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Biggest Reform EVER passed thread

Yeah, that's the big problem. Of course, the counter to that is wealth is way more than just accumulated income. The cut line for an income tax would hit people with varying degrees of wealth.

Well, for starters, we could ramp up the income tax on capital gains. Sales of homes and incidental capital gains received by people with otherwise low income (like for example kids who have a small stock portfolio gifted to them) are already either excluded from capital gains or taxed at very low rates. The highest rate on capital gains is 20%. It would be simple to match this rate to the higher income tax bracket rates, and you could index it so that the billionaires paid more than the paltry millionaires.

The estate tax should come back. Bigly.

And instead of a wealth tax, I'd prefer a financial transaction tax, or even a direct surcharge on certain commission income. This gets at all the money being made by the financial sector moving money around in opaque new financial instruments which don't do anything to provide jobs, increase the capital stock, or provide real innovation that helps people.
 
Lots of ways to do it.


I wanna hear the 75k guy in Ohio argue against this kind of thing on the grounds of either socialism or trickle down so that he can continue to suffer as a martyr for freedom and capitalism for his billionaire idols.
 
F-f-f-f-f-f-AKE news!!

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Yuuup. I was predicting that as soon as the law was passed.
 
but we need to continue cutting government programs because charities will pick up the slack
 
We are totally squandering this recovered economy. Doing most everything exactly opposite as we should if we care about the future.

Apparently, we don’t.

Thx Pubs.
 
The post is a lot misleading. Americans did not "slash their charitable giving by $54 billion". They just didn't itemize their charitable giving any more so it doesn't show up in tax records. I think there is probably an impact on charitable giving caused by the tax law, but there's no evidence that it's anywhere close to $54 billion. We will have to wait for an analysis of all the 990s filed for 2018 to see what happened to charitable giving. The 990s are due May 15, but I'm sure most of the large charities file extensions, so the true picture will not be known until the end of this year.
 
 
https://www.cnbc.com/2019/08/16/trumps-tax-cut-isnt-giving-the-us-economy-the-boost-it-needs.html

Shocking. A trillion dollar handout to pad the bank accounts of the wealthy.

But economists who have examined the impact of the 2017 Tax Cuts and Jobs Act say it isn’t helping much in any of the ways advocates once advertised: overall growth, business investment, or worker pay. The strongest current case for the law’s economic benefits is that it remains too early to see them.

Still waiting on an investigation into how all those companies happened to give out very similar bonuses before the tax bill went into effect (and then never again.)

Economists say the improved 2018 growth resulted largely from the boost in aggregate demand generated by tax cuts and spending hikes. Increased demand was itself limited by the fact that so much of the tax cut proceeds went to higher-income households with lower propensity to spend.

The 2017 tax cut’s international provisions reduced incentives for U.S.-based multinational corporation to attribute profits to overseas subsidiaries taxed at lower rates. Trump had predicted that would jump-start the economy by bringing trillions of dollars back to the U.S.

But a Federal Reserve study of initial results found “no obvious spike in investment” among the 15 companies holding the most cash abroad. Those firms had easy access to investment capital before the tax cut, the study noted, and instead boosted stock buybacks to reward their existing owners.

What a scam.
 
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