#notmytaxbreak

Colter said:

If anyone feels that you unjustly received money from the Trump tax cuts, you are encouraged to send that back in donation to trickle down government. Lets show them what kind of middle class we can create that wasn't being created before!!!

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What about those of us who it appears will pay more this year? Can we get trickled on a bit?

I certainly am not going to return my tax cuts to the government while the lunatics are running the asylum. Instead, I am donating to candidates and parties that will defeat them, along with the ACLU, Climate Change Lobby, and other causes.

Colter said:

U.S. Treasury estimates $1.8 trillion in new revenue, so that must be inside the range. The Trump admin also assumes other parts of the Trump agenda will be implemented.

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The paper the treasury put out is not an estimate but simply a statement assuming they will be increasing revenue. Every other economist, including the OTC and CBO, believes the cuts will result in a 1.5 Trillion shortfall over 10 years. Don't you find that an odd discrepancy?

ETA. And it is apparently only 1 trillion in increased revenue.

https://www.treasury.gov/press-center/press-releases/Documents/TreasuryGrowthMemo12-11-17.pdf

Colter said:

No, I don't find the estimates odd at all. I still remember the CBO's 10 year, $848 billion dollar cost estimate for the ACA that was revised upwards to $2,004 Trillion. Time will tell.

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$2 Quadrillion?

Colter said:

No, I don't find the estimates odd at all. I still remember the CBO's 10 year, $848 billion dollar cost estimate for the ACA that was revised upwards to $2,004 Trillion. Time will tell.

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Really? You don't find an estimate done without any estimating odd? I do. So do a lot of economists. Why do you find their numbers convincing since they appear to have no analysis behind them?

Colter said:

I take it you don’t like the tax cut plan? The Treasury department did estimates.

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I think it is a mixed bag. I find the corporate tax cut overdo but problematic since they did not close the loopholes. The deep cuts for those already well off at the expense of everyone else I find ludicrous. Why are we stopping those facing large medical bills from deducting but allowing deductions for your payments on a private jet? The fact that it is likely to add to the debt I find troubling and hypocritical coming from those who have complained about our deficit for so long.

Now perhaps you will answer my question? Why do you find the treasury numbers convincing?

Colter said:

I find the general idea of increased revenue by lowering taxes true because it has worked in the past.

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To some degree, yes. But we also have instances were it has not worked. To simply claim it will work this time is to ignore the evidence we have of why it works and to see that the conditions do not exist currently.

Colter said:

I’m not rich, I own a small business. I don’t see taxes as a form of punishment for rich people because I’m jealous of them or are unhappy with my lot in life. I don’t care if a corporate officer flys on a private jet. The jet itself provides jobs from construction, marketing, maintainace etc. The rich and corporations pay most of the Federal income tax in America.

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I'm not rich either. That does not mean that I find it OK that I pay a greater percentage of my income in taxes then those who are. And of course the rich pay more. The people who have more money pay more. That is basic logic.

Colter said:

There are no “loopholes” , there are deductions that target certain aspects of industry which are intended to be stimulative.

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No, there are loopholes. There are ways around paying taxes that are not intended. There are also ways around paying taxes that are intended. People with lots of money pay accountants to figure out how to game the system.

I've worked as a tax professional and have done my own taxes for the past 8 years and I still can't tell, given the information I can find, just where I land. Any tax brackets I've found don't say if it's that taxes on net income or AGI and I'm still not clear on how it effects my Schedule A, Schedule C or my Schedule E. At this point, it looks like it will all be a wash, or a modest tax savings of $600-$1500, something I could easily obtain for myself by working a little harder, or by taking the lead from the GOP and raise, or at least get fair market value, on my lower class renters.

So, I won't really know how the new tax bill effects me until I do my 2018 taxes. Personally, I think it's all a big shell game.

Not only losing medical deductions while Richie Rich deducts his private jet expenses. Even worse. Policemen, firemen, and medical personnel can't deduct the cost of their uniforms. If policemen have to provide their own weapons, they can't even deduct those. If they have to travel on business and aren't reimbursed, they can't deduct that.

But it is what it is. As long as people KNOW what it is, ASAP, and vote the bums out next November. Wouldn't it be amazing to have enough Democrats in Congress to end the Mueller investigation by giving Trump the impeachment he so richly deserves?

Colter said:

Reducing taxes increases economic activity which increases tax revenue. What Washington does with that increase is up to them.

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If this were always true then we should reduce taxation to zero. It clearly is not and has not been for quite some time. The Regan, Bush and Obama tax cuts all reduced revenue compared to the taxes they removed.

When Bush Sr increased taxation the budget became balanced. All those other tax cuts drove up the deficit and so will this one.

The estimation that it will create trillions in new revenue are from a rosy fairy tail, only believed by credulous devotees of whatever the Republican party says.

Colter said:

View attachment 217079 View attachment 217078
"So much of what they know isn't so."
Ronaldus Miximus

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I'm aware of inflation.

Try this:


Notice how after every tax cut the revenue drops in a surprise to no one. Then when bad economic times come along we increase spending.

The Reagan revolution was based upon borrowing money forever.

"So much of what they know isn't so."

Preach it Ronny you've still got em fooled.

joshua 1 9 said:

Then that would be a situation where you could not be trusted with that money so we need to put that extra money in the hands of government that can be clearly trusted to do what is right and give that money to people that need it more then you do.

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Exactly. Not like those F-35s are procuring themselves.

Dawnhammer said:

Exactly. Not like those F-35s are procuring themselves.

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The Bible says to everything there is a season. Ecc3:8 "A time to love, and a time to hate; a time of war, and a time of peace". I trust Trump to appoint the right people and to get the job done. People are going to go after the money, the oil wells and the water rights. We need to defend our interests. That is what God appoints a government to do. Under Obama he gave all of that to Isis which means Obama gave control to non government private enterprises. That is not God's plan or His established order. We have a government for a reason. Governments are to control F-35's not private company's wanting to defend their interests.