Haven't been keeping up with the tax discussion

Your Virginia Tech Politics and Religion source
Forum rules
Be Civil. Go Hokies.
User avatar
ip_law-hokie
Posts: 19133
Joined: Wed Aug 21, 2013 9:20 pm
Alma Mater: Manchester
Location: New York, NY

Haven't been keeping up with the tax discussion

Post by ip_law-hokie »

Has there been any indication of a need, or even desire, to cut spending dollar for dollar with tax revenue that is being foregone by the cuts? Has there been any discussion of spending cuts?
With their Cap’n and Chief Intelligence Officer having deserted them, River, Ham and Joe valiantly continue their whataboutismistic last stand of the DJT apology tour.
cwtcr hokie
Posts: 13399
Joined: Thu Aug 22, 2013 1:25 pm

Re: Haven't been keeping up with the tax discussion

Post by cwtcr hokie »

ip_law-hokie wrote:Has there been any indication of a need, or even desire, to cut spending dollar for dollar with tax revenue that is being foregone by the cuts? Has there been any discussion of spending cuts?
according the the dem libtards the budget they just passed was going to kill everyone in sight and was the worst thing to happen to america in 4000 years.....so ya got that
User avatar
ip_law-hokie
Posts: 19133
Joined: Wed Aug 21, 2013 9:20 pm
Alma Mater: Manchester
Location: New York, NY

Re: Haven't been keeping up with the tax discussion

Post by ip_law-hokie »

cwtcr hokie wrote:
ip_law-hokie wrote:Has there been any indication of a need, or even desire, to cut spending dollar for dollar with tax revenue that is being foregone by the cuts? Has there been any discussion of spending cuts?
according the the dem libtards the budget they just passed was going to kill everyone in sight and was the worst thing to happen to america in 4000 years.....so ya got that
Thanks cwtcr.

Has there been any indication of a need, or even desire, to cut spending dollar for dollar with tax revenue that is being foregone by the cuts? Has there been any discussion of spending cuts?



Sent from my iPhone using Tapatalk
With their Cap’n and Chief Intelligence Officer having deserted them, River, Ham and Joe valiantly continue their whataboutismistic last stand of the DJT apology tour.
133743Hokie
Posts: 11220
Joined: Thu Aug 22, 2013 12:29 am

Re: Haven't been keeping up with the tax discussion

Post by 133743Hokie »

I've seen no mention of spending cuts, by either side. Both are addicted to using tax dollars which is why we are in the mess we're in.

As of now the discussion is on trying to make the tax cuts revenue neutral. Given that would all be based on 10 year forecasting, it's really just a joke.
User avatar
ip_law-hokie
Posts: 19133
Joined: Wed Aug 21, 2013 9:20 pm
Alma Mater: Manchester
Location: New York, NY

Re: Haven't been keeping up with the tax discussion

Post by ip_law-hokie »

133743Hokie wrote:I've seen no mention of spending cuts, by either side. Both are addicted to using tax dollars which is why we are in the mess we're in.

As of now the discussion is on trying to make the tax cuts revenue neutral. Given that would all be based on 10 year forecasting, it's really just a joke.
I've seen mention of lower limits on 401(k) tax deferments, which was largely misinterpreted by the public to refer to lower limits on all 401(k)'s (including roth's), and thus a poison pill.

While still an accounting gimmick, at least that did make some attempt to pay for the cuts in the near term. Like you, I haven't seen anything beyond that in the way of spending cuts.
With their Cap’n and Chief Intelligence Officer having deserted them, River, Ham and Joe valiantly continue their whataboutismistic last stand of the DJT apology tour.
CFB Apologist
Posts: 3192
Joined: Fri Aug 23, 2013 5:27 pm

Re: Haven't been keeping up with the tax discussion

Post by CFB Apologist »

ip_law-hokie wrote:
133743Hokie wrote:I've seen no mention of spending cuts, by either side. Both are addicted to using tax dollars which is why we are in the mess we're in.

As of now the discussion is on trying to make the tax cuts revenue neutral. Given that would all be based on 10 year forecasting, it's really just a joke.
I've seen mention of lower limits on 401(k) tax deferments, which was largely misinterpreted by the public to refer to lower limits on all 401(k)'s (including roth's), and thus a poison pill.

