Official. Tax Cuts are a bust for Middle Income taxpayers


#81

Watch out, the grammar police is out there in full force. :laughing::sweat_smile::smile:

By the way, many on this forum are already paying more taxes. They are very quiet, sooo quiet…:laughing::sweat_smile::smile:


#82

I was the one who said we would pay more taxes before the tax plan was passed. Almost anyone in CA and other blue states with more than $10k in SALT deductions will pay more. The tax plan favored corporations and was designed to repatriate overseas funds. It should have had a penalty or teeth to punish corporate bad behavior also


#83

I know you have some savvy ideas and foresee some events because your friendship with heavy heaters, and you are not all the time blind to political BS, right? :wink:

But, to be objective and fair, the TARP lacked visibility and restrictions for those companies being rescued from the recession. They should have made them sign any agreement that for 5 years or more their CEOs wouldn’t get a bonus. And this time, tax cuts should have been given, but penalize those leaving their overseas $ when they had the chance to bring them back home.

The GDP, measured today, didn’t reach more than 3%. A total failure, and as I posted, tax cuts don’t lead to economic growth. :wink:


#84

It’s sure clobbered Obama’s numbers. Hate to think where it would be with Hillary.


#86

President Twhitler’s central claim about his economic policies officially crashed into reality on Thursday.

Throughout the 2016 campaign and since, the president and his party have vowed to kick-start tepid Obama-era economic growth. Specifically, they insisted tax cuts and deregulation would return growth to its post-World War II average of 3 percent — a level, candidate Trump said derisively, that President Barack Obama became “the first president in modern history” never to reach in a single year.

New government data on Thursday morning show that Trump, too, has failed to reach the 3 percent promised land, according to one major metric. The Commerce Department’s Bureau of Economic Analysis measured 2018 growth at 2.9 percent, matching the peak Obama enjoyed in 2015.

GOP’s hollow campaign pledge

Economically, that falls short of the upgrade Team Trump pledged. Politically, it demonstrates the hollowness of a core GOP campaign theme.

Twhitler, with characteristic grandiosity, dismissed that argument and outbid Bush. “We think it could be 5 or even 6” percent, he said. <-------------:rofl::rofl::scream::scream::scream::scream::scream::scream::scream:

His economic advisers remained more cautious. But they cast sustained growth of 3 percent or more, driven by new, productivity-boosting business investment, as the floor beneath their strategy for making Americans better off and protecting the federal budget.

The foundation for the plan is 3 percent growth,” budget director Mick Mulvaney told Congress. "In fact, that IS Trumponomics." <----------:sunglasses::sunglasses::sunglasses::sunglasses:

measured 2018 growth at 2.9 percent, matching the peak Obama enjoyed in 2015

:sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile::sweat_smile:


#87

So your whole garbage argument is based on rounding convention? LOL!
Obama had ONE YEAR out of 8 as good as Trump.


#88

Instead of annual 2018 growth, the White House emphasized a different growth measure comparing growth from the fourth quarter of 2017 to the fourth quarter of 2018.

By that measure, the economy grew 3.1 percent. But Obama, too, reached 3 percent growth on a four-quarter basis four different times.:sweat_smile::sweat_smile::sweat_smile:

Where Obama failed to enjoy 3 percent annual growth was on the BEA’s official annual number. His 2015 peak was 2.9 percent, like Trump’s for 2018. Thursday’s preliminary 2.9 percent figure could later be revised, although economist Mark Zandi of Moody’s Analytics said the most likely direction would be down.

For the rest of the president’s term, economic forecasters agree, that number will decline.

"2018 will be the high-water mark for growth in the Trump administration," Zandi predicted. He expects the decade-old economic expansion will shrink to 1.1 percent growth in 2020, with a better-than-even chance of recession.

I think it is stupid, if not funny, to see you slithering like a snake trying to deflect the fact that a failure is a failure, you can’t go around those numbers and say “but Obama, but Hillary”. There’s a new guy in the white house and he is a liar. He is sinking our country into debt, which the same republicans are alarmed considering it a national emergency. You want that piece to be read here?

Mexico! Mexico! Mexico! :sweat_smile::sweat_smile::sweat_smile::sweat_smile:


#89

Speaking of Mexicans. you can’t pick up day laborers here at the parking lots in home depots.
We are only 4 miles from the border and ICE would pick them up right away.


#90

The massacre continues! More voters for the Democrat party! Keep up the good job MAGA!

:disappointed_relieved::sleepy::tired_face::weary::scream::scream::scream::scream:

There’s more bad news for taxpayers. A government report has revealed that 11 million taxpayers are losing out on $323 billion worth of deductions due to a punishing change in President Donald Trump’s tax law.

The hard news comes after early filers were stunned by shrinking — to vanishing — tax refunds.

The deduction wallop detailed in the government report centers on capped deductions for state and local taxes — including real estate taxes. Formerly, all local taxes could be deducted from federal taxes; now it’s capped at $10,000, which particularly hurts homeowners in major metropolitan areas — especially in the Northeast and California — where housing tends to be more expensive.

The cap was imposed to help pay for huge tax cuts to corporations, whose tax rates were slashed from 35 percent to 21 percent.

The deduction hit is so staggering that it could end up swamping modest gains taxpayers had expected to enjoy due to tax cuts.


#91

Did my tax for 2018. Claimed roughly $10k refund back. That’s $9k more than last year. My actual effective tax rate decreased as well.

But I still don’t know if I would vote for Trump in 2020.


#92

Are you an investor?
Because anybody being an investor, and not utilizing their expenses for deduction purposes or tax mitigation and perhaps paying instead of receiving are doing their taxes by themselves without knowing how to use so many tax loopholes available to them. :wink:

Now, normal people like me, that’s another case, we are losing even if we jump from the Golden bridge. :sweat_smile:


#93

Wow!
Keep them coming!


#94

High-Tax States Make It Hard for the Rich to Leave

Wealthy Americans contemplating a move to a low-tax state might want to reflect on these five tales of woe.

https://www.bloomberg.com/news/features/2019-03-04/rich-people-find-it-hard-to-flee-states-targeted-by-salt-limits?srnd=premium


#95

Leave before you become rich. Done.


#96

Maybe you shouldn’t leave after all.


#97

Put all your money in tax sheltered RE. Live off the refi money . Live CA tax free


#98

?

This article tells you that many people want to leave California, the state tax guys are trying to imprison them.


#99

:+1::+1::+1: exactly. Just find ways to minimize income on paper and live in CA with minimal tax.


#100

Yeah so don’t fight them. Just sit quietly in prison.


#101

All it says is don’t fake leaving. If you’re going to leave, then you need to really leave.