Neil Down Posted December 1, 2017 Share Posted December 1, 2017 1 hour ago, mojomonkey said: This is inspired. Excellent Quote Link to comment Share on other sites More sharing options...
woody2 Posted December 2, 2017 Share Posted December 2, 2017 lets not mention.... Tax bill: Trump victory as Senate backs tax overhaul http://www.bbc.co.uk/news/world-us-canada-42205181 Quote Link to comment Share on other sites More sharing options...
mojomonkey Posted December 2, 2017 Share Posted December 2, 2017 12 minutes ago, woody2 said: lets not mention.... Tax bill: Trump victory as Senate backs tax overhaul http://www.bbc.co.uk/news/world-us-canada-42205181 What's your take on these tax cuts, most reports seem to say that it will be benefit extremely rich people and through exemption of taxation of foreign based profits for US companies further reinforce Trump's isolationist stance (i.e American First)? 1 Quote Link to comment Share on other sites More sharing options...
TheDruid-3X3 Posted December 3, 2017 Share Posted December 3, 2017 When Trump announced his Candidacy, I posted a Prediction (posted on BowlandCentral Forums) that if the Americans were Stupid Enough to Re-Elect George W Bush for a 2nd Term after he had made a mess of things during his First Term, then I would not put it past the Americans to Elect Trump. My Prediction Came True! Sometimes I don't need my Tarot Deck to make Accurate Predictions. 3X3 Quote Link to comment Share on other sites More sharing options...
Lost Login Posted December 3, 2017 Share Posted December 3, 2017 15 hours ago, mojomonkey said: What's your take on these tax cuts, most reports seem to say that it will be benefit extremely rich people and through exemption of taxation of foreign based profits for US companies further reinforce Trump's isolationist stance (i.e American First)? I understand that the Republicans are like the Tories a party that argue they want lower taxation and less public spending whilst the Democrats and Labour generally will accept higher taxes for more public spending, I appreciate that is a simplification. How they want to do that is up to them but again generally one will favour cuts for the wealthy and big corporations and the other does not. If you vote for the parties that is what you expect and so it should not be a surprise who the US tax cuts benefit. I don't think it should also be a surprise now that Trump is less than truthful about who will benefit. What does surprise be is that the Republicans have until this point been a party who have seen themselves as the financially prudent ones and were strongly against increases in the deficit and time and again voted against Obama spending plans that increased the deficit to invest in capital programs. Now the republicans have voted for plans that will massively increase the deficit which to me goes totally against there expected positions. Now I appreciate that politicians don't keep election pledges but broadly they act in a manner that is consistent with the basic beliefs of their parties but in this case that seems not to be the case and if you have politicians who now appear to not even act in accordance with the basic fundamentals of their parties I do wonder where this is going to take politics. I also wonder where it will leave the USA in years to come as the deficit will have to be repaid. Trump's argument is that that lower taxes will generate growth and I think that it is generally accepted that is the case. However again it seems to be that cutting taxes for those will a lower level of income is a stronger driver as they are more likely to go and spend that additional money in their pocket than a millionaire who could already afford to. However the tax revenue on that additional growth does not appear to offset the lost tax revenue from the cuts so I cannot see how this is going to end without at some point the USA having to increase taxes or make massive cuts to balance the books. That is what Kansas did when they reduced state taxes to try and attract business etc. Yes they got very good growth, but the required tax revenues did not materialise. Quote Link to comment Share on other sites More sharing options...
woody2 Posted December 3, 2017 Share Posted December 3, 2017 16 hours ago, mojomonkey said: What's your take on these tax cuts, most reports seem to say that it will be benefit extremely rich people and through exemption of taxation of foreign based profits for US companies further reinforce Trump's isolationist stance (i.e American First)? you don't understand what tax is for do you...... Quote Link to comment Share on other sites More sharing options...
mojomonkey Posted December 3, 2017 Share Posted December 3, 2017 (edited) 16 minutes ago, woody2 said: you don't understand what tax is for do you...... I perfectly understand what tax is for, do you understand what a question is? I asked for your take on the tax cuts, I made no comment myself so cannot understand why you are making assumptions about my view on them. Edited December 3, 2017 by mojomonkey Quote Link to comment Share on other sites More sharing options...
woody2 Posted December 3, 2017 Share Posted December 3, 2017 23 minutes ago, mojomonkey said: I perfectly understand what tax is for, do you understand what a question is? I asked for your take on the tax cuts, I made no comment myself so cannot understand why you are making assumptions about my view on them. then why ask a dumb question Quote Link to comment Share on other sites More sharing options...
