GOP truly has become a parody of themselves

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TheMonkey

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Hmmmm.....
I guess my 2nd grade teacher may have been wrong when she told me I couldn't buy two cartons of milk for lunch if I only had money for one. She didn't tell me I could just charge it.
Yeah, I get that. But if your parents refuse to give you money for lunch, then what should the school do? Trump’s corporate tax cuts reduced federal revenues by $1.5 trillion. I’m a fiscal conservative, but that means I’m also not big on corporate welfare.
 
Sep 29, 2011
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Yeah, I get that. But if your parents refuse to give you money for lunch, then what should the school do? Trump’s corporate tax cuts reduced federal revenues by $1.5 trillion. I’m a fiscal conservative, but that means I’m also not big on corporate welfare.
Yeah, I'd like to see that calculation. Seems highly improbable, or at minimum misrepresented.

Here are the reported Federal Revenues by year.
FY 2021$3.86* (estimated)
FY 2020$3.71 trillion (estimated)
FY 2019$3.46 trillion (actual)
FY 2018$3.33 trillion
FY 2017$3.32 trillion
FY 2016$3.27 trillion
FY 2015$3.25 trillion

* - Federal income tax receipts are roughly $1.9 trillion
 
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Mar 11, 2006
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Yeah, I get that. But if your parents refuse to give you money for lunch, then what should the school do? Trump’s corporate tax cuts reduced federal revenues by $1.5 trillion. I’m a fiscal conservative, but that means I’m also not big on corporate welfare.
Link?

How are you calculating a $1.5 trillion reduction? We collect ~$300B/year in corporate income taxes. Maybe you’ve read we have collected $1.5T of corporate taxes over last five years?

And according to CBO, we established a new all-time high in corporate tax revenues received last year (2021)

Edit: I think I see where you got the $1.5T figure. That was an estimate of potential debt increase for entire tax package by 2028, if there was not off-setting growth.
 
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Sep 29, 2011
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Link?

How are you calculating a $1.5 trillion reduction? We collect ~$300B/year in corporate income taxes. Maybe you’ve read we have collected $1.5T of corporate taxes over last five years?

And according to CBO, we established a new all-time high in corporate tax revenues received last year (2021)
Yeah, a liberal politician will only tell you half the story - "if you reduce corporate taxes by 25%, you're reducing federal tax receipts from corporations by 25%". But here's what you'll never hear from a liberal politician.

What else happens when you reduce corporate taxes?
Corporate cash flow increases, which results in one or more of the following:
- increased dividends which means (1) more federal tax receipts from taxable dividends, (2) higher stock prices which means larger stockholder capital gains which means more federal tax receipts
- pay off debt which reduces interest expense, which increases taxable income and stock prices which means more federal tax receipts
- increased labor expenses (wages or number of employees) which results in more federal tax receipts
- increased corporate investment which means (1) more profits, (2) high stock prices, (3) more jobs, and (4) more investment to service initial investment, all of which result in more federal tax receipts.

Liberal or conservative, you have to be very wary of any "tax" number presented to sell an idea.
 
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TheMonkey

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Edit: I think I see where you got the $1.5T figure. That was an estimate of potential debt increase for entire tax package by 2028, if there was not off-setting growth.
Correct.

Yeah, a liberal politician will only tell you half the story - "if you reduce corporate taxes by 25%, you're reducing federal tax receipts from corporations by 25%". But here's what you'll never hear from a liberal politician.

What else happens when you reduce corporate taxes?
Corporate cash flow increases, which results in one or more of the following:
- increased dividends which means (1) more federal tax receipts from taxable dividends, (2) higher stock prices which means larger stockholder capital gains which means more federal tax receipts
- pay off debt which reduces interest expense, which increases taxable income and stock prices which means more federal tax receipts
- increased labor expenses (wages or number of employees) which results in more federal tax receipts
- increased corporate investment which means (1) more profits, (2) high stock prices, (3) more jobs, and (4) more investment to service initial investment, all of which result in more federal tax receipts.

Liberal or conservative, you have to be very wary of any "tax" number presented to sell an idea.
https://www.thebalance.com/cost-of-trump-tax-cuts-4586645
The Bottom Line
Tax cuts aren't effective at boosting economic growth when the economy is already expanding.16 They also don't work well when tax rates are below 50% to 65%.17

There are three main estimates of the cost of Trump's tax cuts:
  1. The Trump administration said it would generate $1.8 trillion in revenue, more than making up for its $1.5 trillion cost. But that included the impact of the FY 2018 budget.
  2. The Joint Committee on Taxation said the TCJA would increase the deficit by $1 trillion, but that does not include the impact of the FY 2018 budget.
  3. The Tax Foundation said that the act would add $448 billion to the deficit. It also includes the impact of eliminating the Obamacare mandate.
If the individual cuts are made permanent, the cost will rise to $2.3 trillion without having been successful at significantly boosting wages or increasing jobs.
 
