Oops: A Liberal Attack on the GOP Tax Plan backfires

[GURPS]

USA Today column mostly attacking GOP tax reform plan includes a buried bullet point on 'winners' under the proposal. This describes *70%* of taxpayers, a number that's expected to rise to ~90% if the standard deduction is roughly doubled. That's a LOT of winners. pic.twitter.com/uiU9JDAJLe
— Guy Benson (@guypbenson) November 15, 2017​

That's right: About 70 percent of all US taxpayers currently take the standard deduction, which would approximately double under the House-passed bill. So right out of the gate, the vast majority of American taxpayers already stand to benefit from the bill. Analysts predict that if the standard deduction increases dramatically, the percentage of filers who claim it (i.e., eschewing itemizing) will rise to the ballpark of 90 percent. A liberal activist on Twitter objected to my argument above, reasoning that some number of the new additions to the standard-deduction-taking ranks would still be worse off than they would be under the current system. I replied by thanking him for confirming that at a minimum, somewhere between 70 and 90 percent of all Americans will be winners under the Republican proposal, and that's without considering the time and money-saving benefits of radical simplification. The cost of tax compliance and preparation runs in the tens of billions each year.

As for Democrats' railing against corporate tax cuts, the US corporate tax rate is the highest in the industrialized world, and even President Obama favored lowering it. Democrats were for job-creating corporate tax relief before they were against it.

Oops: A Liberal Attack on the GOP Tax Plan Accidentally Proves How Many People Would Benefit From It

 

[Hijinx]

USA Today column mostly attacking GOP tax reform plan includes a buried bullet point on 'winners' under the proposal. This describes *70%* of taxpayers, a number that's expected to rise to ~90% if the standard deduction is roughly doubled. That's a LOT of winners. pic.twitter.com/uiU9JDAJLe
— Guy Benson (@guypbenson) November 15, 2017​

That's right: About 70 percent of all US taxpayers currently take the standard deduction, which would approximately double under the House-passed bill. So right out of the gate, the vast majority of American taxpayers already stand to benefit from the bill. Analysts predict that if the standard deduction increases dramatically, the percentage of filers who claim it (i.e., eschewing itemizing) will rise to the ballpark of 90 percent. A liberal activist on Twitter objected to my argument above, reasoning that some number of the new additions to the standard-deduction-taking ranks would still be worse off than they would be under the current system. I replied by thanking him for confirming that at a minimum, somewhere between 70 and 90 percent of all Americans will be winners under the Republican proposal, and that's without considering the time and money-saving benefits of radical simplification. The cost of tax compliance and preparation runs in the tens of billions each year.

As for Democrats' railing against corporate tax cuts, the US corporate tax rate is the highest in the industrialized world, and even President Obama favored lowering it. Democrats were for job-creating corporate tax relief before they were against it.

Oops: A Liberal Attack on the GOP Tax Plan Accidentally Proves How Many People Would Benefit From It

I have taken the standard deductions for many years now. It makes it a lot easier to do the taxes, and I am guessing it relieves the IRS from auditing a lot of tax forms.

 

[transporter]

I know this is probably a waste of time, because neither of you are very bright nor can either of you see past your ridiculous political ideologies.

We'll dispense with the elementary school level at which the article was written and just make some general points.

The article discusses the House bill. This is largely irrelevant. The Senate will determine what, if any, tax bill actually passes. At this point, it is difficult to see how this gets passed. A majority of Americans hate it. If people like the two bound at the hip posters above could undo their ideological brainwashing, they would see this for what it is...a straight up giveaway to the uber wealthy at the expense of the average Joe and Jane.

The article states that the House tax bill will lower taxes across all the proposed income tax brackets. That is likely true. It is also written for the elementary school mentality. The average family saves a few bucks. The very top of the economic spectrum...well they get massive breaks. Everyone right wing nut on this site b!tches about lack of opportunity, lack of mobility, lack of increased wages. In short, you all complain about income inequality. This bill widens that gulf. You may save $100 bucks a month....Ivanka gets to inherit billions tax free...our incompetent President keeps his golf course loophole (drain the swamp my ass...DJT will be hurt "massively" by this tax bill my ass)

The article couples the comments that we have the highest corporate tax rates in the world and that lowering those rates will create 1M new jobs. Again, written for the elementary school mentality (and those who failed grad level stats). The effective tax rates on (US) corps puts us in the middle of the pack. For those who don't understand, the effective tax rate is the rate that is actually paid. Corp tax rates probably should be lowered...but not by the amounts stated and not for the reason stated..

As for the 1 million jobs. Simply put, in deference to the intelligent levels here, that is just BS. We already have 6M open and unfilled jobs (please read the monthly job opening and labor turnover survey).

Businesses owners/CEOs operate in the real world of business---not the imaginary world of Stephen Moore, Town Hall, Breitbart, dailywire and all the other right wing propaganda sites. Tax cuts do not spur corporate investment. They will likely spur investment in the form of large stock buyback programs or potentially large corporate mergers. Which benefit the stock owning class....which comprises about 50% of Americans. Yes, you may own stock in your 401k...not everyone has a 401k. And those with the largest holdings of stocks (the uber wealthy) will benefit most from increased stock prices due to stock buyback programs. (this is not some class warfare comment...it is simply reality).

