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+--- Thread: GOP pushing a new idea (/showthread.php?tid=287804)
GOP pushing a new idea - pdq - 06-10-2024
Kidding, of course. It’s just that time again. After screaming about deficits for the last few years, they’ve decided to pivot to…tax cuts. For corporations and the wealthy.
This is my shocked face:
Republicans pitch tax cuts for corporations, the wealthy in 2025
Trump has asked wealthy donors for donations, promising large tax breaks in return if he retakes the White House.
Republicans in Congress are preparing to not just extend former president Donald Trump’s 2017 tax cuts if they win control of Washington in November’s elections, but also lower rates even more for corporations, laying the early groundwork for a ferocious debate over taxes and spending next year and beyond.
Last time much of the money corporations saved on lower taxes went not to investment and growth (the standard GOP prediction), but to stock buybacks. And as for the “pay for themselves” tale they’ve been trying to sell for the last four decades? Still not remotely true:
…in the end,only generated enough growth to offset 20 percent of the drop in federal revenue from lower rates, according to the nonpartisan Committee for a Responsible Federal Budget. Economic growth from extending the law, the think tank found in a study published Thursday, would pay for between 1 and 14 percent of the future cost.
That’s how, together with a pandemic, you get ~$3+ trillion deficits (which are way down under Biden - roughly half that). Trump’s tax cuts for corporations, BTW, were “permanent” (until the law is changed), but for individuals, were written to expire. When/if they do so, it’ll be all Biden’s fault.
:RollingEyesSmiley5:
You know what, GOP? It’s just not working like it used to…
Re: GOP pushing a new idea - gabester - 06-10-2024
There is an argument to be made that tax cuts of this type are also inflationary. Not that it would have necessarily taken 3+ years to show up
Had the Republicans and convicted felon Trump not passed the cuts in 2017, the US would have been in a much better position during the pandemic for both the government to subsidize individuals to stimulate spending in the lockdown era but also to not get into such a deep economic hole because of it, and just maybe inflation would not have been quite so bad either.
Re: GOP pushing a new idea - RAMd®d - 06-10-2024
You know what, GOP? It’s just not working like it used to…
I'd like to believe that, but I don't think we'll know until November.
Re: GOP pushing a new idea - Speedy - 06-10-2024
Most GQP voters don’t care about the tax cuts the rich get, it’s the taxes those poorer than them pay that they care about. That and all those free handouts to the poor.
Re: GOP pushing a new idea - Ted King - 06-10-2024
Kevin Drum:
Re: GOP pushing a new idea - sekker - 06-10-2024
Reagan looks like a democrat in those numbers...
Re: GOP pushing a new idea - Ted King - 06-10-2024
sekker wrote:
Reagan looks like a democrat in those numbers...
IIRC, Reagan did ram through major tax cuts, but, duh, the deficit exploded and back then the Republicans actually cared about that and Reagan was able to get some major tax increases done to try to rectify the mess his earlier tax cuts caused.
Republican gave up on caring about deficits - when there are Republican presidents.
Re: GOP pushing a new idea - JoeH - 06-12-2024
Reagan's numbers benefitted from both a lot of pent up demand from the stagflation of the '70s and the growth fueled by the massive military spending and the deficits related to that. In addition everyone remembers the big tax cut his first year in office, but don't mention the several tax increases at other times during his administration. Some payroll tax increases passed during the Carter administration went into effect during the '80s as well. But that deficit spending that tripled the national debt and regulation changes on banking and investments almost directly led to the big recession at the end of the '80s.
Re: GOP pushing a new idea - Speedy - 06-18-2024
Reagan is still the all-time champ at increasing the debt in percentage terms of any president not fighting a world war (or a civil war.)
