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Biggest Reform EVER passed thread

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LOL this is amazingly hackish. The US Treasury releases their "analysis" of growth and revenue from the tax plan.

https://www.treasury.gov/press-center/press-releases/Documents/TreasuryGrowthMemo12-11-17.pdf

OTP has modeled the revenue impact of higher growth effects, using the Administration projections of approximately a 2.9% real GDP growth rate over 10 years contained in the Administration’s Fiscal Year 2018 budget.
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In other words, we're going to assume 2.9% growth, because we said so.
 
tiltdeac said:
LOL this is amazingly hackish. The US Treasury releases their "analysis" of growth and revenue from the tax plan.

https://www.treasury.gov/press-center/press-releases/Documents/TreasuryGrowthMemo12-11-17.pdf

In other words, we're going to assume 2.9% growth, because we said so.
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OTP compared this 2.9% GDP growth scenario to a baseline of previous projections of 2.2% GDP growth. Treasury expects approximately half of this 0.7% increase in growth to come from changes to corporate taxation. We expect the other half to come from changes to pass-through taxation and individual tax reform, as well as from a combination of regulatory reform, infrastructure development, and welfare reform as proposed in the Administration’s Fiscal Year 2018 budget.
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This is embarrassing, they backed into the growth number in the laziest way possible.
 
palmab03 said:
If this thread is a representative sample of how the media covers complex issues, then perhaps the media is in fact the enemy of the people. woof.
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you think $15-50/week is going to matter to the middle class, people with direct-deposit?
 
It is a poor premise. The reason people didn't notice the tax cut is because Democrats were in charge and a large percent of the populous has been convinced that Democrats are incapable of cutting taxes. Trump and the Republicans could do the exact same tax cuts and Republicans would dance in the streets and Democrats would know it happened.
 
ImTheCaptain said:
you think $15-50/week is going to matter to the middle class, people with direct-deposit?
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There are 10-20% people who are going to be hurt significantly. Homeowners in high tax states. So if the "average" is $50 per week, 80% of the people are going to make closer to $80/week, and 20% of the people are going to be out $150/week. Its just lazy reporting, and you can find that same "analysis" of the "average person" in every article you read. The large majority of people will be noticeably better off.
 
I haven't seen anyone that says the average earner will save $4000/year with this bill.
 
I don't know what "middle class" is defined as, but the average person making $60k a year with no kids has their taxes go down 22%, or about $1,800. That's not too shabby.
 
PhDeac said:
It is a poor premise. The reason people didn't notice the tax cut is because Democrats were in charge and a large percent of the populous has been convinced that Democrats are incapable of cutting taxes. Trump and the Republicans could do the exact same tax cuts and Republicans would dance in the streets and Democrats would know it happened.
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I think it is all a sales pitch. Like with the ACA, the Dems assumed people would like the things they did once they felt the impact. They didn't realize that they needed to sell the results as well. (Think of the people who would say that they liked the ACA but didn't like Obamacare. The Republicans were more successful at selling their version of the story.)

There is a reason the Bush tax cuts involved mailing people a check ASAP.

Republicans will face the same challenge. The impacts won't be felt right away, so the sales pitch will continue through next year.
 
palmab03 said:
I don't know what "middle class" is defined as, but the average person making $60k a year with no kids has their taxes go down 22%, or about $1,800. That's not too shabby.
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That's not an average taxpayer in this country.

Even assuming that's true, how much of that $1800 will be eaten up with higher healthcare costs?

If that person owns a house, how much value will that house lose due to interest and real estate tax differences?
 
RJKarl said:
That's not an average taxpayer in this country.

Even assuming that's true, how much of that $1800 will be eaten up with higher healthcare costs?

If that person owns a house, how much value will that house lose due to interest and real estate tax differences?
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A very small % of the population are on the Obamacare exchanges (less than 10% of the country, I believe), so very few will have higher healthcare costs, and the housing losses are concentrated in a few very liberal coastal states. The vast majority of people will benefit.
 
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