While still an accounting gimmick, at least that did make some attempt to pay for the cuts in the near term. Like you, I haven't seen anything beyond that in the way of spending cuts.
LOL- people invest in 401Ks BECAUSE of the tax deferments. So let's downplay that and tell the public that they can put as much money as they want in their 401K, we are just lowering and capping the tax deferment amount- and nothing changes- lol. Are people this stupid?
User avatar
ip_law-hokie
Posts: 19133
Joined: Wed Aug 21, 2013 9:20 pm
Alma Mater: Manchester
Location: New York, NY

Re: Haven't been keeping up with the tax discussion

Post by ip_law-hokie »

CFB Apologist wrote:
ip_law-hokie wrote:
133743Hokie wrote:I've seen no mention of spending cuts, by either side. Both are addicted to using tax dollars which is why we are in the mess we're in.

As of now the discussion is on trying to make the tax cuts revenue neutral. Given that would all be based on 10 year forecasting, it's really just a joke.
I've seen mention of lower limits on 401(k) tax deferments, which was largely misinterpreted by the public to refer to lower limits on all 401(k)'s (including roth's), and thus a poison pill.

While still an accounting gimmick, at least that did make some attempt to pay for the cuts in the near term. Like you, I haven't seen anything beyond that in the way of spending cuts.
LOL- people invest in 401Ks BECAUSE of the tax deferments. So let's downplay that and tell the public that they can put as much money as they want in their 401K, we are just lowering and capping the tax deferment amount- and nothing changes- lol. Are people this stupid?
Are you familiar with Roth 401(k)s? Based on your post, I'm not sure that you are.
With their Cap’n and Chief Intelligence Officer having deserted them, River, Ham and Joe valiantly continue their whataboutismistic last stand of the DJT apology tour.
User avatar
BigDave
Posts: 8012
Joined: Mon Aug 19, 2013 11:20 pm
Alma Mater: Virginia Tech
Party: Republican

Re: Haven't been keeping up with the tax discussion

Post by BigDave »

Spending should absolutely NOT be cut dollar for dollar with tax cuts.

Rather, spending should be cut far in excess of the amount of the proposed puny tax cuts.
Posted from my Commodore 64 using Tapatalk
User avatar
ip_law-hokie
Posts: 19133
Joined: Wed Aug 21, 2013 9:20 pm
Alma Mater: Manchester
Location: New York, NY

Re: Haven't been keeping up with the tax discussion

Post by ip_law-hokie »

BigDave wrote:Spending should absolutely NOT be cut dollar for dollar with tax cuts.

Rather, spending should be cut far in excess of the amount of the proposed puny tax cuts.
I agree. In the absence of meaningful spending cuts, I don’t think we should be cutting taxes.


Sent from my iPhone using Tapatalk
With their Cap’n and Chief Intelligence Officer having deserted them, River, Ham and Joe valiantly continue their whataboutismistic last stand of the DJT apology tour.
cwtcr hokie
Posts: 13399
Joined: Thu Aug 22, 2013 1:25 pm

Re: Haven't been keeping up with the tax discussion

Post by cwtcr hokie »

ip_law-hokie wrote:
BigDave wrote:Spending should absolutely NOT be cut dollar for dollar with tax cuts.

Rather, spending should be cut far in excess of the amount of the proposed puny tax cuts.
I agree. In the absence of meaningful spending cuts, I don’t think we should be cutting taxes.


Sent from my iPhone using Tapatalk
it is complete stupidity to have a high corp. rate. Corporations do not pay any income tax, the buyers of their products do as any taxes are baked into the selling price of the product. And all having one of the highest corp. tax rates does is make big companies jump thru lots of questionable loopholes to have income taxed in other foreign countries with more reasonable tax rates
User avatar
ip_law-hokie
Posts: 19133
Joined: Wed Aug 21, 2013 9:20 pm
Alma Mater: Manchester
Location: New York, NY

Re: Haven't been keeping up with the tax discussion

Post by ip_law-hokie »

cwtcr hokie wrote:
ip_law-hokie wrote:
BigDave wrote:Spending should absolutely NOT be cut dollar for dollar with tax cuts.

Rather, spending should be cut far in excess of the amount of the proposed puny tax cuts.
I agree. In the absence of meaningful spending cuts, I don’t think we should be cutting taxes.


