Senate Passes Historic Tax Cuts and Jobs Act 51-48

[brinny]

Just about a done deal. Have to admit, I was doubtful at times. Props to Trump and Congress. Hafta give up for McConnell and Ryan. Senate Republicans were totally united. No VP tie breaker necessary.

Just one little trip back to the house, and onto Trump's desk.

Can't wait for the phony "tax cuts for the rich" arguments that are sure to come—one of the biggest political lies of the 21st century. But we'll take those as the come.

Senate Passes Historic Tax Cuts and Jobs Act 51-48

The Senate passed the historic Tax Cuts and Jobs Act on Tuesday, sending the bill to the House, and soon to President Donald Trump to sign.


BREAKING: Senate Passes Trump Tax Bill 51-48 in Midnight Showdown
December 19, 2017, 11:50 pm by Cristina Laila


POTUS Trump Fires Off Midnight Celebratory Tweet After Senate Passes GOP Tax Bill – Gloats “Terrible” Obamacare Mandate Repealed
December 20, 2017, 12:42 am by Cristina Laila

Donald J. Trump‏Verified account @realDonaldTrump
The United States Senate just passed the biggest in history Tax Cut and Reform Bill. Terrible Individual Mandate (ObamaCare)Repealed. Goes to the House tomorrow morning for final vote. If approved, there will be a News Conference at The White House at approximately 1:00 P.M.

10:09 PM - 19 Dec 2017​

 

[Calminian]

ROTFL, what you fail to understand that even though tax revenue "nearly" double under Reagan, it was the smallest amount of increase since the Great Depression. Talk about revisionist history. LOL Revenues also more than doubled under Clinton.

The key is economic growth as far as revenue goes. Revenues increase during growth and decrease during recessions.

Investments also play a big part. Investments fell after the Daddy Bush tax increase of '90 but recovered at the end of his term but investment soared after the Clinton increase. They also fell steeply after the Baby Bush tax cuts of 2001 and took four years to recover for and then tanked a couple of years later during the Great Recession.e

Some tout Bush's tax cut as an economic stimulus but they fail to explain that this was more due to the Housing Bubble as banks were lending money freely and housing starts grew. Of course we should all know what followed when that caved in.

The National Debt plays a factor as well. The debt fell from Truman all the way through Cater but rose under Reagan all the way to the amount during Eisenhower's 1st term. It fell under Clinton's tax increase and spending cuts and then rose again under Bush to a level higher than Reagan's.

Somewhere along the way we have to realize that things may collapse unless we can get control of the National debt. Spending has to fall below revenues and as long as we spend more money on defense than most of the free world combined, that won't happen.

Notice how he ran from the Reagan discussion to Bush. It think it's obvious he had no idea what happened to the economy after the Reagan tax cuts.

 

[Calminian]

Me too!

It is funny watching people cheering to give more of their money to the very richest in society. ....

I agree. You've been paying the taxes for corporations for years, as they raised prices on your favorite products to cover them. And the dems tricked you into thinking they were paying it, laughing behind your back. LOL!

Then Trump comes along, lowers the business rate, gets thousands of employees bonus checks, and you gloat about them being ripped off. I'm amazed how gullible liberals can be. I think Nancy and Chuck will always be able to depend on your vote.

 

[Yarddog]

Notice how he ran from the Reagan discussion to Bush. It think it's obvious he had no idea what happened to the economy after the Reagan tax cuts.

I didn't run from anything. You obviously don't know history very well so I was giving you a run down of the past economic history.

 

[Yonny Costopoulis]

I agree. You've been paying the taxes for corporations for years, as they raised prices on your favorite products to cover them. And the dems tricked you into thinking they were paying it, laughing behind your back. LOL!

Then Trump comes along, lowers the business rate, gets thousands of employees bonus checks, and you gloat about them being ripped off. I'm amazed how gullible liberals can be. I think Nancy and Chuck will always be able to depend on your vote.

Sorry, they did not fool me. Only you. I am not American.

And your arguments do not make any sense. Raising prices on goods is somehow fooling people and the Dems are responsible for this? That makes sense to you does it?

 

[Calminian]

Sorry, they did not fool me. Only you. I am not American.

And your arguments do not make any sense. Raising prices on goods is somehow fooling people and the Dems are responsible for this? That makes sense to you does it?

Hmmm. I see you're from Greece. This explains quite a bit.

But really, you don't understand that businesses raise prices to cover the cost of doing business? Have you ever run a business? Honestly this stuff is so easy, most kids over 9 can understand it. It's basic economics 101.