mojomonkey Posted December 3, 2017 Share Posted December 3, 2017 Why are you always on the offensive? You post a story about Trump's tax cuts and I legitimately ask what your take on them is, it nothing to do with understanding what tax is for. I find America a curious case. The leaders of the free world with such disparity within in. I'm not talking about the health system (I'm not opposed to private healthcare) or the abject poverty to be found within the country, it's things like the crumbling infrastructure found throughout the country. When you travel there the state of the roads can be shocking and I heard locals talk of problems with electricity and water supplies being common. Isn't it in America's interest to fix these issues, like it or not it is the rich and the corporations that have the money to achieve this. Tax cuts or tax rises for America's working and middle classes is unlikely to make any difference. Quote Link to comment Share on other sites More sharing options...
woody2 Posted December 3, 2017 Share Posted December 3, 2017 11 minutes ago, mojomonkey said: Why are you always on the offensive? You post a story about Trump's tax cuts and I legitimately ask what your take on them is, it nothing to do with understanding what tax is for. I find America a curious case. The leaders of the free world with such disparity within in. I'm not talking about the health system (I'm not opposed to private healthcare) or the abject poverty to be found within the country, it's things like the crumbling infrastructure found throughout the country. When you travel there the state of the roads can be shocking and I heard locals talk of problems with electricity and water supplies being common. Isn't it in America's interest to fix these issues, like it or not it is the rich and the corporations that have the money to achieve this. Tax cuts or tax rises for America's working and middle classes is unlikely to make any difference. how is that different from the iom Quote Link to comment Share on other sites More sharing options...
mojomonkey Posted December 3, 2017 Share Posted December 3, 2017 Just now, woody2 said: how is that different from the iom Erm ok, but not relevant to the topic being being discussed. Come on, you posted the story, what's your take on Trump's tax cuts. Good for America or good for Trump's American elite? Quote Link to comment Share on other sites More sharing options...
woody2 Posted December 3, 2017 Share Posted December 3, 2017 18 minutes ago, mojomonkey said: Erm ok, but not relevant to the topic being being discussed. Come on, you posted the story, what's your take on Trump's tax cuts. Good for America or good for Trump's American elite? we won't know until it takes effect the drop in the tax rate in the uk from 50% to 45% has raised more revenue, tax cuts are not always a bad thing.... Quote Link to comment Share on other sites More sharing options...
the stinking enigma Posted December 3, 2017 Share Posted December 3, 2017 https://theintercept.com/2017/12/01/the-gop-plan-is-the-biggest-tax-increase-in-american-history-by-far/ A tax hike for most. Quote Link to comment Share on other sites More sharing options...
Lost Login Posted December 3, 2017 Share Posted December 3, 2017 1 hour ago, woody2 said: we won't know until it takes effect the drop in the tax rate in the uk from 50% to 45% has raised more revenue, tax cuts are not always a bad thing.... I agree that tax cuts are not always a bad thing, especially if you are the one benefitting from the cuts, however I am not sure that it has been proved that the drop in UK tax revenue has raised more revenues. Yes there was an increase in tax take between the years, but that was largely due to tax payers, where they could, deferring matters so that they would be taxed in the latter tax year so tax receipts were under and over stated in the relevant https://fullfact.org/economy/did-cutting-50p-rate-tax-raise-8-billion/ Cutting of corporate tax rates is probably more significant driver https://www.economicshelp.org/blog/21345/economics/does-cutting-corporate-tax-rates-increase-revenue/ and if the Republicans have got it wrong and the cuts do not lead a growth in tax revenue due to a growth in the economy they the USA is left with a pretty big hole to fill. A problem I can see with the legislation is that as much of legislation these days it appears to come to be voted on in a pretty raw form without out proper information and debate so elected representatives end up passing legislation with massive flaws in it and without all the information to hand. Whether or not you think the basic policy idea is good or not I don't think it is a good way for a country to be run. Quote Link to comment Share on other sites More sharing options...
woody2 Posted December 3, 2017 Share Posted December 3, 2017 (edited) 15 minutes ago, Lost Login said: I agree that tax cuts are not always a bad thing, especially if you are the one benefitting from the cuts, however I am not sure that it has been proved that the drop in UK tax revenue has raised more revenues. Yes there was an increase in tax take between the years, but that was largely due to tax payers, where they could, deferring matters so that they would be taxed in the latter tax year so tax receipts were under and over stated in the relevant https://fullfact.org/economy/did-cutting-50p-rate-tax-raise-8-billion/ Cutting of corporate tax rates is probably more significant driver https://www.economicshelp.org/blog/21345/economics/does-cutting-corporate-tax-rates-increase-revenue/ and if the Republicans have got it wrong and the cuts do not lead a growth in tax revenue due to a growth in the economy they the USA is left with a pretty big hole to fill. A problem I can see with the legislation is that as much of legislation these days it appears to come to be voted on in a pretty raw form without out proper information and debate so elected representatives end up passing legislation with massive flaws in it and without all the information to hand. Whether or not you think the basic policy idea is good or not I don't think it is a good way for a country to be run. it raised £2bn according to your link even with deferment? its not lost money as predicted is the point i was making...... which is why no one will know the impact of trumps cuts till after..... Edited December 3, 2017 by woody2 Quote Link to comment Share on other sites More sharing options...
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