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Paddyc

Well-known member
Joined
Jan 30, 2009
Messages
11,808
It gave tax cuts to the people who pay the most. This is how tax cuts works. If you pay little or no taxes than you don't get much of a tax cut.

It's like increasing the dole, if you're not unemployed you don't benefit, or if children's allowance is increased, you don't really benefit if you don't have children.
Nah,

You can structure tax cuts so that everyone gets a similar saving, meaning that the poorest taxpayers get a proportionally better break.
Even George W Bush saw that:

Everything came to a head for O'Neill at a November 2002 meeting at the White House of the economic team.

"It's a huge meeting. You got Dick Cheney from the, you know, secure location on the video. The President is there," says Suskind, who was given a nearly verbatim transcript by someone who attended the meeting.

He says everyone expected Mr. Bush to rubber stamp the plan under discussion: a big new tax cut. But, according to Suskind, the president was perhaps having second thoughts about cutting taxes again, and was uncharacteristically engaged.

"He asks, 'Haven't we already given money to rich people? This second tax cut's gonna do it again,'" says Suskind.

"He says, 'Didn't we already, why are we doing it again?' Now, his advisers, they say, 'Well Mr. President, the upper class, they're the entrepreneurs. That's the standard response.' And the president kind of goes, 'OK.' That's their response. And then, he comes back to it again. 'Well, shouldn't we be giving money to the middle, won't people be able to say, 'You did it once, and then you did it twice, and what was it good for?'"

But according to the transcript, White House political advisor Karl Rove jumped in.

"Karl Rove is saying to the president, a kind of mantra. 'Stick to principle. Stick to principle.' He says it over and over again," says Suskind. "Don't waver."

In the end, the president didn't. And nine days after that meeting in which O'Neill made it clear he could not publicly support another tax cut, the vice president called and asked him to resign.
 

NYCKY

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Joined
Apr 17, 2010
Messages
14,598
So it was a tax cut for the wealthy, and the people on low or middling wages got little or no improvement.

Trump promised: "Everybody is getting a tax cut, especially the middle class."

The tax cuts for corporations had little or no impact on incomes for any but the top 10%. Corporations used it for share buy-backs and dividends so it manly benefited high rollers.

It has been quite unpopular with the electorate, so much so Republicans are not even campaigning on it, but focusing on Nancy Pelosi, the flag, the war on Christmas, and the "rising tide of immigrants" etc etc Nor do they mention the dreaded deficit they were so vocal about before 2016. The usual bollocks, in other words.
It wasn't just corporate taxes that were cut but personal income taxes across the board.

The parts that are unpopular are the cuts to the deductibility of state and local taxes that was a massive subsidy from red to blue states. Liberals are always banging on about how the "rich" should pay their fair share, well they have their chance and they're not happy about it.

The reduction in corporate taxes led to all sorts of raises and bonuses for employees. The corporate tax rate is something that both parties have been trying to do for years and even after the reduction the rate is still 70% higher than the Irish rate.
 

owedtojoy

Moderator
Joined
Feb 27, 2010
Messages
54,858
It wasn't just corporate taxes that were cut but personal income taxes across the board.

The parts that are unpopular are the cuts to the deductibility of state and local taxes that was a massive subsidy from red to blue states. Liberals are always banging on about how the "rich" should pay their fair share, well they have their chance and they're not happy about it.

The reduction in corporate taxes led to all sorts of raises and bonuses for employees. The corporate tax rate is something that both parties have been trying to do for years and even after the reduction the rate is still 70% higher than the Irish rate.
All sorts of "raises and bonuses"?

How come the tax cut is so unpopular Republicans are afraid to mention it in the mid-term campaigns?

Internal poll shows tax law backfiring for GOP | TheHill
 

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