Sent from my iPhone using Tapatalk
it is complete stupidity to have a high corp. rate. Corporations do not pay any income tax, the buyers of their products do as any taxes are baked into the selling price of the product. And all having one of the highest corp. tax rates does is make big companies jump thru lots of questionable loopholes to have income taxed in other foreign countries with more reasonable tax rates
I was referring to personal income tax rates. I agree that corporate taxes are another issue.


Sent from my iPhone using Tapatalk
With their Cap’n and Chief Intelligence Officer having deserted them, River, Ham and Joe valiantly continue their whataboutismistic last stand of the DJT apology tour.
User avatar
Bay_area_Hokie
Posts: 6027
Joined: Fri Aug 23, 2013 3:53 am
Alma Mater: VT
Party: Surprise Party

Re: Haven't been keeping up with the tax discussion

Post by Bay_area_Hokie »

They will never cut spending as they are all addicted to the spending. They have figured it out. Keep rates low and assets increase at a 10% CAGR. This screws people with no assets but who cares? Just give them Obama phones and they will shut up. The ruling class is asset rich so they win. With assets, they can buy treasuries and the party goes on forever, until it doesn't.


Sent from my iPhone using Tapatalk
“With God there are only individuals” - Philosopher Nicolas Gomez Davila
133743Hokie
Posts: 11220
Joined: Thu Aug 22, 2013 12:29 am

Re: Haven't been keeping up with the tax discussion

Post by 133743Hokie »

Bay_area_Hokie wrote:They will never cut spending as they are all addicted to the spending. They have figured it out. Keep rates low and assets increase at a 10% CAGR. This screws people with no assets but who cares? Just give them Obama phones and they will shut up. The ruling class is asset rich so they win. With assets, they can buy treasuries and the party goes on forever, until it doesn't.


Sent from my iPhone using Tapatalk
No one is buying treasuries!
cwtcr hokie
Posts: 13399
Joined: Thu Aug 22, 2013 1:25 pm

Re: Haven't been keeping up with the tax discussion

Post by cwtcr hokie »

ip_law-hokie wrote:
cwtcr hokie wrote:
ip_law-hokie wrote:
BigDave wrote:Spending should absolutely NOT be cut dollar for dollar with tax cuts.

Rather, spending should be cut far in excess of the amount of the proposed puny tax cuts.
I agree. In the absence of meaningful spending cuts, I don’t think we should be cutting taxes.


Sent from my iPhone using Tapatalk
it is complete stupidity to have a high corp. rate. Corporations do not pay any income tax, the buyers of their products do as any taxes are baked into the selling price of the product. And all having one of the highest corp. tax rates does is make big companies jump thru lots of questionable loopholes to have income taxed in other foreign countries with more reasonable tax rates
I was referring to personal income tax rates. I agree that corporate taxes are another issue.




Sent from my iPhone using Tapatalk
In that regard they are just making fewer tax brackets, some folks will get a cut and some will pay more, the big cut is proposed in corp tax rate
TheH2
Posts: 3168
Joined: Thu Aug 22, 2013 1:06 pm

Re: Haven't been keeping up with the tax discussion

Post by TheH2 »

133743Hokie wrote:
Bay_area_Hokie wrote:They will never cut spending as they are all addicted to the spending. They have figured it out. Keep rates low and assets increase at a 10% CAGR. This screws people with no assets but who cares? Just give them Obama phones and they will shut up. The ruling class is asset rich so they win. With assets, they can buy treasuries and the party goes on forever, until it doesn't.


Sent from my iPhone using Tapatalk
No one is buying treasuries!
Lol, that's why the rates are so low. Now, it probably isn't the "ruling class," but every foreign government wants dollars.
People who know, know.
133743Hokie
Posts: 11220
Joined: Thu Aug 22, 2013 12:29 am

Re: Haven't been keeping up with the tax discussion

Post by 133743Hokie »

TheH2 wrote:
133743Hokie wrote:
Bay_area_Hokie wrote:They will never cut spending as they are all addicted to the spending. They have figured it out. Keep rates low and assets increase at a 10% CAGR. This screws people with no assets but who cares? Just give them Obama phones and they will shut up. The ruling class is asset rich so they win. With assets, they can buy treasuries and the party goes on forever, until it doesn't.