BTW, Greece's corporate tax rate is 29% which is actually still high to be competitive.

Greece Corporate - Taxes on corporate income. Resident corporations are taxed on their worldwide income. Non-resident corporations are taxed in Greece on any Greek-source income they derive. The CIT rate of legal entities is 29%.​

Ireland's is 12.5%. Trump just lowered ours to 21% from 39%. I should be no wonder why so many companies have moved out of the USA taking their jobs with them.

 

[Calminian]

I didn't run from anything. You obviously don't know history very well so I was giving you a run down of the past economic history.

Yes, I saw the brilliant analysis of Reagan's term (cough).

 

[Yarddog]

Yes, I saw the brilliant analysis of Reagan's term (cough).

Thanks.

 

[Yonny Costopoulis]

Hmmm. I see you're from Greece. This explains quite a bit.

But really, you don't understand that businesses raise prices to cover the cost of doing business? Have you ever run a business? Honestly this stuff is so easy, most kids over 9 can understand it. It's basic economics 101.

BTW, Greece's corporate tax rate ise 29% which is actually still high to be competitive.

Greece Corporate - Taxes on corporate income. Resident corporations are taxed on their worldwide income. Non-resident corporations are taxed in Greece on any Greek-source income they derive. The CIT rate of legal entities is 29%.​

Ireland's is 12.5%. Trump just lowered ours to 21% from 39%. I should be no wonder why so many companies have moved out of the USA taking their jobs with them.

Why are you changing the subject? You went on a rant roughly about Dems getting businesses to raise prices and saying it was to pay for taxes. It made no sense. This post isn't making it any clearer.

 

[Calminian]

Why are you changing the subject? You went on a rant roughly about Dems getting businesses to raise prices and saying it was to pay for taxes. It made no sense. This post isn't making it any clearer.

I believe you. Let me try to say it as simply as possible. Businesses don't actually pay taxes their own taxes. Their customers do. Let that digest for a moment. Count to at least 100 before responding. Then it might dawn on your why even European countries had lower corporate tax rates than the US until this recent bill was passed. Yes, even socialist Greece had a lower rate. Just think before responding.

 

[Yonny Costopoulis]

I believe you. Let me try to say it as simply as possible. Businesses don't actually pay taxes their own taxes. Their customers do. Let that digest for a moment. Count to at least 100 before responding. Then it might dawn on your why even European countries had lower corporate tax rates than the US until this recent bill was passed. Yes, even socialist Greece had a lower rate. Just think before responding.

Again this has nothing to do with the post you responded to. Why would you talk about something completely different and repeatedly try and change the subject?

You went on rant saying "And the dems tricked you into thinking they were paying it (taxes), laughing behind your back." How did they do this to someone who doesn't live in the USA? Do you believe the Dems set tax policy around the world, even in foreign countries?

 

[Calminian]

Again this has nothing to do with the post you responded to. Why would you talk about something completely different and repeatedly try and change the subject?

You went on rant saying "And the dems tricked you into thinking they were paying it (taxes), laughing behind your back." How did they do this to someone who doesn't live in the USA? Do you believe the Dems set tax policy around the world, even in foreign countries?

Well, obviously I didn't know you lived in Greece. But I've made many points since, relevant to the discussion, and you've not respond to one. I would ask you, why are you now running from your original claim? Do you still believe tax cuts for business don't help the poor and middle classes?

Here was your original point:

It is funny watching people cheering to give more of their money to the very richest in society. It is like a Monty Python sketch but in real life. Trump family alone will save hundreds of millions. Very funny stuff. Trump must be saying to himself: "This is even better than the scam I ran at Trump University! It's all legal!"

Do you still stand by this? Or are you trying to now change the subject?

 

[Yonny Costopoulis]

Here was your original point:



Do you still stand by this? Or are you trying to now change the subject?

Of course I stand by it. And why would I need to change the subject? I am correct in what I say.

The Trump family will save hundreds of millions. Trump loves money. Trump will be very happy for himself. In particular because he does not have to run a scam like fake Trump "University" and take last dollars from desperate people. That cost him 25 million USD in settlement alone. This is all legal for richest Americans and they make much more money. I'm sure they thank you for contributing to their bank accounts.

Did they send you a Christmas Card? I hope so, because your share of the 1.5T debt this helps creates is thousands of dollars. Your children should also get card because you are putting them in debt as well. Your children will be paying this off their entire lives. Do you think they will thank you?