in the realm of what he promised
Click to expand...
It can also be argued that the 'easy to win' trade war accounted for some of the better GDP numbers, as importers/exporters rushed orders to get in under the tariff deadline.

Otherwise, the numbers would have been worse.
 
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