The author also states that tax these tax cuts will boost economic growth. That is also rather unlikely. It is certainly unlikely in the amount of growth that has been stated by most of the right wing propagandists. The velocity of money/the money multipliers has/have slowed greatly since the Great Recession. (sorry...go look it up)

The average family didn't spend the money from the tax cuts they got during/immediately after the recession. They used them to pay down debts or to bolster savings. That is more than likely to occur again given the paltry cuts the average family would see from this legislation. Corps, as already stated, will not invest tax savings unless they have the demand that required them to increase supply. (demand impacts supply...not the other way around)

So while the feeble minded will see this article as some sort of "gotcha moment" or the rejoice that the right wing author "owned" some liberal...all it really shows is the gullibility or lack of knowledge of those who read it and believe it to be something that it is not.

Then we can move on to the Senate bill...which is a far worse deal for the average family and a far superior deal for the uber wealthy (and the Pres).. MAGA! MAGA! Drain the swamp! (It is really too bad that Trump's voters didn't understand that THEY were the swamp he was referring to!)

 

[Gilligan]

I know this is probably a waste of time,

We love to see you waste your time. ;-)

 

[Hijinx]

I know this is probably a waste of time, because neither of you are very bright nor can either of you see past your ridiculous political ideologies.

We'll dispense with the elementary school level at which the article was written and just make some general points.

The article discusses the House bill. This is largely irrelevant. The Senate will determine what, if any, tax bill actually passes. At this point, it is difficult to see how this gets passed. A majority of Americans hate it. If people like the two bound at the hip posters above could undo their ideological brainwashing, they would see this for what it is...a straight up giveaway to the uber wealthy at the expense of the average Joe and Jane.

The article states that the House tax bill will lower taxes across all the proposed income tax brackets. That is likely true. It is also written for the elementary school mentality. The average family saves a few bucks. The very top of the economic spectrum...well they get massive breaks. Everyone right wing nut on this site b!tches about lack of opportunity, lack of mobility, lack of increased wages. In short, you all complain about income inequality. This bill widens that gulf. You may save $100 bucks a month....Ivanka gets to inherit billions tax free...our incompetent President keeps his golf course loophole (drain the swamp my ass...DJT will be hurt "massively" by this tax bill my ass)

The article couples the comments that we have the highest corporate tax rates in the world and that lowering those rates will create 1M new jobs. Again, written for the elementary school mentality (and those who failed grad level stats). The effective tax rates on (US) corps puts us in the middle of the pack. For those who don't understand, the effective tax rate is the rate that is actually paid. Corp tax rates probably should be lowered...but not by the amounts stated and not for the reason stated..

As for the 1 million jobs. Simply put, in deference to the intelligent levels here, that is just BS. We already have 6M open and unfilled jobs (please read the monthly job opening and labor turnover survey).

Businesses owners/CEOs operate in the real world of business---not the imaginary world of Stephen Moore, Town Hall, Breitbart, dailywire and all the other right wing propaganda sites. Tax cuts do not spur corporate investment. They will likely spur investment in the form of large stock buyback programs or potentially large corporate mergers. Which benefit the stock owning class....which comprises about 50% of Americans. Yes, you may own stock in your 401k...not everyone has a 401k. And those with the largest holdings of stocks (the uber wealthy) will benefit most from increased stock prices due to stock buyback programs. (this is not some class warfare comment...it is simply reality).

The author also states that tax these tax cuts will boost economic growth. That is also rather unlikely. It is certainly unlikely in the amount of growth that has been stated by most of the right wing propagandists. The velocity of money/the money multipliers has/have slowed greatly since the Great Recession. (sorry...go look it up)

The average family didn't spend the money from the tax cuts they got during/immediately after the recession. They used them to pay down debts or to bolster savings. That is more than likely to occur again given the paltry cuts the average family would see from this legislation. Corps, as already stated, will not invest tax savings unless they have the demand that required them to increase supply. (demand impacts supply...not the other way around)

So while the feeble minded will see this article as some sort of "gotcha moment" or the rejoice that the right wing author "owned" some liberal...all it really shows is the gullibility or lack of knowledge of those who read it and believe it to be something that it is not.

Then we can move on to the Senate bill...which is a far worse deal for the average family and a far superior deal for the uber wealthy (and the Pres).. MAGA! MAGA! Drain the swamp! (It is really too bad that Trump's voters didn't understand that THEY were the swamp he was referring to!)

Yes when you call people stupid right off the bat, you shouldn't expect them to pay much attention to your post so indeed it is a waste of time.
The article speaks of the House Bill which you call irrelevant, so why do you even go any further.
I haven't seen the right wingers in here cry about income equality, what I have seen is the right wingers saying if you don't like your status go to freaking work and change it.

"The average family didn't spend the money from the tax cuts they got during/immediately after the recession. They used them to pay down debts or to bolster savings. That is more than likely to occur again given the paltry cuts the average family would see from this legislation."


Now that is just freaking shameful using money to pay bills and put into savings. They should be ashamed of themselves.

Now back to where you stated that us poor ignorant folks are crying about income inequality. Which we don't --you liberals do.
WTF are you doing except crying about inequality. Boo Hoo the rich folks are getting a cut BooHoo.

Blow it out your butt bitch.