Nov 6, 2010
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I don’t have specifics on me right now but I saw a couple news reports that said trump backed candidates are being out raised somewhere around 3-1
Well, here in Nebraska, the trump backed candidate is running against this guy. His campaign is basically that he beat ou when he played for the huskers. Between that and not being a trump guy, he's got my vote unless it comes out he has killed a bunch of puppies for fun or something.

https://www.jimpillen.com/
 

gundysburner

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Jul 25, 2018
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Well, here in Nebraska, the trump backed candidate is running against this guy. His campaign is basically that he beat ou when he played for the huskers. Between that and not being a trump guy, he's got my vote unless it comes out he has killed a bunch of puppies for fun or something.

https://www.jimpillen.com/
If elected, his first order of business should be to FIRE whomever put that ad together for the Super Bowl. WTH was that? "Nebraska...It's Not For Everyone'

https://www.washingtonpost.com/news...raskas-self-deprecating-new-tourism-campaign/
 
Nov 6, 2010
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If elected, his first order of business should be to FIRE whomever put that ad together for the Super Bowl. WTH was that? "Nebraska...It's Not For Everyone'

https://www.washingtonpost.com/news...raskas-self-deprecating-new-tourism-campaign/
I'm an "honesty is the best policy" guy all the way, but yea, not sure about that one. But I don't give a sht, I'm outa here as soon as possible. Worst place I've ever lived by a long shot. Only redeeming quality I can come up with is great gardening. I've never grown tomatoes like I can here.
 
Sep 29, 2011
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Edit: I think I see where you got the $1.5T figure. That was an estimate of potential debt increase for entire tax package by 2028, if there was not off-setting growth.
Correct.

Yeah, a liberal politician will only tell you half the story - "if you reduce corporate taxes by 25%, you're reducing federal tax receipts from corporations by 25%". But here's what you'll never hear from a liberal politician.

What else happens when you reduce corporate taxes?
Corporate cash flow increases, which results in one or more of the following:
- increased dividends which means (1) more federal tax receipts from taxable dividends, (2) higher stock prices which means larger stockholder capital gains which means more federal tax receipts
- pay off debt which reduces interest expense, which increases taxable income and stock prices which means more federal tax receipts
- increased labor expenses (wages or number of employees) which results in more federal tax receipts
- increased corporate investment which means (1) more profits, (2) high stock prices, (3) more jobs, and (4) more investment to service initial investment, all of which result in more federal tax receipts.

Liberal or conservative, you have to be very wary of any "tax" number presented to sell an idea.
https://www.thebalance.com/cost-of-trump-tax-cuts-4586645
The Bottom Line
Tax cuts aren't effective at boosting economic growth when the economy is already expanding.16 They also don't work well when tax rates are below 50% to 65%.17

There are three main estimates of the cost of Trump's tax cuts:
  1. The Trump administration said it would generate $1.8 trillion in revenue, more than making up for its $1.5 trillion cost. But that included the impact of the FY 2018 budget.
  2. The Joint Committee on Taxation said the TCJA would increase the deficit by $1 trillion, but that does not include the impact of the FY 2018 budget.
  3. The Tax Foundation said that the act would add $448 billion to the deficit. It also includes the impact of eliminating the Obamacare mandate.
If the individual cuts are made permanent, the cost will rise to $2.3 trillion without having been successful at significantly boosting wages or increasing jobs.
Now your mixing apples (individual tax cuts) and oranges (corporate tax cuts). Your post I was responding to was - “Trump’s corporate tax cuts reduced federal revenues by $1.5 trillion.” Like I said, that number is either incorrect or misleading.

All else remaining constant, reasonable corporate tax cuts will result in economic growth and increased tax revenues from a variety of sources attached to that economic growth.

Now, as for individual tax cuts, that’s a much more complex outcome. Complex in part because it depends on what type of economy the increased individual disposable income is spent. Despite studies that can be designed to tell whatever story the author wants, the economic boom that followed the trump tax cuts up to the onset of the pandemic was by all measure a result of the tax cuts combined with loosened business regulations that promoted economic expansion.


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