Because it pretty much contradicts everything you say with a real world example of the failure of supply side economics? Would that be why?
After two years, Trump's tax cuts have failed Americans
- Thread starter Frederick Foresight
- Start date
lol some day i will look into it...
during my 20 years of IT consulting I have participated in 3 major projects for multinational corporations where the goal was to shift revenue/profit to lower tax regions (domestic or international).... it only makes common sense... money flows like water to the lowest (tax rate) ground.
generally speaking when you cut tax rate you ATTRACT tax revenue instead of losing it... the above is my first hand experience that proves it as well.
This just in: tax cuts do not pay for themselves.
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That's certainly part of the reason so many move to FLA. A much smaller number of insurance companies that do hurricanes left, but our points still stand. Its common sense...…………………………………………………………………………………………………………………………………………..
How much lower are your taxes really and does it even cover your share of the federal deficit growth ? And the medical expenses going up are basically a tax on you as well.
You tend to have simplistic ideas that aren't very practical in the real world. If it was all working out the US wouldn't be running a huge federal deficit this year ( far, far larger then Canada's deficit on a pro rated basis ). Go ahead, explain to me why that number is so huge and growing under Trump.
u canadian? because we have to protect you guys.
the rest of the thread already talked about the deficit increase.
maybe not 100% per se... but you conveniently ignored the point I made with my first hand experience on this issue...
bottom line is there is no choice... of the 3 major projects, 2 of them were international, and in both cases the companies were moving profits AWAY from the US... it's been a fairly common practice among US corporations before Trump's tax cut.
the massive repatriation is real.. https://www.federalreserve.gov/econ...repatriation-of-offshore-profits-20190806.htm
and again, deficit is only a problem if it threatens the currency.. and there is no evidence of that.
and Trump actually wants the USD even weaker, whether that is a good idea is debatable, and is beyond this thread.
Your medical expenses go up? Is that why you want them to be tied to your taxes? Do you pay them out of pocket? You have to be very rich then. Does not your income go up as well? If not from your job then from your investments.
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RE: mortgages there has never been a better time to own a house. Lock in 4% and pay it off slowly. As long as the market is making you more than 4% there's no sense in paying it off early until you can justify dumping large cash to own it outright.
RE: middle class getting table scraps I don't think this is the whole truth. The upper crust of the middle class did pretty well with the tax breaks and lord knows the middle class needs all the help it can get. Yes, it helped the mega-rich along the way. The tax breaks really helped me out because the government is basically removing every possible avenue of tax-free investment in my future starting in 2020. The truth is the people making between 80,000-150,000 have less ability to spare themselves from the tax man than the lower and upper classes. These people are hammered - I'm one of them. Thankfully I live in a state that doesn't take even more money from me - so I got away pretty well compared to my other tech brethren. As of 2020 I'm basically stuck shoving my retirement into a 401k type situation where I have very little control over what my capital does in order to try to reduce my income enough to not get hurt worse. In doing that, I'm tying up some amount of capital that might be better spent buying property (eventually) or creating a business. They really aren't giving me any options. Outside of a 401k you have an FSA - which anything over 500 dollars goes right to the managing company at the end of the year - really, really shitty deal.
I think giving tax breaks to the people in the upper class (> 200k) is pointless as these people have capital to afford good tax accountants and tax shelters in most places in the country. If we want to use the "they create small businesses" argument - give people who actually create work a better tax break - fine. For the rest of us, we make just enough to get hammered by the federal government and not enough to do anything about it. When the solution to your problem is "I need to hide as much money as I can in tax advantaged accounts" instead of "I should make a business/donate/change the world" you know you have a problem.
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