Tax Reform Under Trump 2017


#1971

Well that was a depressing read. :(


#1972

Yeah, sorry.


#1973

But we can hope that 1% is spending like crazy, allowing for trickle down economics to kick in, right? RIGHT?


#1974

We all know that’s how the rich got rich, right? By spending a lot of money?


#1975

Sadly I am not rich , as I do spend a lot of money but do not get richer. I spend my money and get poorer, so I am doing something wrong. :(

Only had 2 semesters of accounting / business managment, so I must be missing something.


#1976

One thing that is a bit misleading about that though is that US household income has been edging to the right over the past 40 years - except for the bottom 20%.

Also the bottom 20% would likely not benefit from any taxcut since they do not pay much in the way of taxes to begin with - would’ve liked to see a slightly more granular graph to see what the impact was - I would imagine the impact would align well to the FT graph.


#1977

It would be quite a trick for all US households (except the bottom 20%) to move up in income until they were all in the top 1%. So I don’t think it’s misleading at all.


#1978

You missed the part about inheriting your wealth.


#1979

I don’t understand why you don’t borrow a few million from your dad to start your own business. If it fails, just ask him for more.


#1980

How much wood would a woodchuck chuck if a woodchuck cared about the economy
https://www.npr.org/2018/07/12/628515994/a-family-of-woodchucks-ate-paul-ryans-car?utm_source=facebook.com&utm_medium=social&utm_campaign=politics&utm_term=nprnews&utm_content=20180712


#1981

I wonder if the Fed is going jack up interests rates in response.
Fun times ahead.

The cost of food, shelter and gas have all risen significantly in the past year. Gas skyrocketed more than 24 percent, rent for a primary residence jumped 3.6 percent and meals at restaurants and cafeterias rose 2.8 percent.

Prices have risen roughly at the same rate as wages, erasing any gains workers may have hoped to realize via bigger paychecks.

For workers, more pain may be coming, as economists are concerned that prices could rise further due to President Trumps tariffs on many foreign imports. Trump put a 20 tariff on foreign washing machines earlier this year, and the inflation report Thursday showed more than a 13 percent spike in laundry equipment over the same period last year.


#1982

As a Londoner, it’s kind of jarring to hear 3.6% described as a jump. It’s been 4% to 5% a year since fairly soon after the credit crisis until about a year ago.


#1983

Republicans: No really, give the rich a giant handout and it’ll trickle down. I mean, it never has for the last 38 years, but this time it will for sure!

(Some less annoyingly scaled graphs are in the actual article.)


#1984

Jesus Christ.


#1985

And people wonder why I’m hostile to Republicans.

I know there been a bit of a tizzy over how conservative members feel judged and thought less of lately. And, well, they’re not entirely wrong.

But stuff like this is why.


#1986

This is just Trump robbing the country. He isn’t even able to get his party in Congress to go along with this.


#1987

Just?


#1988

Hey, just because they’re in favor of an administration and party that wants to blatantly steal money from hard-working Americans doesn’t mean we should judge them! We should meet them halfway or compromise or some shit like that.


#1989

Funny thing is that inflation adjusting long term capital gains isn’t such a bad idea on the merits.

Doing it in such a unilateral, dictatorial way,however, after blowing up the deficit is irresponsible.


#1990

This would be true if capital gains were taxed at the same rate as earned income but since we are giving away one third of the tax to wealthy investors, I oppose anything that cuts capital gains taxes at this time. Once we start treating all income equally, we can then look at tweaks such as inflation adjustment. But since we are currently imposing a higher tax on people who earn income than people who receive investment income, our system is screwed.