Sent from my iPhone using Tapatalk
No one is buying treasuries!
Lol, that's why the rates are so low. Now, it probably isn't the "ruling class," but every foreign government wants dollars.
My reply was to the other posters comment about the ruling class being asset rich so they can buy treasuries "and the party goes on forever". No one of wealth is buying treasuries. Our government buys them and foreign governments do as well. But no investor is buying treasuries.
User avatar
ip_law-hokie
Posts: 19133
Joined: Wed Aug 21, 2013 9:20 pm
Alma Mater: Manchester
Location: New York, NY

Re: Haven't been keeping up with the tax discussion

Post by ip_law-hokie »

CFB Apologist wrote:
ip_law-hokie wrote:
133743Hokie wrote:I've seen no mention of spending cuts, by either side. Both are addicted to using tax dollars which is why we are in the mess we're in.

As of now the discussion is on trying to make the tax cuts revenue neutral. Given that would all be based on 10 year forecasting, it's really just a joke.
I've seen mention of lower limits on 401(k) tax deferments, which was largely misinterpreted by the public to refer to lower limits on all 401(k)'s (including roth's), and thus a poison pill.

While still an accounting gimmick, at least that did make some attempt to pay for the cuts in the near term. Like you, I haven't seen anything beyond that in the way of spending cuts.
LOL- people invest in 401Ks BECAUSE of the tax deferments. So let's downplay that and tell the public that they can put as much money as they want in their 401K, we are just lowering and capping the tax deferment amount- and nothing changes- lol. Are people this stupid?
GOP House and Senate tax leaders threaten to break Trump’s promise not to change 401(k) rules - The Washington Post
https://apple.news/AoXrqfdy8SZWrenuAWHR ... enuAWHR3nQ


Sent from my iPhone using Tapatalk
With their Cap’n and Chief Intelligence Officer having deserted them, River, Ham and Joe valiantly continue their whataboutismistic last stand of the DJT apology tour.
TheH2
Posts: 3168
Joined: Thu Aug 22, 2013 1:06 pm

Re: Haven't been keeping up with the tax discussion

Post by TheH2 »

133743Hokie wrote:
TheH2 wrote:
133743Hokie wrote:
Bay_area_Hokie wrote:They will never cut spending as they are all addicted to the spending. They have figured it out. Keep rates low and assets increase at a 10% CAGR. This screws people with no assets but who cares? Just give them Obama phones and they will shut up. The ruling class is asset rich so they win. With assets, they can buy treasuries and the party goes on forever, until it doesn't.


Sent from my iPhone using Tapatalk
No one is buying treasuries!
Lol, that's why the rates are so low. Now, it probably isn't the "ruling class," but every foreign government wants dollars.
My reply was to the other posters comment about the ruling class being asset rich so they can buy treasuries "and the party goes on forever". No one of wealth is buying treasuries. Our government buys them and foreign governments do as well. But no investor is buying treasuries.
I figured as much. My reply was probably more to Bay than you.
People who know, know.
fatman
Posts: 2439
Joined: Sat Aug 31, 2013 2:18 am

Re: Haven't been keeping up with the tax discussion

Post by fatman »

Great discussion IP. This smells to me like more Dick Cheney “Ronald Reagan showed us that deficits don’t matter” type of policy. I like the idea of fewer brackets and simpler tax policies, but in the absence of spending cuts this policy is just another acceleration of deficit spending.
User avatar
ip_law-hokie
Posts: 19133
Joined: Wed Aug 21, 2013 9:20 pm
Alma Mater: Manchester
Location: New York, NY

Re: Haven't been keeping up with the tax discussion

Post by ip_law-hokie »

fatman wrote:Great discussion IP. This smells to me like more Dick Cheney “Ronald Reagan showed us that deficits don’t matter” type of policy. I like the idea of fewer brackets and simpler tax policies, but in the absence of spending cuts this policy is just another acceleration of deficit spending.
Thanks Fatman, though admittedly it’s difficult to have much of a discussion with the details that we have at the moment.




