The income tax was only 16 years old at that point. If the author is right about lowering income taxes on the rich causes the economy to crash, then the US would have never become the largest economy in the world around 1900. So that debunks his thesis that the economy can’t flourish with low income taxes on the wealthy, since it flourished with zero income taxes.
Originally, only 7% of people even made enough money to pay income tax. It was a tax that only applied to the upper income people. So his idea that cutting taxes on the rich to punish the working class is a fantasy. The working class weren’t even paying income taxes, so it’s not they had to pay more because the rich got lower tax rates.
He completely ignores the root cause of the great depression which is easy credit. People were easily able to buy stocks on margin. Every bubble and crash in history can be traded back to easy credit. Once people think you’ll always make money on an investment, they’ll loan anyone money to make that investment.
They also grossly mislead on Clinton. Clinton cut the tax rate on capital gains. The top 1% earn 39% of their income from a paycheck. The rest is investment income. So while it appeared Clinton raised taxes on the rich, they actually came out of it with a nice tax cut.
Then the author completely ignores the no-doc loans which causes the real estate bubble and subsequent crash.
It’s honestly scary someone would publish that garbage.
Deflecting time baby!
You don’t even know what that means. I actually addressed every point the author made.
Love it!!! (and I am technically a reg GOP)
The latest on the tax reform bill. Property tax deductions allowed up to 10k. Keep the AMT. One time tax on companies that keep assets abroad.
Come on, Jeff Flake, live up to your last name and FLAKE out!!!
I said in another thread “My state income tax is higher than mortgage interest ! Now, Mortgage interest is less than proposed standard deduction ! Rep/Trump are cutting is with double Axe !!”
Last tax filing I had AMT when I add Mortgage interest, State income tax and property tax.
After the proposed, my mortgage+property tax barely meet proposed standard deduction. This is almost same for many AMT payers in California.
Keeping the AMT will not hurt anyone, neither fill the coffers of IRS !
Thought tax code would be simplified. Sound more like there for Trump era only. This is increasing complexity.
AMT still around?
So many tax brackets?
Different tax treatment for individuals and corporate?
The politicians are been pulled by the noses by corporate bigwigs.
Btw, what are the goals of tax reform?
This isn’t reform. It is increased complexity and weaponization of the tax code. It has been politicized to favor in groups and dis-enfranchise out groups. It has been marketed as reform and simplification when it is anything but
Just imagine, some idiots complaining of the tax code and its 70,000 pages.
Then, just think, slowly, very slowly…the idiots are majority, they can take their time and analyze this tax bill, 30 years they were waiting to do so but they are rushing this bill just because if they fail to represent the very value of the disaster they are proposing…they are doomed in the next elections! But, either way, they are going to be hurt. The idiots said they would simplify taxes showing us a half a page postcard. They are just doing what they were paid for, to favor the corporations.
Same thing with Trumpcare. Total failure as a party. They own Obamacare now. That’s their baby. Time to feed it or to kill it. No replacement available, they lied.
Who is there pulling the strings? Goldman Sachs. The same group that participated in the last recession. What’s his name? Mnuchin?
6,000 lobbyists have been working for the republicans on this tax bill for a year.
Special interests for sure, who would have thought of something so evil.
There are just under 11,000 active lobbyists in the nation’s capital, according to data compiled by the Center for Responsive Politics (CRP), and more than half of them — 6,243 — have reported working on taxes this year, according to the report, which relies on CRP data.
Spread out over Capitol Hill, that means there are more than 11 lobbyists working on taxes for every member of Congress.
Yes, drain the swamp!
Oh…wait! 6,000 still left…
Corker will vote against it. He want to raise tax and reduce deficit. But people want lower taxes more
"Corker, who has long held concerns about the deficit impact of the bill, said he would vote against it. He is so far the only Republican senator to come out against the bill.
“This is yet another tough vote. I am disappointed,” Corker said in a statement. “I wanted to get to yes. But at the end of the day, I am not able to cast aside my fiscal concerns and vote for legislation that I believe, based on the information I currently have, could deepen the debt burden on future generations.”
Collins did something good for California. We should thank her
4 p.m.: Susan Collins officially announces she will vote for the bill
Collins said she secured key changes to the bill — including adjustments to the medical expense deduction and the state and local tax deduction.
“Having secured these key improvements in the bill, as well as the commitments to legislation to help lower health insurance premiums, I will cast my vote in support of the Senate tax reform bill,” Collins said in a statement. “As revised, this bill will provide much-needed tax relief and simplification for lower- and middle-income families, while spurring the creation of good jobs and greater economic growth.”
Watching the legislative process is like watching sausages being made… disgusting… But could get a good result… not holding my breath though… but I love sausages… lol
Preferably made from liberals, even better if vegan… lol
This is so bad. We have just gotten list of amendments to be included in bill NOT from our R colleagues, but from lobbyists downtown. None of us have seen this list, but lobbyists have it. Need I say more? Disgusting. And we probably will not even be given time to read them.
Senate Bill is passed with pleasant surprises.
Mortgage deduction is the same as today.
Property tax deduction is capped at $10k, same as House.
The Senate bill retains the current limit for the home mortgage interest deduction to interest paid on the first $1 million of the loan. (The House bill reduces the limit to $500,000 for new home purchases.) The Senate version also preserves the deduction for medical expenses not covered by insurance (the House bill does not), but ends deductions for moving expenses and tax preparation.
Sell on news on Monday? Or good news rally?
Logically only stocks of companies making profit would rally. So if market rallies, interesting to know whether TSLA, SHOP, NTNX, SPLK and PANW would be dragged up.
This turkey passed. Gobble Gobble.
Funny how the Democrats whined about not having time to read the bill… They weren’t going to vote for it anyway.
Of course I wish some Republicans actually read the bill.
The one that did, Corker, voted against it.
Whatever monster step child that comes out of reconciliation will get the Trump approval…