Sent from my iPhone using Tapatalk
With their Cap’n and Chief Intelligence Officer having deserted them, River, Ham and Joe valiantly continue their whataboutismistic last stand of the DJT apology tour.
User avatar
ip_law-hokie
Posts: 19133
Joined: Wed Aug 21, 2013 9:20 pm
Alma Mater: Manchester
Location: New York, NY

Re: Haven't been keeping up with the tax discussion

Post by ip_law-hokie »

fatman wrote:Great discussion IP. This smells to me like more Dick Cheney “Ronald Reagan showed us that deficits don’t matter” type of policy. I like the idea of fewer brackets and simpler tax policies, but in the absence of spending cuts this policy is just another acceleration of deficit spending.
Thanks Fatman, though admittedly it’s difficult to have much of a discussion with the details that we have at the moment.

As you state, it appears we can be assured of relatively lower tax revenues and larger deficits.




Sent from my iPhone using Tapatalk
With their Cap’n and Chief Intelligence Officer having deserted them, River, Ham and Joe valiantly continue their whataboutismistic last stand of the DJT apology tour.
User avatar
ip_law-hokie
Posts: 19133
Joined: Wed Aug 21, 2013 9:20 pm
Alma Mater: Manchester
Location: New York, NY

Re: Haven't been keeping up with the tax discussion

Post by ip_law-hokie »

cwtcr hokie wrote:
ip_law-hokie wrote:
cwtcr hokie wrote:
ip_law-hokie wrote:
BigDave wrote:Spending should absolutely NOT be cut dollar for dollar with tax cuts.

Rather, spending should be cut far in excess of the amount of the proposed puny tax cuts.
I agree. In the absence of meaningful spending cuts, I don’t think we should be cutting taxes.


Sent from my iPhone using Tapatalk
it is complete stupidity to have a high corp. rate. Corporations do not pay any income tax, the buyers of their products do as any taxes are baked into the selling price of the product. And all having one of the highest corp. tax rates does is make big companies jump thru lots of questionable loopholes to have income taxed in other foreign countries with more reasonable tax rates
I was referring to personal income tax rates. I agree that corporate taxes are another issue.




Sent from my iPhone using Tapatalk
In that regard they are just making fewer tax brackets, some folks will get a cut and some will pay more, the big cut is proposed in corp tax rate
1.5 Trillion seems like a big cut to me. Does the deficit concern you?

House Republicans pass GOP budget with $1.5-trillion deficit increase to fund Trump's tax cuts - Los Angeles Times
https://apple.news/AfkRv_wGOT2KpWYtPm-c ... WYtPm-cxdg


Sent from my iPhone using Tapatalk
With their Cap’n and Chief Intelligence Officer having deserted them, River, Ham and Joe valiantly continue their whataboutismistic last stand of the DJT apology tour.
HokieJoe
Posts: 13125
Joined: Thu Aug 22, 2013 2:12 pm
Alma Mater: Virginia Tech
Party: Eclectic

Re: Haven't been keeping up with the tax discussion

Post by HokieJoe »

Time to cut back on the butter to make up the difference.
"I predict future happiness for Americans, if they can prevent the government from wasting the labors of the people under the pretense of taking care of them." - Thomas Jefferson
User avatar
ip_law-hokie
Posts: 19133
Joined: Wed Aug 21, 2013 9:20 pm
Alma Mater: Manchester
Location: New York, NY

Re: Haven't been keeping up with the tax discussion

Post by ip_law-hokie »

HokieJoe wrote:Time to cut back on the butter to make up the difference.
Maybe they can pinch some pennies so as to avoid going over 1.5 Trillion in increased deficit spending. 1.5T in increased deficit to our children is the beat case scenario.

Ending public radio subsidies should do the trick.


Sent from my iPhone using Tapatalk
With their Cap’n and Chief Intelligence Officer having deserted them, River, Ham and Joe valiantly continue their whataboutismistic last stand of the DJT apology tour.
133743Hokie
Posts: 11220
Joined: Thu Aug 22, 2013 12:29 am

Re: Haven't been keeping up with the tax discussion

Post by 133743Hokie »

ip_law-hokie wrote:
fatman wrote:Great discussion IP. This smells to me like more Dick Cheney “Ronald Reagan showed us that deficits don’t matter” type of policy. I like the idea of fewer brackets and simpler tax policies, but in the absence of spending cuts this policy is just another acceleration of deficit spending.
Thanks Fatman, though admittedly it’s difficult to have much of a discussion with the details that we have at the moment.




Sent from my iPhone using Tapatalk
Have to pass the bill before we know what's in it! Isn't that how major legislation is done?
Post Reply